The U.S. Senate votes Monday, Sept. 28, on the Protect College Sports Act, a bill that would write NIL compensation into federal law. The bipartisan legislation would also reshape transfer and eligibility rules across college athletics.

The vote is scheduled for 5:30 p.m. ET, according to NPR. The vote already marks the furthest college sports legislation has ever advanced in Congress, The Athletic reported.

For Michigan State, the stakes are concrete. The Spartans launched Spartan Ventures on July 1, a fundraising and NIL entity backed by a $100 million investment from Greg and Dawn Williams, according to MSU's athletics site. The bill would more than double the revenue-sharing cap schools can use to pay athletes directly, raising it from roughly $21 million per school per season to nearly $50 million.

The bill also includes a $22.5 million retention pool schools could spend to keep current athletes and another $5 million earmarked for Olympic and women's sports athletes.

Michigan Sen. Gary Peters voted to advance the bill during a Sept. 17 procedural vote that passed 77-22. "I think the bill is necessary, and it's not a perfect bill," Peters said at the time, as reported by The New Republic. "I don't think we'd ever be able to come up with a perfect bill."

The legislation, co-authored by Republican Sen. Ted Cruz of Texas and Democratic Sen. Maria Cantwell of Washington, would prohibit colleges, conferences and the NCAA from blocking athletes' NIL agreements, according to the bill text on Congress.gov. Athletes would need to report third-party NIL compensation above $600 to their schools.

On transfers, the bill would give athletes one penalty-free move. A second transfer would require sitting out one academic year, with exceptions such as a coach leaving, the sport being discontinued, pursuing a graduate degree, or sexual assault or harassment claims, according to Sen. Shelley Moore Capito's office.

The bill would also codify a five-year eligibility window with a hard cap at age 24.

That eligibility provision carries particular weight at MSU. A federal judge in Colorado granted a preliminary injunction in July allowing former Spartan basketball players Jaxon Kohler and Tre Holloman an extra year of eligibility by blocking the NCAA's "five-for-five" rule, The State News reported. The 10th Circuit Court of Appeals paused that injunction on Aug. 21. The Protect College Sports Act would settle the eligibility question legislatively rather than through the courts.

The bill would also grant the NCAA a limited antitrust exemption to enforce rules on eligibility, transfers and compensation. It would establish an Office of the Student Athlete Ombudsman and create a $60 million to $100 million catastrophic injury fund. Division I schools would be required to cover all out-of-pocket medical expenses for athletes, plus up to five years of post-eligibility care, according to Sen. Shelley Moore Capito's office.

The bill cleared the Senate Commerce Committee in June by a 19-9 vote. A cloture vote passed 74-24. The Big Ten and SEC both support the legislation after the Commerce Committee added a retention-fund provision in July.

Not everyone is on board. The AFL-CIO urged senators to vote no, calling the bill an obstacle to athletes organizing a union.

@AFLCIO: "The Senate votes TOMORROW on the Protect College Sports Act. It's a bill written by and for the bosses to put new obstacles in the way for athletes organizing a union. Senators should stand with them and vote NO."

Even if the Senate passes the bill Monday, it still must clear the House, which is on recess until Nov. 9.