Big Ten, SEC conferences endorse Senate college sports bill | Entertainment

The legislation would change several factors, including establishing requirements for name, image and likeness agreements for athletes; creating a limited antitrust exemption for schools and conferences over media rights; and limiting student athletes’ ability to transfer.

It has cleared a key Senate committee, but would have to overcome procedural hurdles, with all 100 senators having to agree to expedite it in order to pass it before they leave for August recess at the end of next week.

That’s doubtful. Senator Bill Cassidy, who chairs the Health, Education, Labor and Pensions Committee, expressed concerns on Thursday, and other senators may also have objections.

Cassidy said in a social media post that the bill “creates chaos and eliminates opportunity for student-athletes.”

The Big Ten includes the most recent national football and basketball winners, Indiana University and the University of Michigan, and the Southeastern Conference includes powerhouses like the University of Alabama and the University of Texas.

The way teams are constructed now, players can leave after just one year and strike deals with new schools. Indiana created a national football championship team by recruiting transfer students.

Universities are under pressure to find new ways to raise revenue to pay students after the federal settlement over student athletes’ name, image and likeness rights. Last year, they could share up to $20.5 million in revenue, and the number grows by 4% each year, now $21.3 million.

Schools have also been signing sponsorship deals as the NCAA changed regulations to allow logos on playing fields and sponsors on team jerseys. A slew of deals have been announced ahead of football season.

This week, Ohio State University said it is partnering with JPMorganChase and the University of Notre Dame said SoFi Technologies would be the first non-apparel brand to appear as a jersey patch on all Fighting Irish uniforms.

Schools are also signing deals for naming rights. In July, Texas Tech Athletics announced 15-year naming rights partnership with Galaxy, the data center infrastructure and digital asset company founded by billionaire Mike Novogratz.