College Athlete Economic Freedom Act This bill establishes name, image, likeness (NIL) and athletic reputation rights for college athletes. Specifically, the bill establishes a federal right for college athletes to market the use of their NIL or athletic reputation by prohibiting colleges and intercollegiate athletic associations from setting or enforcing rules that restrict this right or coordinating to limit how athletes can use their NIL; prohibits colleges or such athletic associations from regulating athlete representation; authorizes grants for analyzing NIL and athletic reputation monetization; provides for enforcement by the Federal Trade Commission and through a private cause of action against violators; and preempts more restrictive state laws relating to college athletes' NIL and athletic reputation rights.