Trump released the executive order amid a turbulent time in college athletics. The House settlement went into effect July 1 to attempt to provide a path forward with revenue sharing, but plenty remains unanswered to where many in the sport have argued the importance of congressional action and help from Washington.

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.