"The bill, if it moves forward, is expected to have three major components. First, federal preemption of any state-based NIL laws. Second, a declaration that athletes are students and not employees. Third, and most importantly, a limited antitrust exemption that would allow the NCAA and the major conferences to enforce eligibility and transfer rules without fear of liability."
This sounds like a good framework. It will be interesting to see what else is worked into possible legislation.
Of course, the conferences could all get together and agree on rules and standards but that would require the SEC and B1G to consider equal revenue sharing with others, which won't happen anytime soon.