The Oklahoma College Athletic Conference Act establishes a new intercollegiate athletic conference aimed at promoting and regulating college athletics among member institutions within the state. The Act creates the Oklahoma NCAA Division II Athletic Conference Exploration Commission, which will consist of ten members, primarily university presidents, tasked with exploring the feasibility of forming this new conference. The Commission is required to conduct a thorough analysis of various factors, including potential member institutions, financial sustainability, and the impact on student-athletes, while consulting with stakeholders such as NCAA representatives and local government officials. A detailed feasibility report must be submitted to the Oklahoma House of Representatives and Senate within twelve months of the Commission's first meeting.

Additionally, the Act establishes the Oklahoma NCAA Division II Athletic Conference Exploration Commission Revolving Fund, which will be used to finance the Commission's activities, including studies and consultations. The Commission is authorized to hire independent consultants and engage with the NCAA to ensure compliance with regulations. The final report submitted by the Commission will include findings, recommendations, and proposed action steps for creating the new NCAA Division II athletic conference, with the Legislature reviewing the report to potentially introduce further legislation. An emergency clause is included, allowing the Act to take effect immediately upon passage and approval.