Student Athlete Level Playing Field Act This bill generally prohibits an institution of higher education or a covered athletic organization (e.g., an athletic association, a conference, or an organization with authority over intercollegiate athletics) from restricting the ability of a student athlete to enter into an endorsement or agency contract, with exceptions. It also provides for enforcement by the Federal Trade Commission, preempts state laws relating to endorsement or agency contracts, and establishes the Covered Athletic Organization Commission.