(1)(F) of such section from the most recent report to determine the commercial sports NIL revenue for each athletic program. (3) Covered sports team The term covered sports team means an athletic program that participates in a division or subdivision for which 50 percent of the total commercial sports NIL revenue of every institution of higher education that participates in the division or subdivision is greater than the total amount of grant-in-aid provided by those institutions of higher education to eligible college athletes that participate in athletic programs in that division or subdivision. (4) Division or subdivision The term division or subdivision means a division or subdivision, such as the Football Championship Subdivision or the Football Bowl Subdivision, of a particular type of athletic program. (5) Eligible college athlete The term eligible college athlete means a college athlete that receives grant-in-aid from the institution of higher education attended by the college athlete. (b) Royalty payments (1) Payments to intercollegiate athletic associations Not later than the first July 15 occurring after the date that is 1 year after the date of enactment of this Act, and annually thereafter, if an intercollegiate athletic association that has governing authority over a covered sports team is required to distribute commercial sports revenue royalties to eligible college athletes that participate in the division or subdivision of the covered sports team under paragraph (2), the institution of higher education associated with the covered sports team shall transfer to the intercollegiate athletic association— (A) regardless of whether the institution of higher education awards any grant-in-aid to college athletes that participate on the covered sports team— (i) 50 percent of such commercial sports NIL revenue