The Fair Play Enforcement Act would impose an excise tax on colleges and universities that allow certain individuals to participate in intercollegiate sports. The bill targets two categories of people: those who have placed bets on college athletic events and professional athletes who compete in similar sports. Schools would face escalating tax penalties based on how many violations they accumulate over a six-year period, ranging from 5 percent of athletic revenues for a single violation to 20 percent for three or more violations. The tax would apply to a school's gross athletic receipts, meaning total revenue generated from athletic programs. The legislation would take effect immediately upon enactment for all future taxable years. Notably, the bill includes exceptions for practice participation, roster appearances without competing, and violations resulting from court orders.