This bill, titled the PROTECT Student Athletes Act, aims to safeguard the integrity and well-being of student athletes by prohibiting specific types of wagers. It makes it unlawful for any individual or entity engaged in the betting business to accept "covered prop bets" related to intercollegiate sporting events. A "covered prop bet" is defined as a wager on an action or achievement by a student athlete that may or may not directly influence the final result of the game. The legislation mandates that the Federal Trade Commission (FTC) will enforce this prohibition, treating any violation as an unfair or deceptive act or practice under existing FTC regulations. Congress finds that sports betting, particularly prop bets involving student athletes, constitutes a substantial part of interstate commerce, justifying federal regulation. This measure seeks to maintain consistent standards and protect student athletes' interests and educational environments across state lines.