College athletes would get a federal rule protecting their right to make deals to be paid for the use of their name, image, or likeness (NIL), such as endorsements, though schools, conferences, and groups like the NCAA (the organization that runs most college sports) could still set some limits. Athletes would have to tell their school about any such deal worth more than $600, agents would have to register with a state and could take no more than 5% of an endorsement contract, and each athlete could transfer once without losing playing eligibility. The bill also makes permanent the cap on how much schools can directly share revenue with athletes under the House settlement (a court-approved agreement in a lawsuit over athlete pay), adjusts that cap yearly for inflation, and bars schools or groups working on their behalf from paying athletes in ways that get around it. Schools with $80 million or more in yearly athletics revenue would have to keep at least as many scholarships and roster spots as they had in 2024-25 for sports that don't earn a net profit, with a hardship waiver available and the requirement ending after nine years, and Division I conferences generally could not force members to cut the number of teams they sponsor. Finally, schools and conferences could team up to sell their TV and streaming rights together without violating antitrust law (rules against businesses joining forces to limit competition), as long as at least 75% of schools in the top level of college football take part, and the bill also restricts football staff from becoming head coach at another school in the same season.