Efforts to pass legislation governing the nation’s $19 billion college sports industry are teetering amid a fierce lobbying fight over media rights and antitrust protections.

The Protect College Sports Act advanced out of the Senate Commerce Committee on a 19-9 vote last month that pulled in seven Democrats. It was a hopeful moment for advocates of the Senate’s yearslong legislative push to regulate college athletics after the 2021 landmark Supreme Court decision that ultimately led to the NCAA allowing college athletes to profit off of their name, image and likeness.

But nine people close to the process say Senate Commerce Chair Ted Cruz (R-Texas) and ranking member Maria Cantwell (D-Wash.)...

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