This bill gives college athletes the right to earn money from their name, image, and likeness—basically allowing them to make deals with companies for endorsements, social media promotions, or other commercial uses. Schools, conferences, and athletic organizations can no longer punish athletes for making these deals or prevent them from hiring agents to help negotiate. The bill also requires that any deal worth more than $600 must be in writing and include specific details like what services the athlete will provide, how much they'll be paid, and when they can walk away from the agreement.

The bill creates new protections for athletes working with agents. Agents can't charge more than 4% of what an athlete earns from endorsement deals, and they must be registered with their state before representing anyone. Athletes can also end their agent relationships once they're no longer in school. International students who come to the U.S. to play college sports can now earn money from their name and likeness without it affecting their visa status.

To oversee all these changes, the bill establishes a Commission to Stabilize College Sports made up of 16 members, including former and current athletes, to study how college athletics should be governed. The commission will look at issues like whether athletes should be able to collectively bargain for better compensation and benefits. Finally, the bill requires colleges to publicly report detailed information about their athletic budgets, scholarships, and revenues so there's transparency about how money flows through college sports.