Sanky doing his best, but NIL is the way of the future. And for schools without deep pocket alumni/fans, they're gonna struggle and it's going to get worse IMO.
I am not sure what anyone would expect Congress to do with this. The rationale is that the NCAA will not act to enforce the rules they have, and states have passed equally stupid legislation to counter NCAA authority.
This type of legislation would either be very detailed - resembling NCAA regulations, or be so general you would now need an administrative agency to write the regs under administrative law. That then just sounds and looks like what the NCAA is supposed to be. At least Sankey called it for what it is = "pay for play". almost none of this is NIL or ever was. The LSU gymnast, or Bryce on Dr Pepper are real NIL.
The only thing that congress could do is give the NCAA anti-trust authority over all collegiate sports, and since the NCAA organization is voluntary, that would address a large number of sports. Then the NCAA would have anti-trust immunity and since it is a voluntary org and the universities are then in a contract, the NCAA is safe pursuit violators. Not a big NCAA fan, but if you want regulation you need a regulatory body.