The U.S. Senate is poised to vote on final passage of the Protect College Sports Act, a bipartisan measure that would impose a single federal framework on name, image and likeness (NIL) deals for college athletes. The bill, co-sponsored by Senate Commerce Committee Chairman Ted Cruz (R-Texas) and ranking member Maria Cantwell (D-Wash.), would enshrine athletes' NIL rights in federal law, tighten transfer and eligibility rules, and grant the NCAA and conferences antitrust protection when enforcing certain regulations, according to CNBC.
The legislation cleared two procedural hurdles earlier this month. On Sept. 15, senators voted 74-24 to take up the bill, and on Sept. 22, they voted 70-21 to end debate on a Cruz-Cantwell substitute amendment, according to the Senate Committee on Commerce, Science, & Transportation. However, the bill's path beyond the Senate is uncertain, as the House is not scheduled to return until after the November midterms.
What the Protect College Sports Act would change
A key provision would codify the revenue-sharing cap established in the recent House v. NCAA settlement, allowing schools to share up to 22% of certain revenue with athletes. That amounts to roughly $21.6 million per school this year, as reported by the New York Times and others. The bill would also create a $27.5 million retention pool that schools could use to keep current players, potentially pulling some third-party NIL money back inside athletic departments, according to the Associated Press.
Cruz described the bill as a set of guardrails rather than a rollback. "Real NIL is not the same as a disguised recruiting payment. Revenue sharing is not the same as unlimited cap evasion," he said on the Senate floor last week, adding that 32 conferences and more than 380 schools have endorsed the measure. However, the NAACP and the Congressional Black Caucus have expressed opposition, arguing the legislation would perpetuate an unfair system. Sen. Chris Murphy (D-Conn.) said at a virtual press conference this month, "What this bill does at its core is to protect a system of exploitation," according to CNBC.
How much top college athletes earn from NIL deals
The money at stake is heavily concentrated at the top. An analysis by Sports Illustrated, based on valuations rather than disclosed contract totals, found that Texas Longhorns quarterback Arch Manning had an estimated NIL valuation of $6.8 million for the 2025-26 academic year. The analysis, drawing on On3 figures, also found University of Miami quarterback Carson Beck ($4.3 million), Ohio State wide receiver Jeremiah Smith ($4.2 million) and BYU basketball forward AJ Dybantsa ($4.1 million) earning top-dollar NIL deals. Eight of the top 10 spots were held by quarterbacks, though Manning out-earned Texas's starting quarterback while still a backup.
Why NIL regulation matters for advisors
For wealth managers, the Senate vote affects a client segment that is growing quickly but remains underserved. A Merrill Lynch study found that only 8% of high-potential athletes in their late teens and early 20s work with a financial advisor, even though estimates of NIL and revenue-sharing payments topped $2.3 billion for the 2025-26 school year. Advisors note that young athletes often must form LLCs, plan for taxes, and field requests for money from relatives.
"We spend as much time helping athletes build healthy financial habits as we do managing their assets," said Brittany Hartnett, principal partner and chief growth officer at OpenArc Corporate Advisory. "We played a central role in coordinating his team of professionals, including his agent, attorney, accountant and financial advisor, helping ensure each aspect of his financial life worked together cohesively."
Other wealth managers have pushed for tax-deferred savings options for college athletes as federal reform has taken shape. "The university should have a duty or maybe at the federal level, [such as a] Trump Account-style deferred payments to the university, maybe allowing these athletes to participate in the university's retirement system so they can defer some of those dollars and invest those dollars automatically," said Alonso Munoz, chief investment officer at Hamilton Capital.
For advisors, the evolving NIL landscape underscores the need for early engagement. As NIL payouts push athlete planning to high schoolers, advisors are adapting their practices to serve a younger clientele. Some firms, like Edward Jones with its Duke and Oregon deals, are actively courting NIL-era athletes. The broader trend of AI reshaping the advisory role also applies, as technology helps manage complex financial lives, but trust and judgment remain core.
