These changes will also make the NCAA investigations and infractions process more efficient, setting stronger penalties for schools or individuals who violate NCAA rules to deter future violations and bringing independent investigators to the table to make decisions and enforce rules.
All player-agent relationships, however, must be in writing, disclosed to the NCAA and ended when the player comes back to school.
"Elite" high school prospects will be identified by USA Basketball.
Players can be eligible for the NBA Draft and return to school if they go undrafted.
The NCAA will allow "elite" high school and college players to be represented by agents.
Most of the changes take effect beginning this school year.
Division I schools are now also bound to pay for tuition, fees and books for those players who left school and later returned to earn their degree, provided the player was on scholarship, fewer than 10 years have passed since leaving school and the player had been enrolled in the school for at least two years.
In repsonse to the recommendations issued in April from the Commission on College Basketball, the NCAA's Board of Governors and Division I Board of Directors are implementing changes to provide student-athletes more freedom and flexibilty to decide about going pro and minimize the leverage of outside influences on high school recruits and college athletes.
University presidents and chancellors will be held "personally accountable" for any rule-breaking by their athletic departments.
"We will review the NCAA's planned reforms and continue to assess, along with our Players' Association, the potential for any related NBA rules changes", Frank said.
In addition, there have also been changes to the current recruiting rules.