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 or otherwise receive consideration for the athlete's name, image, or likeness. It also provides for enforcement by the Federal Trade Commission (FTC), preempts state laws relating to endorsement or agency contracts, and establishes the Covered Athletic Organization Commission. The FTC must establish a clearinghouse for endorsement contracts entered into by student athletes and athlete agents; require each student athlete and athlete agent to disclose to the clearinghouse each endorsement contract entered into with a value of more than $500; and establish a program to register athlete agents who represent student athletes, require such athlete agents to register, and treat a violation of such requirement as a violation regarding unfair or deceptive acts or practices. The FTC may not charge a fee in relation to such registration.