Congressional approval of continuation of revenue share cap and retention fund

(a) Continuation upon congressional approval (1) Cessation absent approval Except as provided in paragraph (2), if the covered settlement agreement expires or terminates but no joint resolution of approval relating to the notice of the expiration or termination is enacted into law during the applicable congressional approval period, the provisions of section 114 relating to the revenue share cap, and, notwithstanding section 114(a)(2)(C), the retention fund, shall— (A) in the case of an expiration— (i) cease to have force or effect on the date of such expiration, if the applicable congressional approval period ends before that date; or (ii) if the applicable congressional approval period ends after the date of such expiration, at the end of the applicable congressional approval period; or (B) in the case of a termination, remain in effect without interruption notwithstanding such termination until, and cease to have force or effect at, the end of the applicable congressional approval period. (2) Continuation upon approval If a joint resolution of approval relating to the notice of the expiration or termination is enacted into law, the provisions of section 114 relating to the revenue share cap and, only if specified in the joint resolution of approval, the retention fund, in effect immediately before such expiration or termination or at the time the notice is provided to Congress pursuant to subsection (b), subject to paragraph (3), shall continue in effect without interruption beginning on the date of such expiration or termination. (3) Recalculation of revenue share cap dollar amount In the first 2 years following a continuation under paragraph (2), the revenue share cap shall increase by 4 percent each year over the previous year’s amount. In the third year following a continuation under paragraph (2), and every 3 years thereafter, the revenue share cap shall be recalculated based on 22 percent of the Average Shared Revenue based on the most recent Membership Financial Reporting System Reports available, or, if the covered settlement agreement is modified, pursuant to the amendment provision specified in paragraph 55 of that settlement, pursuant to the calculation process in effect immediately before the expiration or termination of the covered settlement agreement or at the time the notice is provided to Congress pursuant to subsection (b). In each of the 2 years following each such recalculation, the revenue share cap shall increase by 4 percent each year over the previous year’s amount. For purposes of this paragraph, all information used to calculate the revenue share cap pursuant to the covered settlement agreement, or as modified pursuant to the amendment provision specified in paragraph 55 of that settlement, shall be subject to a publicly available, independent third-party audit to verify the accuracy of such information for purposes of complying with this subsection. (b) Notice to Congress (1) Scheduled expiration Not later than 180 calendar days before the date on which the covered settlement agreement is scheduled to expire, the defendant parties, or in the case of disagreement, a majority of defendant parties, to the covered settlement agreement shall transmit to the President pro tempore of the Senate and the Speaker of the House of Representatives a written notice of the scheduled expiration. If the scheduled expiration date is established less than 180 calendar days before that date, any defendant party to the covered settlement agreement shall transmit the notice not later than 1 calendar day after the scheduled expiration date is established. (2) Early termination Not later than 1 calendar day after the date on which the defendant parties to the covered settlement become aware of a court order that provides for the termination of the covered settlement agreement before its scheduled expiration, any defendant party to the covered settlement agreement shall transmit to the President pro tempore of the Senate and the Speaker of the House of Representatives a written notice of the termination. (3) Contents A notice under this subsection shall include— (A) the scheduled, expected, or actual date of the expiration or termination, if known, and the basis for the expiration or termination; and (B) the dollar amounts and material terms of the revenue share cap in effect, or expected to be in effect, immediately before the expiration or termination. (4) Date of receipt Congress receives a notice under this subsection on the date on which both the President pro tempore of the Senate and the Speaker of the House of Representatives receive the notice. In the event a notice is not provided to Congress under this subsection, notice shall be deemed to have been received by Congress not later than 3 calendar days after the date of the expiration or termination of the covered settlement agreement. (5) Deemed receipt Notwithstanding paragraph (4), for purposes of this section, a notice required under this subsection received after the expiration or termination of the covered settlement agreement shall be deemed to have been received by Congress on the date on which covered settlement agreement expired or terminated. (c) Joint resolution of approval (1) Applicable congressional approval period With respect to a notice under subsection (b), the term applicable congressional approval period means the 30-calendar-day period beginning on the date on which Congress receives the notice, except that the congressional approval period shall immediately terminate upon the passage a of a joint resolution of approval by the Senate and the House of Representatives. (2) Joint resolution of approval For purposes of this section, the term joint resolution of approval means only any joint resolution— (A) that is introduced not later than 10 calendar days after the date on which Congress receives the notice under subsection (b) to which the joint resolution relates; (B) that does not have a preamble; (C) the title of which is either of the following: (i) Joint resolution approving the continuation of the revenue share cap and retention fund under the Protect College Sports Act of 2026; or (ii) Joint resolution approving the continuation of the revenue share cap under the Protect College Sports Act of 2026; and (D) the sole matter after the resolving clause of which is either of the following: (i) for a joint resolution with a title described in subparagraph (C)(i): That Congress approves, under section 115 of the Protect College Sports Act of 2026, the continuation, after the expiration or termination described in the notice received by Congress on __________, of the revenue share cap and retention fund in effect immediately before such expiration or termination or at the time the notice was provided to Congress pursuant to subsection (b) of that section, and of the provisions of section 114 of such Act relating to that cap and fund.; or (ii) for a joint resolution with a title described in subparagraph (C)(ii): That Congress approves, under section 115 of the Protect College Sports Act of 2026, the continuation, after the expiration or termination described in the notice received by Congress on __________, of the revenue share cap in effect immediately before such expiration or termination or at the time the notice was provided to Congress pursuant to