For example, if an athlete appears in a commercial, the contract may allow the company to keep using that footage after the deal ends. 

Example Contract Language:

Perpetual Use of Name, Image, and Likeness: Company shall have the right to use in perpetuity, such advertising materials for internal purposes such as historical, educational or commemorative purposes, provided any such use shall not suggest or imply a continued endorsement or sponsorship relationship between Athlete and Company.