The road to hell is paved with good intentions. That said, these are senators, so I'm dubious on the intentions.
So many parts of this seem unworkable, or at least have serious issues. When you interfere with markets, they always push back. E.g. coaches have back-channels where they can find out their market value off-cycle, even if they can't technically leave for a new team. If the issue is coaches checking out, this won't solve it. Is a player that has sports related income a professional? There are many ways to earn money in the information economy. And what's the basis for the international treatment? That's the tip of the iceberg, and you can bet issues would get litigated over many years as they do now. If a commission's decisions holds up in court, then I think it could work, even if many issues remain. But that's going to take a while, and people will try to go around the rules.
It seems to me, admittedly uninformed on the subject, that much has been tried and failed because they have no legal basis to restrict compensation, and because of that every body they've put in place can't issue binding decisions that chip away at it. IANAL, but it seems like they would need to address that. And once you target these kids to keep costs down, I would expect a lot in congress would take the other side on the legislation since that has to come out of what the athletes could have made. If you take baseball as an example of having an anti-trust exemption, they have a players union that negotiates the other side of the agreement. I don't see anything here that addresses the athletes side, and for that reason, I wonder how it could possibly work. Just ignore them?
