When calendars flipped to July 1 earlier this morning, the state of Florida's law allowing student-athletes to profit from their "name, image and likeness" (NIL) went into effect.

And it didn't take long for the money -- or at least the promises of money -- to start flowing.

Shortly after midnight, it was announced that quarterback McKenzie Milton is partnering with Miami quarterback D'Eriq King on a venture to help other college athletes market themselves. FSU tight end Camm McDonald also unveiled his new clothing line, and scores of other athletes will undoubtedly jump into the fray soon as well.

To help FSU fans and supporters gain a better understanding of what all is happening, how it will work and what activities are permissible, Warchant sat down recently with FSU senior associate athletics director Jim Curry to get a clearer picture.

Here are five key topics we gleaned from that conversation:

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1. How student-athletes can profit from NIL in Florida

It might make more sense to point out the ways they can't -- most notably, they can't take payments from universities either during recruiting or when they're already at the school. "Pay for play" is not allowed.

Most other things are fair game, however. Student-athletes can now make money for public appearances, they can endorse products, they can run their own businesses, and they can take part in just about any type of legal business venture.

Because of the way the Florida law was written, universities are not allowed to facilitate any of these arrangements, however. So prospective clients have to reach out to the student-athletes -- or their representatives -- directly.

"This is really designed to be a student-led initiative," Curry said.

The only real involvement with the university is a notification from the student-athlete that he or she has reached a deal with a client and what that relationship entails -- to make sure that it isn't in violation of state or NCAA regulations.

Other than that, the schools aren't going to get involved. It's up to the athletes or their reps to handle all of the negotiations and contracts, and set aside money for taxes, etc.

FSU officials are providing some educational resources to help with those aspects, but they can't actually take part in the process, according to Florida law.

2. What FSU can't do in the NIL process

As mentioned in the item above, universities in Florida are legally required to stay out of student-athlete NIL deals.

FSU and other schools not only are forbidden from compensating student-athletes through these arrangements, but they can't even "cause compensation" by assisting in these relationships.

In recent weeks, several businesses and individuals have reached out to FSU to propose NIL deals to student-athletes, and in each case the university has explained that it can't get involved.

3. What resources FSU is providing to its student-athletes

With the expectation that there eventually would either be a state or NCAA law allowing athletes to make money through these endeavors, Florida State officials started working on this issue more than a year ago. They developed an NIL task force featuring coaches, administrators and academic staff from across the university to come up with solutions beyond the programs already offered.

The school previously had some tools in place to help student-athletes learn about financial literacy and branding, but they launched their new APEX initiative earlier this summer to expand that offering.

Now, they feature two academic classes that students can take to learn more about profiting from their name, image and likeness. The classes not only feature social media strategies and brand-building advice, but also lessons on forming business plans, problem solving, leadership skills and other topics.

The Seminoles also teamed with INFLCR, a third-party company that provides tools for athletes to build their brands and create content on social media. All FSU student-athletes have access to those assets.

"What we said was, 'All right, let's be great at education and let's help them enhance their personal branding with additional tools and strategies that we can deliver through the partnership with INFLCR," Curry said. "We knew that if nothing changed (with NIL legislation), then we were in a great space. And we knew that if it changed and went in a complete opposite direction, then we were going to have the program to be responsive to that in short order."

4. NIL will mean many things to many people

While some athletes like Milton and McDonald appear determined to maximize their earning potential, some others might not be quite as interested -- either because they don't believe they are as marketable, or they simply don't want to invest the time and effort in building their brand or pursuing business opportunities.

Curry said FSU's programs will be flexible enough to help student-athletes at both ends of the spectrum.

"We do believe that if you invest as much time as you can in this that you can create great opportunities," he said. "But we also know that for those individuals who just want to tap into it a little bit ... that they can take value out of this as well.

"We know that we're going to have some student-athletes that are all-in on this thing. And we're going to have some that are not that interested at all. And that's OK."

One obvious concern will be how much time athletes will have to focus on these endeavors once practices and games begin for their respective sports. Curry notes that participants in most Division-I sports, particularly at the Power 5 level, are already stretched thin due to team activities, individual workouts and academics.

"When they passed the NIL legislation, they didn't add any more hours in the day. There's still only 24 hours in a day," Curry said. "So just like they do now, they're going to have to be smart about prioritizing their time and figure out how much effort and time they can devote to it."

5. This will be a work in progress

While the NCAA decided Wednesday to allow all student-athletes to begin profiting from their name, image and likeness, there still is a great deal to be determined moving forward.

Student-athletes in states like Florida, which forced the NCAA's hand by passing its own legislation, are still required to abide by their state laws while everyone waits to see if Congress will step in and create national guidelines.

While FSU officials have every intention of following the state law, Curry acknowledged that no one really knows what exactly will happen to a university or university employee who violates it.

"We're all still shaping this and trying to get a better understand of it ... and that's all around the state. Not just here in Tallahassee," Curry said. "We're all figuring it out at the same time -- administrators, coaches, student-athletes, prospects. We're all figuring it out at the same time."

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Talk about this story with other Florida State sports fans in the Tribal Council.