The bill proposes the establishment of the Higher Education Evidence-Based Innovation Fund and Grant Program, as outlined in the newly enacted section 3333.1211 of the Revised Code. This program aims to provide competitive grants to state institutions of higher education to support the development and implementation of student success programs that improve retention and completion rates, particularly for low-income students. The Chancellor of Higher Education is tasked with administering the grant program, which will prioritize applications proposing evidence tier-three reforms or practices. The fund will consist of designated amounts from the General Assembly and private contributions, with unspent funds not being transferred to the general revenue fund.

Additionally, the bill mandates the Chancellor to conduct a feasibility study on the retrenchment processes at state institutions, specifically examining employment and earnings criteria. This study will analyze student outcomes across various programs, comparing the wage outcomes of postsecondary degrees to high school diplomas, and will provide recommendations for enhancing the alignment of degree programs with workforce needs. A report on the findings of this study is to be submitted to the General Assembly within one year of the bill's effective date.