ROSEMONT, ILL. — The Big Ten Conference adopted a conference-level rule limiting member institution involvement in third-party NIL agreements. Big Ten Conference chancellors and presidents approved the rule on Oct. 28.

The rule places a ceiling on institutional involvement in arranging such NIL deals at $27.5 million per school. When combined with NIL payments allowed under the House settlement, this limit results in a total cap of $49 million per institution for all institutional involvement in student-athlete NIL arrangements.

The policy applies to institutional action only, and student-athletes remain free to pursue NIL opportunities with any entity on their own. The measure is effective immediately, requiring each school and its top athletics officials to formally attest to compliance.

The conference will enforce the policy through escalating financial penalties and other disciplinary actions for noncompliance. Big Ten institutions remain subject to all current NCAA rules and College Sports Commission policies.

United States Senate Committee on Commerce, Science, and Transportation chairperson and ranking member Senators Ted Cruz and Maria Cantwell introduced the legislation.

"While we await the passage of the Protect College Sports Act, which has our full support, it is imperative our member institutions can begin to plan, budget and build their rosters approximating the act’s economic structure," said Pamela Whitten, Big Ten Council of Chancellors/Presidents Chair. "Our institutions remain in full support of the Protect College Sports Act and this rule not only allows for a much smoother transition into the policies put in place by the act once it passes, but demonstrates our commitment to it."