S. 4668, Protect College Sports Act of 2026

Bill Summary

S. 4668 would establish a federal regulatory framework governing name, image, and likeness (NIL) agreements for student athletes and affirm their right to enter into those agreements. The bill also would establish a commission to develop recommendations for improving and regulating intercollegiate athletics. Among other things, the bill would create an antitrust exemption for schools, conferences, and associations with respect to media rights and NIL agreements.

Estimated Federal Cost

The costs of the legislation fall within budget functions 370 (commerce and housing credit), 750 (administration of justice), and 800 (general government).

Basis of Estimate

CBO assumes that S. 4668 will be enacted by the end of fiscal year 2026 and that the necessary amounts will be appropriated in each year.

Spending Subject to Appropriation

S. 4668 would establish the Congressional Commission on the Future of College Athletics and would authorize the appropriation of whatever amounts are necessary to administer the commission. The commission’s 24 members would be appointed by the Congress to recommend ways to improve and regulate intercollegiate athletics, including identifying alternative structures for compensating student athletes. The bill would direct the commission to report its findings to the Congress within five years of enactment and would terminate the commission 90 days after that report was submitted.

The bill would authorize the commission to hire an executive director and staff, hold hearings, and collect information and testimony from witnesses. Using information about the costs of similar activities, CBO estimates that the commission’s operations would cost about $1 million annually, on average, and total $7 million over its lifetime. CBO expects that most of the cost would be for staff.

CBO also expects that federal courts would incur administrative costs to hear additional cases filed under the bill. Using information about the costs of processing current caseloads, CBO estimates that such costs under the bill would be less than $500,000 over the 2026-2031 period. Any related spending would be subject to the availability of appropriated funds.

The bill also would require the Federal Communications Commission (FCC) to publish and maintain a list of local television markets for participating institutions and to hear complaints concerning violations of the bill’s requirements for local broadcast access to certain college sporting events. The FCC already administers broadcast carriage and market-access requirements and adjudicates related disputes, so CBO expects that any additional administrative costs would be insignificant over the 2026-2031 period. Because the FCC is authorized to collect fees each year sufficient to offset the appropriated costs of its regulatory activities, CBO estimates that the net cost to the commission would be negligible, assuming appropriation actions consistent with that authority.

Finally, the bill would establish new registration, contract, and business practice requirements for student athletes’ agents. CBO estimates that the administrative costs for the Federal Trade Commission to implement those provisions would be insignificant.

Direct Spending and Revenues

S. 4668 would limit antitrust and NIL-related liability for institutions, such as universities and intercollegiate athletic associations, that adopt and enforce regulations in keeping with the bill’s requirements. However, the bill also would create new private rights of action, whistleblower protections, and other federal causes of action that could increase the number of civil suits filed in federal courts. On balance, CBO expects that enacting S. 4668 would marginally increase the number of civil actions filed in federal courts. The federal judiciary charges filing fees, which are recorded in the budget as revenues, and the courts can spend those amounts without further appropriation. Because CBO expects that the number of cases filed under the bill would be small, we estimate that enacting S. 4668 would increase revenues and the resulting direct spending by less than $500,000 over the 2026‑2036 period.

Pay-As-You-Go Considerations

The Statutory Pay-As-You-Go Act of 2010 establishes budget-reporting and enforcement procedures for legislation affecting direct spending or revenues. CBO estimates that enacting the bill would increase direct spending and revenues by less than $500,000 over the 2026-2036 period.

Increase in Long-Term Net Direct Spending and Deficits

CBO estimates that enacting S. 4668 would increase net direct spending by less than $500,000 in at least one of the four consecutive 10-year periods beginning in 2037.

CBO estimates that enacting S. 4668 would not increase on-budget deficits in any of the four consecutive 10-year periods beginning in 2037.

Mandates

S. 4668 would impose intergovernmental and private-sector mandates as defined in the Unfunded Mandates Reform Act (UMRA). CBO estimates that the aggregate costs of the mandates would exceed the intergovernmental and private-sector thresholds established in UMRA ($107 million and $214 million in 2026, respectively, adjusted annually for inflation). Most of the mandates imposed under the bill would apply both to public- and to private-sector entities because some postsecondary institutions are publicly funded and some are private.

NIL agreements allow student athletes to earn financial compensation from third parties, such as payment for advertising a business or clothing brand, or directly from their postsecondary institution. In the past, student athletes were ineligible for intercollegiate competition, under conference and institutional rules, if they received compensation related to their status as an athlete. Over the past decade, some states have enacted laws that allow athletes to retain student eligibility while earning compensation under NIL agreements.

Further, in 2024, the settlement reached under House v. NCAA allowed student athletes, with some restrictions, to enter into NIL agreements and provided a $2.8 billion settlement to some former student athletes. The court case established a formula for revenue sharing over a 10‑year period for current Division I athletes. (About 360 postsecondary institutions constitute Division I of the National Collegiate Athletic Association, the governing sports body for about 1,000 colleges and universities. Division I institutions offer students athletic scholarships, and they account for the highest tier of intercollegiate athletic competition.)

