Illustrations, reference image, and releases

[Starsphinx]

I have been playing around with YouTube, and photoshop - exploring new ways of doing stuff, like using a photograph to produce an illustration.

I am just wanting clarification whether I can submit for commercial use illustrations that are not a vector,  and whether I still need model releases.

I have taken a photograph I took of a footballer - no one famous - and which I have the copyright for.  I have used photoshop to produce an illustration from that photograph.  The illustration is not a vector (give me a couple of years and I might learn how to do that to stock standard) just a jpeg.  I can provide the illustration and the reference image both of which I have full rights to.  I cannot provide a model release (nor property releases).   

So am I OK submitting the illustration with just the reference image?