Senators Maria Cantwell (D-Wash.) and Marsha Blackburn (R-Tenn.) have introduced the Helping Undergraduate Students Thrive with Long-Term Earnings (HUSTLE) Act, a bipartisan bill aimed at helping college athletes protect and grow their earnings from Name, Image, and Likeness (NIL) deals.
The proposed legislation would establish new tax-advantaged NIL investment accounts for student athletes. These accounts are designed to allow athletes to save a portion of their NIL income in a way that grows tax-free until certain withdrawal conditions are met. Distributions would be taxed as ordinary income if withdrawn before graduation or as long-term capital gains if taken after graduation. The act also includes penalties for early or excess withdrawals unless they are used for approved purposes such as education, medical costs, or career transition. Up to $35,000 from an NIL account could be rolled into specific retirement accounts.
Senator Cantwell said, “This bill focuses in on the financial security and safety of college athletes who – finally – are earning compensation for their name, image, and likeness. Many of these athletes will be in a unique situation where they will earn NIL income during a relatively brief period of their careers. Our bill will set up a specific NIL Account where they can set aside some of that income and build long-term savings. The bill also will protect athletes and their NIL earnings against financial exploitation by unscrupulous agents. Since athletes have been able to earn NIL, some have been victimized by agents who have charged shockingly high commissions or have tried to take ownership of the athlete’s intellectual property rights. Our bill will rein in these abuses and require agents to register with a state.”
Senator Blackburn added, “College athletes are now earning billions of dollars from their name, image, and likeness—and rightly so. We must empower these students to safeguard their financial future and protect themselves against rogue agents. The HUSTLE Act would allow college athletes to invest their earnings in a tax-advantaged account that grows over time, strengthen financial education, and create safeguards to prevent exploitation by dishonest agents.”
Recent data indicate that at least 25 college athletes are expected to make $2 million or more from NIL agreements in 2025 according to Fox Sports estimates. Thousands more are making smaller amounts; the NCAA’s College Sports Commission reported approving 12,175 NIL deals worth $87.5 million as of November.
The HUSTLE Act would also amend the Sport Agent Responsibility and Trust Act by introducing stronger protections for student-athletes against unethical agent practices. Under this proposal, agents representing student-athletes would need to register with state authorities; unregistered agents would not be allowed representation privileges. The act sets an agent fee cap at 5 percent and directs the NCAA to create a searchable public database of certified agents while prohibiting false statements or deceptive recruitment tactics.
The bill further mandates annual financial education for student-athletes provided by trustees overseeing the accounts and instructs the U.S. Treasury Department to issue regulations preventing abuse.
Senator Cantwell has previously led efforts related to athlete protection including championing “Equal Pay for Team USA,” which became law on January 5, 2025 ensuring equal pay regardless of gender for American athletes competing internationally. In September she co-sponsored the Student Athlete Fairness and Enforcement (SAFE) Act aimed at expanding athlete rights protections across schools.
