SECTION 1. The Legislature finds that university athletes invest much time, effort and focus to their athletic pursuits which may result in the university's invite and acceptance to a postseason bowl game, earning significant monies for the athlete's institution. The Legislature further finds that athletic coaches are compensated generously from the bowl game revenues, whereas the athletes receive much less significant monetary gain from their hard work and dedication to the sport. Therefore, the Legislature deems it appropriate and proper to compensate those athletes monetarily upon graduation from the university.
SECTION 2. (1) Every university eligible for a postseason bowl game shall place into an escrow account thirty-three percent (33%) of all revenue received by the university for being accepted into, participating in, and winning a bowl game.
(2) Upon graduation from the university, the monies accumulated in the escrow account during the graduating athlete's active eligibility period at that university shall be distributed to the athlete according to his pro rata share.