The College Athlete Protection Act seeks to enhance the rights and protections of college athletes in Washington by introducing key definitions and establishing a degree completion fund for athletes receiving athletic grants. This fund, capped at $25,000 per athlete, must be disbursed within 60 days of degree completion or in cases of severe medical conditions, ensuring equal payments among athletes on the same team. The bill also emphasizes Title IX compliance, requiring institutions to adjust fund payments to meet financial aid proportionality standards and provide comprehensive notices to athletes about their rights. Additionally, it prohibits institutions from making agreements that could influence payment amounts from the degree completion fund.

The legislation establishes the Washington College Athlete Protection Program, overseen by an 11-member panel responsible for enforcing compliance, investigating complaints, and providing resources for high school athletes. Institutions with significant annual revenues are mandated to cover medical expenses for college athletes during and after their time at the institution, provide athletic grants for up to six years, and cannot impose punitive actions against athletes for academic choices or outside employment. The bill also introduces a certification process for agents and financial advisors, mandates financial literacy workshops for athletes, and protects them from retaliation for reporting violations. Furthermore, it amends existing laws regarding the investment income account managed by the state treasurer, establishing the Washington college athlete protection fund as a new recipient of earnings.