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AI Summary: This regulation establishes urgent national action to preserve college sports by addressing financial instability and chaotic rule changes. It defines "improper financial activities" as fraudulent name, image, and likeness (NIL) schemes, accepting funds from such schemes, using federal funds for NIL or revenue-sharing payments to coaches, or interfering with student-athlete contracts. A "fraudulent NIL scheme" is defined as paying above fair market value for NIL services, excluding legitimate revenue sharing or third-party compensation for NIL rights not tied to athletic participation. The regulation applies to higher education institutions that generate at least $20 million annually from intercollegiate athletics. It directs federal agencies to evaluate violations of interstate intercollegiate athletic governing body rules concerning eligibility, transfers, revenue sharing, and financial activities as grounds for affecting an institution's responsibility as a federal contractor or grantee. The Office of Management and Budget will issue guidance for agencies, and the Administrator of General Services will propose information collection for compliance. The Secretary of Education will consider requiring regular reporting on roster spots and athletically related payments by gender. The regulation also encourages governing bodies to update rules by August 1, 2026, to protect women's and Olympic sports and ensure financial stability, including establishing five-year participation limits, specific transfer rules, medical care provisions, and prohibiting federal funds for NIL or revenue-sharing payments to coaches. The Attorney General is tasked with challenging state laws that conflict with these rules and violate the Constitution.