The "Protect College Sports Act of 2026" aims to safeguard student athletes' name, image, and likeness (NIL) rights, enhance their welfare, and promote fair competition in intercollegiate athletics. It prohibits institutions, conferences, and athletic associations from restricting a student athlete's ability to market or earn compensation from their NIL, or from revoking scholarships based on NIL activities. Student athletes are required to disclose NIL agreements exceeding $600 to their institutions, which then report anonymized data to intercollegiate athletic associations for a public database to estimate fair market value. The bill amends the Sports Agent Responsibility and Trust Act (SPARTA) to regulate athlete agents more strictly, limiting fees to 5 percent of endorsement contract value and prohibiting contracts extending beyond a student athlete's eligibility. It also creates a private right of action for student athletes against agents for certain violations. Intercollegiate athletic associations must maintain a public registry of certified agents and can decertify those who violate rules, including new provisions on recruitment and tampering. Significant student athlete protections are introduced, including mandates for institutions to provide comprehensive medical coverage for sports-related injuries, including post-eligibility expenses, and to establish a catastrophic injury fund. The bill sets health, wellness, and safety standards for concussions, heat illness, and other conditions, requiring institutions to designate independent athletic health and safety officers. An Office of the Student Athlete Ombudsman is established within intercollegiate athletic associations to provide independent advice and assist with dispute resolution for student athletes. Academic protections prevent athletic department personnel from influencing student athletes' course or major selections and safeguard scholarships from being revoked due to athletic performance or injury. The bill also ensures comparable standards for medical care, lodging, and facilities across similarly situated men's and women's athletic programs. Furthermore, it restricts mid-season coaching transitions in FBS football and mandates that at least one-third of intercollegiate athletic association governing board members be current or former student athletes. Transfer protections allow student athletes one transfer without losing eligibility, with additional waivers for specific circumstances like sport discontinuation or coach departure. The bill defines eligibility rules and prohibits certain compensation arrangements that exceed a "revenue share cap," which is extended from a prior legal settlement. It also provides antitrust immunity for intercollegiate athletic associations enforcing these new rules, while establishing a private right of action for student athletes to enforce many of the bill's provisions. A "Commission on the Future of College Athletics" is created to study and recommend on various aspects, including alternative compensation structures, the preservation of non-revenue sports, and the revenue share cap. Finally, Title II of the bill amends the Sports Broadcasting Act of 1961, granting antitrust exemptions for joint media rights agreements by a "covered entity" of institutions and conferences. This exemption is contingent on requirements such as fair membership offers, specific voting rights (including student athletes), and a revenue allocation formula that ensures minimum distributions and performance-based rewards. It also mandates "Local Outlet options" for football and basketball broadcasts, prohibits certain conference mergers, and requires media rights utilization for non-football/basketball sports.