The College Athletics Reform Act aims to protect the name, image, and likeness (NIL) rights of college athletes by preventing intercollegiate athletic associations, conferences, or institutions from restricting athletes' ability to receive compensation for their NIL or from obtaining professional representation. It also prohibits adverse actions against athletes for engaging in these activities. Furthermore, the bill ensures athletes' privacy by not requiring disclosure of NIL agreement terms and makes certain agreements voidable if they do not meet specific written requirements, such as detailing services, compensation, and termination clauses. The legislation addresses international college athletes by amending immigration law to allow them to engage in NIL activities without jeopardizing their visa status. Enforcement mechanisms include treating violations as unfair or deceptive acts under the Federal Trade Commission Act, enabling State attorneys general to bring civil actions, and establishing a private right of action for injured college athletes to seek relief. These provisions aim to provide robust protection and recourse for athletes. The bill also updates the Sports Agent Responsibility and Trust Act (SPARTA) by capping agent fees for endorsement contracts at four percent and requiring agents to register with a State and certify their registration to athletic associations. It mandates that agent contracts include a provision allowing athletes to terminate the agreement upon leaving an institution. Additionally, the Act establishes the Commission to Stabilize College Sports, composed of 16 members, to study various aspects of college athletics governance, including collective bargaining, Title IX compliance, and revenue sharing models. Finally, the legislation amends the Sports Broadcasting Act of 1961 to allow large intercollegiate athletic associations to jointly sell media rights for their member institutions without violating antitrust laws. It also significantly expands disclosure requirements for institutions of higher education, mandating detailed public reporting on athletic program finances, including athletically related student aid, revenues, expenses, and Title IX compliance, disaggregated by men's and women's sports.