; and (2) revocation of tax-exempt status. (d) Report Not later than 1 year after the date of the enactment of this Act, and annually thereafter, the Federal Trade Commission shall submit to the Committee on Commerce, Science, and Transportation of the Senate and the Committee on Energy and Commerce of the House of Representatives a report that summarizes any investigation or enforcement action brought by the Federal Trade Commission or the National Collegiate Athletic Association under this Act during the preceding year, including the number of complaints filed with the Federal Trade Commission under this Act. (e) Disclosure The disclosure of a name, image, or likeness contract to the National Collegiate Athletic Association may not be construed as an approval by the National Collegiate Athletic Association of the contract with respect to the legal requirements of the contract. 10. Limitation of liability No agreement, understanding, rule, or bylaw adopted by a conference, the National Collegiate Athletic Association, or a combination of 2 or more institutions of higher education acting in concert that is authorized, consistent with, or reasonably contemplated by any provision of this Act shall be invalid or a basis for liability under or pursuant to any Federal or State law upon enactment of this Act. 11. Relationship to State law (a) State preemption No State or political subdivision of a State may adopt, maintain, enforce, or continue in effect any law, regulation, rule, requirement, or standard that— (1) conflicts with the provisions of this Act; (2) limits or restricts the rights of student athletes, the National Collegiate Athletic Association, conferences, or institutions of higher education under this Act