Sen. Ted Cruz lowered an estimate Tuesday and said there is a 50-50 chance Congress passes legislation that would provide antitrust protection and regulation to college athletics by the end of the year.

Cruz (R-Texas), who oversaw a panel on the topic which included former Alabama coach Nick Saban, initially estimated a 60-40 chance last fall of a bill getting through before the election in November.

“The clock is running,” Cruz said. “It’s not too late to get it done, but we’re getting close to it being too late to get it done. I still think there are elements there of getting bipartisan agreement. We just have not been able to get everyone to the table to sign off.”

Cruz’s roundtable included Saban, ACC Commissioner Jim Phillips and Alabama athletic director Greg Byrne. Sens. Jerry Moran (R-Kansas) and Richard Blumenthal (D-Conn.) also attended.

“Mostly we would tell each other, ‘We’re just this close to getting something done,’ but it’s been going on a long time,” Moran said. “This is the moment to strike. Please help us close that gap and get this done.”

Cruz said something will eventually get done to standardize how athletes can be compensated for NIL and to give the NCAA and conferences the ability to govern college sports without the constant threat of lawsuits.

Also in attendance, per The Associated Press, were NIL attorney Darren Heitner, Collective Association president Russell White, as well as current women’s college basketball player Haley Cavinder and sister Hanna, a former player.

Cruz said he does not believe there’s as much interest in classifying college athletes as employees as there was six months ago.

“There are very few people advocating for student-athletes as employees now,” Cruz, citing comments made by commissioners of conferences made up of Historically Black Colleges and Universities and concerns about Division II and Division III programs shuttering, said. “I think that makes it easier when you have widespread agreement that that’s the wrong solution to have some clarity on that point.”

The Associated Press contributed to this report.