Why It Matters
College sports media rights contracts are reshaping school finances and the daily lives of student athletes, according to a new Congressional Research Service (CRS) report published Sept. 23.
According to Knight-Newhouse College Athletics Database data cited in the CRS analysis, even the elite Power Four conferences collectively ran deficits in 2025. The sales of media rights for college sports represent the largest source of revenue for Power Four schools.
The Big Picture
The financial fragmentation traces to the Supreme Court's 1984 ruling in NCAA v. Board of Regents of the University of Oklahoma, which held that the NCAA's collective television rights negotiations violated Section 1 of the Sherman Antitrust Act, forcing colleges to negotiate individually or through conference groups.
The Protect College Sports Act of 2026 (PCSA), S. 4668, sponsored by Sen. Ted Cruz (R-TX) and amended by Sen. John Thune (R-SD) via S.Amdt. 6776, was considered by the Senate on Sept. 22. Title II of the PCSA would amend the Sports Broadcasting Act of 1961 to create an antitrust exemption allowing Division I colleges and conferences to form a "covered entity" to collectively negotiate media rights, provided at least 75% of Football Bowl Subdivision (FBS) schools, or at least 104 of 138, voluntarily join.
The chase for media revenue has driven dramatic conference realignment, with the Pac-12's collapse serving as the most prominent example, as members departed after failed media negotiations. The CRS report notes that, as a result, student athletes spend an increasing portion of their time traveling thousands of miles to play games.
According to the report, Title III of the PCSA, as amended, would authorize Congress to appropriate $180 million annually, for fiscal years 2027 through 2032, for a competitive grant program within the U.S. Department of Commerce to help historically Black colleges and universities invest in broadband infrastructure, media production, and sports broadcasting.
The report also references Executive Order 14396, signed by President Trump on March 20, directing that no college football game conflict with the annual Army-Navy Game broadcast window. Title II of the Protect College Sports Act of 2026, as amended, would require any covered entity to offer a free local telecast option for viewing each football and basketball game within the college's local television market.
The Bottom Line
The CRS report identifies several unresolved questions, including whether the PCSA's conference expansion provisions could discourage schools from joining the proposed covered entity, and whether the Sports Broadcasting Act's antitrust exemption should be limited to free broadcast television or extended to subscription media.
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