1. Short title This Act may be cited as the College Athlete Economic Freedom Act . 2. Definitions In this Act: (1) Athlete agent The term athlete agent has the meaning given the term in section 2 of the Sports Agent Responsibility and Trust Act ( 15 U.S.C. 7801 ). (2) Collective representative The term collective representative — (A) means an individual or organization that represents a group of college athletes or prospective college athletes to negotiate contracts for the use of the names, images, or likenesses of such athletes or group of athletes; and (B) includes— (i) legal representatives; (ii) athlete agents; and (iii) players' associations. (3) College athlete The term college athlete means an individual who participates in or is eligible to participate in an intercollegiate sport for an institution of higher education. (4) Compensation The term compensation means any payment, remuneration, or benefit provided to a college athlete or prospective college athlete in exchange for the use of the name, image, or likeness of the college athlete or prospective college athlete. (5) Grant-in-aid The term grant-in-aid means a scholarship, grant, or other form of financial assistance that is provided by an institution of higher education to a college athlete for the college athlete’s undergraduate or graduate course of study. (6) Image The term image , with respect to a college athlete or prospective college athlete, means any photograph, video, or computer-generated representation that reasonably identifies the college athlete or prospective college athlete. (7) Institution of higher education The term institution of higher education has the meaning given the term in section 101 of the Higher Education Act of 1965 ( 20 U.S.C. 1001 et seq. ). (8) Institutional name, image, and likeness collective The term institutional name, image, and likeness collective means any entity that— (A) (i) is subject to the Federal Trade Commission Act ( 15 U.S.C. 41 et seq. )