Requires the UNC Board of Governors to require the constituent institutions that are NCAA Division I schools and participate in Football Bowl Subdivision (FBS) football or Division I basketball to use a portion of the revenue generated from the commercial use of student‑athletes' names, images, and likenesses to do the following for FBS football and Division I basketball student‑athletes enrolled at the constituent institution: (1) award stipends to the student‑athletes up to the full cost of attendance to make up for any shortfall in its grants‑in‑aid and (2) hold in trust limited and equal shares of its licensing revenue to be distributed to the student‑athletes after they leave college or their eligibility expires. 

Prohibits paying state funds to a private institution of higher education that is an NCAA Division I school that participates in FBS football or Division I basketball unless the governing body of the institution adopts and implements a policy substantially similar to the policy adopted by the UNC Board of Governors of the University of North Carolina. 

Makes these requirements contingent on a final judgment in the case of O'Bannon vs. NCAA, where the right to appellate review has been exhausted or abandoned, that requires NCAA Division I schools to pay student‑athletes stipends and to hold certain funds in trust for student‑athletes who are enrolled at those schools.