Title II of the bill, which addresses sports broadcasting, also seeks to make it “unlawful under the antitrust laws, as defined in section 1(a), for any conference that reported more than $1 billion (* change to $700 million) in revenue on its fiscal year 2025 tax return to merge or consolidate with, or to acquire assets, media rights (including media rights of an institution) or membership of another conference if, as a result of the transaction, the number of institutions that are members of the conference would be less than the membership requirements under section 5(b)(1)(A) . So what's the membership requirement under section 5(b)(1)(A)? Some people view this as a minimum number schools in a conference, which is 8. I don't think that's what this bill meant. Amended Section 5 is this: SEC. 5. REQUIREMENTS FOR ENTITIES SELLING MEDIA RIGHTS. The section 5(b)(1) states: (1) ELIGIBLE MEMBERSHIP.—A joint agreement to form the covered entity shall be comprised of a voluntary association of institutions or conferences that includes, at a minimum, as of the date on which the joint agreement is entered into, not less than 75 percent of the institutions participating in the Football Bowl Subdivision, as defined by Bylaw 20.9.9 of the National Collegiate Athletic Association. So I think "the membership requirement" of the new entity for pooling rights is 75 percent of FBS schools. My view is that the P4 cannot raid other conferences if that results in the decrease of the number of institutions that are members of the raid conference be less than the 75 percent of FBS schools. In other words, NO poaching. Again just my reading and IANAL.