The Protect College Sports Act, passed by the Senate on Sept. 28 by a 77-22 vote, raises an interesting question for sponsors, broadcasters and strategic investors: What happens if expansion is no longer the primary path to growth?

The legislation still faces an uncertain path through the House, which is out of session ahead of the midterms, and conference leaders are reportedly weighing alternatives should the bill stall. Even so, Title II’s implications are worth watching now. Whether or not enacted, these provisions show how policymakers are thinking about the future structure of college sports and the relationship between consolidation, media rights and commercialization.

Sports broadcasting provisions and their implications

Section 205 of the PCSA, part of Title II, would restrict conference expansion and consolidation among the largest conferences in college football. A conference reporting more than $700 million in revenue for fiscal year 2025 or later, with primary athletic revenue from football media rights, would be barred from several transactions: acquiring another conference or member institutions resulting in control of less than 75% of Football Bowl Subdivision (FBS) institutions; acquiring an independent school if that would push membership beyond 20 schools; or acquiring schools to create a new conference.

The legislation would also make it harder for schools to leave major conferences for independence or alternative affiliations. Beginning six years after enactment, a school that participated in a conference meeting the bill’s revenue thresholds within the preceding three years could not join a conference with........

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