(a) Notwithstanding §§ 49-7-2802 and 49-7-2803, a private institution of higher education and an athletic association of which the private institution is a member may, upon mutual agreement between the institution and the athletic association, opt out of the requirements of § 49-7-2802(b)(3) or (b)(4) or § 49-7-2803 with respect to the athletic association's common rules, bylaws, standards, procedures, policies, or guidelines pertaining to intercollegiate athletes enrolled at the private institution; provided, that no private institution's agreement can modify or prevent the application of this chapter with regard to the athletic association and its relationship to other institutions or other intercollegiate athletes.
(b) The private institution shall provide notice to all intercollegiate athletes enrolled at the institution and all members of the relevant athletic association described in subsection (a) of any mutual election to opt out of any provision of this part within the earlier of thirty (30) days of the mutual election or thirty (30) days of an intercollegiate athlete's first enrollment at the institution where the athlete intends to participate in the institution's athletic program.