Congressional Advisory Commission on Intercollegiate Athletics Act - Establishes the Congressional Advisory Commission on Intercollegiate Athletics to investigate and advise the Congress on issues related to athletic programs at colleges and universities, including: (1) the balance between athletics and academics; (2) the impact of television on athletics; (3) the use of drugs by athletes; and (4) the extent of Federal and State government involvement in intercollegiate athletics. Requires the Commission to report to the Congress on its findings not later than one year after its organizational meeting and terminates the Commission 60 days after the date of submission of such report.