The order aims to ban "pay-for-play" NIL deals, mandates scholarships for women's and Olympic sports and threatens to withhold funds from schools who don't comply. But its legality is in question.

The bill could open the door for federal standards for NIL legislation, superseding the current state laws that provide guidance on player compensation. SEC commissioner Greg Sankey said Wednesday during an appearance on "SEC This Morning" that he had no knowledge of a pending executive order.