SEC, Big Ten endorse college sports revenue cap bill; Schmitt seeks passage before Senate recess

A bipartisan bill to overhaul college sports received a major boost Friday when the SEC and Big Ten conferences endorsed legislation pushed by Sen. Eric Schmitt, R-Missouri.

“I’ve talked to [SEC Commissioner] Greg Sankey a bunch of times,” Schmitt told Heartlander News. “I’ve talked to Tony Petitti, the Big Ten commissioner. I’ve talked to those two guys in the White House and the President and others more than I’ve talked to my wife in the last few days.”

The updated legislation attempts to rein in runaway costs while preserving athletes’ rights to profit from their brand.

“College sports are in complete chaos due to unlimited transfers, a lack of eligibility rules and an unsustainable arms race,” Schmitt said in his official Friday night statement. He added that the current trajectory will mean fewer teams, scholarships and opportunities for athletes.

Schmitt says some football programs now boast $50 million payrolls through outside deals. To combat this, the bipartisan bill establishes a strict $21 million revenue-share cap for institutions. Schools would get an additional $22.5 million strictly to retain current players.

He says bringing financial stability to the marketplace will ensure opportunities remain open for non-revenue Olympic and women’s sports.

“If you can transfer one time, let’s say you develop a defensive lineman or a running back, Mizzou has done very well with, you don’t have to dip into that 20 million cap,” Schmitt explained. “You can use that to retain.”

Schmitt is pushing the Senate to pass the Protect College Sports Act this week before the recess. He fears lawmakers will otherwise become consumed by potential government shutdown battles in September.

“Once we get into September, it’s just going to be consumed with government funding,” Schmitt said. “We fully anticipate the Democrats shutting down the government, and then you’re in the election, basically, right? So if it’s going to happen this year, it really needs to happen next week.”

(Texas Longhorns quarterback Arch Manning is one of the highest-earning NIL athletes in college sports, with a valuation that peaked at an estimated $6.8 million. Image credit: Facebook/ArchManningQB)