Limitation on liability

An institution, conference, or interstate intercollegiate athletic association that complies with this Act, including the amendments made by this Act, may not be treated as violating any law or regulation, and may not be subject to liability under any law or regulation, on the basis of— (1) the adoption of, agreement to, enforcement of, or compliance with any rule or bylaw of an institution, conference, or interstate intercollegiate athletic association that limits or prohibits a student athlete from receiving compensation from an institution, conference, or interstate intercollegiate athletic association; (2) a restriction on the eligibility, with respect to intercollegiate athletic competitions, of a student athlete who violates a rule of an institution, conference, or interstate intercollegiate athletic association that is reasonably contemplated under this Act; or (3) compliance with any agreement, understanding, rule, or bylaw adopted by an institution, conference, or interstate intercollegiate athletic association that is reasonably contemplated under this Act.