The main purpose of this legislation is to formally establish the guidelines set forth in Executive Order 14322, which addresses the financial aspects of college sports and the compensation of student-athletes. The objective is to ensure that college athletes receive fair compensation for their contributions to college sports revenue, recognizing their role in generating significant income for colleges and universities. Key provisions of this legislation include the codification of the executive order, meaning it will now have the same legal standing as a law passed by Congress.