National Collegiate and Amateur Athletic Protection Act of 2001

Requires: (1) the Director of the National Institute of Justice to study the extent to which minors participate in illegal sports gambling activities; and (2) the Attorney General to establish a panel to study illegal college sports gambling.

Requires each institution of higher education to: (1) designate one or more full-time senior officers of the institution to coordinate the implementation of a comprehensive program to reduce illegal gambling and gambling control disorders by students and employees; (2) annually prepare and submit to the Secretary of Education a report concerning progress made; (3) make reasonable further progress as a condition of remaining eligible for assistance under the Higher Education Act of 1965; and (4) submit statistics and other information on illegal gambling and a policy statement regarding underage and other illegal gambling activity at the institution.

Makes a recipient of athletically related student aid ineligible for such aid upon a determination by either the institution of higher education or the applicable amateur sports organization that the recipient has engaged in illegal gambling activity. Requires such an institution, and such an organization that sanctions a competitive game or performance in which one or more competitors receive such aid, to report annually to the Attorney General and the Secretary.

Expresses the sense of Congress that illegal sports gambling poses a significant threat to youth.