77-22, and a $49.08 million ceiling if the House agrees.

The Senate passed the Protect College Sports Act on Monday night, 77-22, and sent it to the House (Senate Commerce Committee). No. 3 carried the first cloture vote and No. 4 the substitute; this is the vote that counts. The bill writes the House settlement's revenue-share cap into federal law and adds a retention fund of $22.5 million per school, growing to $27.5 million for schools that also pay athletes in non-revenue sports (Forbes). Against the $21.58 million cap the College Sports Commission lists for this year, the base fund makes a ceiling of $44.08 million — the figure No. 3 and No. 4 rounded to $44 million — and the full fund makes it $49.08 million.

The retention fund is the provision this board cares about. ESPN reported it is built for keeping current players and could pull some of the hard-to-regulate third-party NIL deals back in-house (ESPN), and it is the change that brought the Big Ten and SEC on board (Fox Sports). The cap language lasts only as long as the settlement does, and the parties can still move the cap themselves. The rest of the roster market, also per Forbes: one transfer without sitting out, with exceptions; five years of eligibility; coaches and key football staff barred from leaving mid-season for another FBS job; conferences capped at 20 members; agent fees capped at 5%.

None of it is law. The House's next scheduled session opens November 9, per Forbes, and the bill's House sponsor puts its chances there at better than 50% (The Spokesman-Review). The Congressional Black Caucus and NAACP oppose it (Yahoo Sports). For 2026-27 rosters the cap is still $21.58 million, and our valuations move on depth charts, not on Senate votes. One correction: No. 4 gave the September 22 cloture vote as 70-22; the Senate roll call and the committee release both say 70-21. All figures as of September 30, 2026.

One number

36%

of the Power 4 and Notre Dame board arrived through the portal — the slice the Senate bill is built to slow

Every player on the 68-program board — the Power 4 plus Notre Dame — arrived one of three ways. Retained players are $965 million of the $1.70 billion board; the portal brought $612 million; high school signees are $125 million. Two provisions in the Senate bill aim at that middle slice: one transfer without sitting out and a year on the sideline for the second, plus a retention fund of up to $27.5 million per school to pay players to stay. All figures as of August 31, 2026.

From the site

One free transfer and a fund to pay players to stay: does the portal's share of the board shrink, or does the first move just get more expensive? Reply to this email — we read everything.

Valuations are The NIL Standard's independent estimates.