The president directs federal agencies to clarify whether athletes are employees, protect Olympic and women’s sports, and address athlete compensation rules.

The bill could open the door for federal standards for NIL legislation, superseding the current state laws that provide guidance on player compensation. SEC commissioner Greg Sankey said Wednesday during an appearance on "SEC This Morning" that he had no knowledge of a pending executive order.

President Donald Trump signed an executive order Thursday that aims to prohibit third-party, pay-for-play payments to college athletes, the White House announced. The legislation also directs the Secretary of Labor and the National Labor Relations Board to clarify the status of student-athletes "in order to preserve non-revenue sports."