Creates a federal framework that lets college athletes negotiate and receive compensation for use of their name, image, and likeness (NIL), requires registration and disclosures for agents and representatives, and compels schools and athletic associations to collect and publish anonymized NIL deal data. It conditions federal higher-education funding on institutional compliance with education, medical, and data-reporting requirements and preempts state or local laws that would conflict with this nationwide standard.

The law also gives conferences and interstate athletic associations authority to adopt reasonable rules on recruiting and transfers, establishes legal safe harbors for institutions and associations acting under the law, and forbids treating student-athletes as employees solely because they play varsity sports.