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The Senate passed the college sports bill on Monday. It still needs to pass the House. Here is a description of the Senate's bill.

"The sweeping bill limits undergraduates to one penalty-free transfer, enforces five-years-to-play-five-seasons eligibility standards, regulates agent activity, caps athlete compensation — but an amendment to limit coaches’ salaries was narrowly rejected.
The bill offers limited antitrust protections so the NCAA does not get sued on a near-daily basis. "