Collegiate Athlete Compensation Rights Act This bill permits student athletes to earn compensation for the use of their name, image, or likeness (NIL) and creates a uniform, national framework for NIL compensation. The bill also (1) prohibits certain activities of institutions, boosters, and third-party licensees relating to athlete classification, scholarships, and contracts; and (2) directs the Federal Trade Commission to oversee all activities and approve all rules issued by a private, independent, and nonprofit entity responsible for developing and administering NIL rules concerning student athletes and specified others.