; minus (ii) the amount of grant-in-aid the institution of higher education awards to eligible college athletes that participate on the covered sports team; (B) if the amount of grant-in-aid that the institution of higher education awards to eligible college athletes that participate on the covered sports team is more than 50 percent of the commercial sports NIL revenue generated by the covered sports team, the institution of higher education shall transfer a percentage of such commercial sports NIL revenue determined by the Commission after calculating average contributions made by institutions of higher education of a similar size; and (C) a list of the eligible college athletes that participate on the covered sports team. (2) Payments to athletes Not later than the first August 15 occurring after the date that is 1 year after the date of enactment of this Act, and annually thereafter, an intercollegiate athletic association that has governing authority over a covered sports team shall, if practicable, distribute among every eligible college athlete that participates in the division or subdivision in which the covered sports team participates— (A) the total commercial sports NIL revenue received from institutions of higher education under paragraph (1) on account of a covered sports team that participates in the division or subdivision; divided by (B) the number of eligible college athletes that participate in the division during the applicable reporting year. (3) Delivery of royalties An intercollegiate athletic association may distribute a commercial sports revenue royalty to an eligible college athlete under this subsection— (A) directly