subsection (b) of that section, and of the provisions of section 114 of such Act relating to that cap.. (3) Date in resolving text The date inserted in the blank in paragraph (2)(D)(i) or (2)(D)(ii) shall be the date on which Congress receives the notice under subsection (b) to which the joint resolution relates. (4) Introduction A joint resolution of approval may be introduced in either House of Congress by any Member of that House. (d) Fast track consideration in House of Representatives (1) Reconvening Upon receipt of a notice under subsection (b), the Speaker of the House of Representatives, if the House would otherwise be adjourned, shall notify the Members of the House that, pursuant to this section, the House shall convene not later than the second calendar day after receipt of the notice. (2) Referral, reporting, and discharge A joint resolution of approval introduced in the House of Representatives shall be referred to the Committee on Energy and Commerce. The committee shall report the joint resolution to the House not later than 10 calendar days after the date on which Congress receives the notice under subsection (b) to which the joint resolution relates. If the committee fails to report the joint resolution within that period, the committee shall be discharged from further consideration of the joint resolution and the joint resolution shall be referred to the appropriate calendar. (3) Proceeding to consideration After the committee referred to in paragraph (2) reports a joint resolution of approval to the House or is discharged from its consideration, it shall be in order, not later than the 16th day after the date on which Congress receives the notice under subsection (b) to which the joint resolution relates, to move to proceed to consider the joint resolution in the House. All points of order against the motion are waived. Such a motion shall not be in order after the House has disposed of a motion to proceed on the joint resolution. The previous question shall be considered as ordered on the motion to its adoption without intervening motion. The motion shall not be debatable. A motion to reconsider the vote by which the motion is disposed of shall not be in order. (4) Consideration The joint resolution shall be considered as read. All points of order against the joint resolution and against its consideration are waived. The previous question shall be considered as ordered on the joint resolution to its passage without intervening motion except 2 hours of debate equally divided and controlled by the proponent and an opponent. A motion to reconsider the vote on passage of the joint resolution shall not be in order. (e) Fast track consideration in Senate (1) Reconvening Upon receipt of a notice under subsection (b), if the Senate has adjourned or recessed for more than 2 days, the majority leader of the Senate, after consultation with the minority leader of the Senate, shall notify the Members of the Senate that, pursuant to this section, the Senate shall convene not later than the fifteenth calendar day after receipt of the notice. (2) Placement on calendar Upon introduction in the Senate, a joint resolution of approval shall be placed immediately on the calendar. (3) Floor consideration (A) In general It is in order at any time during the period beginning on the 10th day after the date on which Congress receives the notice under subsection (b) to which the joint resolution relates to move to proceed to the consideration of the joint resolution. The motion to proceed is privileged and not debatable. All points of order against the joint resolution and against consideration of the joint resolution are waived. The motion is not subject to a motion to postpone. A motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order. If a motion to proceed to the consideration of the joint resolution is agreed to, the joint resolution shall remain the unfinished business until disposed of. (B) Debate Except as otherwise provided in this paragraph, the joint resolution shall be debatable and shall be subject to rule XXII of the Standing Rules of the Senate. If cloture is invoked on the joint resolution, post-cloture consideration of the joint resolution shall be limited to not more than 10 hours, which shall be divided equally between the majority and minority leaders or their designees. After cloture is invoked, a motion further to limit debate is in order and not debatable. An amendment to, or a motion to postpone, or a motion to proceed to the consideration of other business, or a motion to recommit, the joint resolution is not in order. (C) Vote on passage After cloture is invoked on the joint resolution, the vote on passage shall occur immediately following the conclusion of the period of post-cloture consideration under subparagraph (B) and, if requested in accordance with the rules of the Senate, a single quorum call. (D) Rulings of the chair on procedure Appeals from the decisions of the Chair relating to the application of the rules of the Senate to the procedure relating to a joint resolution shall be decided without debate. (f) Rules relating to Senate and House of Representatives (1) Coordination with action by other House If, before the passage by one House of a joint resolution of approval of that House, that House receives from the other House a joint resolution of approval relating to the same notice under subsection (b), the following procedures shall apply: (A) The joint resolution of the other House shall not be referred to a committee. (B) With respect to the joint resolution of the House receiving the joint resolution— (i) the procedure in that House shall be the same as if no joint resolution had been received from the other House; but (ii) the vote on passage shall be on the joint resolution of the other House. (2) Treatment of joint resolution of other House If one House fails to introduce or consider a joint resolution of approval under this section, the joint resolution of approval of the other House shall be entitled to expedited floor procedures under this section. (3) Treatment of companion measures If, following passage of a joint resolution of approval in the Senate, the Senate then receives the companion measure from the House of Representatives, the companion measure shall not be debatable. (4) Rules of House of Representatives and Senate This subsection and subsections (c), (d), and (e) are enacted by Congress— (A) as an exercise of the rulemaking power of the Senate and the House of Representatives, respectively, and as such are deemed a part of the rules of each House, respectively, but applicable only with respect to the procedure to be followed in that House in the case of a joint resolution of approval, and supersede other rules only to the extent that they are inconsistent with such rules; and (B) with full recognition of the constitutional right of either House to change the rules, so far as relating to the procedure of that House, at any time, in the same manner and to the same extent as in the case of any other rule of that House. (g) Covered settlement agreement defined In this section, the term covered settlement agreement means the Injunctive Relief Settlement Agreement approved by the court in In Re College Athlete NIL Litigation, No. 20–cv–03919 (N.D. Cal. June 6, 2025) or as modified pursuant to the amendment provision specified in paragraph 55 of that settlement.