Mandates Pertaining to Name, Image, and Likeness Agreements

S. 4668 would impose intergovernmental and private-sector mandates on public and private postsecondary institutions, intercollegiate athletic associations, and intercollegiate athletic conferences by preventing them from restricting student athletes’ ability to receive compensation for the use of their name, image, or likeness. CBO estimates that there is no cost to those mandates.

Institutions also would be prohibited from limiting or reducing scholarships to student athletes who have NIL agreements. The cost of those mandates would be the amount of aid that would otherwise be revoked. CBO estimates that the cost to institutions therefore could be tens of millions of dollars each year.

S. 4668 would impose mandates on Division I associations, institutions, and student athletes by requiring them to collect and provide data on the fair-market value of certain NIL agreements and other data. Division I associations would be required to create and maintain a publicly available database of that information. Because those entities already collect and report similar information, CBO estimates that the cost of the mandates would be small.

The bill would impose a mandate by requiring any entity to enter into NIL agreements with individual athletes before using the name, image, or likeness of any group of athletes. CBO estimates that the cost of that mandate would be small.

Private-Sector Mandates Pertaining to Agents

S. 4668 would impose a private-sector mandate on student athletes’ agents by capping their fees at 5 percent of an athlete’s earnings. The cost of the mandate would be the agents’ forgone revenue. Using information on the value of NIL agreements and agents’ fees, CBO estimates that the aggregate cost of the mandate would be about $35 million annually.

Agents also would be required to register with the appropriate state agency and to submit certification of that registration to the athletic associations that oversee their clients’ institutions. Using data on state registration fees, CBO estimates that the cost of the mandate would be less than $15 million annually.

The bill would direct athletic associations to maintain public registries of those certified agents. Using information about comparable registries, CBO estimates that the cost of the mandate would be less than $50 million in the first year to establish the registry, with smaller ongoing costs in later years.

The bill would impose an additional mandate on agents by prohibiting the inclusion of predispute arbitration provisions or restrictions on class actions in agents’ contracts with athletes. Existing contracts with such provisions would be voided under the bill. CBO has no information on the current number or value of such agreements or about whether the outcome of litigation differs from that of arbitration. Therefore, the cost of the mandate cannot be determined.

Mandates Pertaining to Associations, Conferences, and Division I Institutions

S. 4668 would impose intergovernmental and private-sector mandates on Division I institutions by requiring them to reenroll and provide scholarships to some former student athletes. Although there is uncertainty about how many students would go back to school, using information on tuition grants, CBO estimates that if even a small number reenrolled, the cost of the mandates could be tens of millions of dollars per year.

Division I institutions also would be required to provide a certain amount of health insurance and catastrophic injury coverage to student athletes during and after the years in which they are eligible to compete. Those institutions and their athletic conferences already provide similar coverage. Using publicly available information on such coverage, CBO estimates that the aggregate cost of the mandate would be about $30 million per year.

S. 4668 would impose a private-sector mandate on the NCAA by requiring it to establish a medical fund for student athletes. The cost to comply with this mandate would be at least $60 million, the level specified in the bill.

Division I associations and conferences would not be allowed to lower current Division I and Football Bowl Subdivision membership requirements. (Division I’s Football Bowl Subdivision consists of about 140 institutions at the highest level of college football.) CBO estimates that the cost to comply with that mandate would be small.

Mandates Pertaining to All Institutions, Conferences, and Associations

The bill would impose intergovernmental and private-sector mandates on postsecondary institutions by requiring them to maintain the number of scholarships and roster spots that were available in the 2024‑2025 academic year for athletes in nonrevenue intercollegiate sports. Because no comprehensive data are available on current costs to institutions, CBO cannot determine the aggregate cost of the mandates but would expect it to be in the tens of millions of dollars per year.

Under the bill, each athletic association would be required to establish an Office of the Student Athlete Ombudsman. Using information on the cost of establishing similar offices in the corporate sector, CBO estimates that the cost to comply with that private-sector mandate would be about $50 million in the first year, with smaller annual costs in subsequent years.

The bill would impose intergovernmental and private-sector mandates on all institutions, conferences, and associations by requiring them to follow specific medical and safety standards for sports-related activities. The bill also would impose a private-sector mandate on all conferences and associations by requiring them to provide comparable services at championship events for similarly situated men’s and women’s athletic programs. CBO does not have information on the cost of implementing those provisions and cannot determine the cost of the mandates.

Postsecondary institutions would be subject to other mandates, including requirements to provide information to student athletes about the Office of the Student Athlete Ombudsman, supply written notice of scholarship determinations, and designate health officers to oversee compliance with health and safety standards. CBO estimates that the cost to comply with those mandates would be small.

S. 4668 would impose a private-sector mandate on athletic associations by requiring the inclusion of a certain number of student athlete representatives and representatives from mid-sized conferences on an association’s governing boards and committees. CBO estimates that the cost of the mandate would be small.

