Modernizing the Collegiate Student Athlete Experience Act This bill establishes the National Intercollegiate Compensation Corporation, a government corporation that operates under the Federal Trade Commission to set rules and guidelines for how student athletes can be paid for their name, image, and likeness. The corporation shall be funded by fees collected from registered athlete agents and third-party licensees, or from athlete agents and third-party licensees in connection with an application for registration with the corporation. The corporation must maintain and make publicly available on its website a searchable and updated database of registered athlete agents and registered third-party licensees. The bill restricts compensation provided by third parties and preempts state laws governing the commercial use of the name, image, or likeness of a student athlete.