Mandates Pertaining to Coaches

S. 4668 would impose a private-sector mandate on football coaches and coordinators by prohibiting any who leave an institution during a season from assuming similar duties at another institution in the same season. The mandate applies only to coaches and coordinators at institutions that are part of Division I’s Football Bowl Subdivision. The cost of the mandate would be the delayed amount of salary a coach or coordinator could have earned at a new institution during the same season. According to market data, the highest paid football coaches earn, on average, $4 million annually; the top earners are paid more than $10 million. Under an assumption that some coaches and coordinators would forgo several months of pay under the provision, CBO estimates that the annual cost of the mandate for each affected person could be $1 million.

Under the bill, institutions that generate more than $80 million in athletic revenues per year and are parties to the settlement agreement reached under House v. NCAA would be directed to fund the salary of any coach or other member of an athletic department in excess of $500,000 annually using donations to, or revenue generated by, that department. The provision would not cap salaries or require a decrease in compensation. CBO estimates that the cost of the mandate would be small.

Mandates Pertaining to Student Athletes’ Eligibility

S. 4668 would impose mandates on student athletes and their institutions, conferences, and associations by establishing eligibility standards for participation in intercollegiate sports. Under the bill, student athletes would be eligible to compete only for five years. The bill also would limit their ability to transfer between institutions. Professional athletes would not be eligible to participate in intercollegiate sports. Because many institutions, conferences, and associations already have similar eligibility criteria, CBO estimates that the cost of the mandates would be small. Any effect on student athletes’ compensation would be the result of compliance with those provisions and would not be considered a direct cost of the mandates as defined in UMRA.

Mandates Pertaining to Legal Requirements

S. 4668 would impose a private-sector mandate on large football conferences (those with annual revenues above $700 million) by prohibiting them from acquiring the assets, media rights, or membership of another similar conference or institution. Those activities are permissible under current law. The cost of the mandate would be the forgone profits from those acquisitions. Given the large revenues of conferences subject to the prohibition, CBO estimates that the cost of the mandate could be hundreds of millions of dollars per year.

The bill also would impose mandates on intergovernmental and private-sector entities that enter into NIL agreements with student athletes by allowing the athletes to void existing NIL agreements, at their discretion, that do not contain provisions specified in the bill. CBO does not have information on the number or value of such agreements or the number of athletes who would void existing agreements. Therefore, CBO cannot determine the cost of the mandates.

Mandates Pertaining to Student Athletes’ Compensation

S. 4668 would impose mandates on certain institutions, conferences, associations, and third parties that provide funding to student athletes by requiring them to ensure that compensation does not exceed a certain amount. A provision in the House v. NCAA settlement agreement prohibits institutions from providing compensation to athletes in excess of what is called the revenue share cap. Under that agreement, funds from an alumni group or other third party are exempt from the cap if they are not provided directly to the athlete by the institution. Under the bill, such compensation would count against the cap. The bill also would permanently extend the cap past 2035, the expiration date of the settlement agreement. Because the costs to comply with the mandates would be largely administrative, CBO estimates that the cost would be small. Any change in the compensation of student athletes would be a secondary effect resulting from compliance with the provision.

Mandates Pertaining to Antitrust Law

S. 4668 would provide antitrust exemptions to institutions and conferences that pool and sell their media rights collectively, provided that they voluntarily meet requirements specified in the bill. The provision would impose a mandate by preventing individuals or entities from bringing claims under federal antitrust laws that challenge the marketing or sale of those media rights. The cost of the mandate would be the lost compensation from successful litigation. According to publicly available information, the value of media rights to the largest college conferences is about $20 billion over several years. CBO estimates that the cost of the mandate could be hundreds of millions of dollars in a year.

S. 4668 would provide an antitrust exemption for intercollegiate athletic associations, conferences, and institutions that enforce or comply with specific provisions of the bill, including NIL, eligibility, and compensation rules. Under the bill, individuals and entities would be prohibited from bringing litigation under federal and state antitrust laws. The cost of the mandate would be any lost monetary awards from successful litigation. Using information from the House v. NCAA settlement agreement on the value of such awards, CBO estimates that the cost of the mandate could be hundreds of millions of dollars in a year.

Preemptions Under the Bill

S. 4668 would preempt state and local laws, including state antitrust laws, that conflict with provisions concerning NIL compensation or transfer and eligibility rules for student athletes. Preemptions of state and local laws are considered intergovernmental mandates under UMRA. CBO estimates that the cost to state governments of conforming laws to the bill’s standards would be minimal.

Existing Mandate

S. 4668 would require the Federal Communications Commission to identify designated market areas for college sports media rights. If the commission increases fees to offset the costs associated with implementing that provision, enacting the bill would increase the cost of an existing mandate on private-sector entities required to pay those assessments. CBO estimates that the incremental cost of the mandate would be small.

Estimate Prepared By

Federal Costs: Jon Sperl

Mandates: Erich Dvorak and Lucy Marret

Estimate Reviewed By

Justin Humphrey
Chief, Finance, Housing, and Education Cost Estimates Unit

Kathleen FitzGerald 
Chief, Public and Private Mandates Unit

H. Samuel Papenfuss 
Deputy Director of Budget Analysis

Estimate Approved By