Among the most notable changes recommended were regarding the draft, especially ending the one-and-done rule.
"An athlete who is ready to go directly to the NBA or to the developmental league should do so. No one should be forced to go to college," Rice wrote.
She also explained that student-athletes should be allowed to return to school if they don't sign a professional contract while receiving funding to return to college if they are in good standing after two years of school.
The changes could allow more players to test the waters of the draft before possibly returning.
"Real security comes, as it always has, from getting that education. It is time for all to acknowledge that fact.
Meanwhile, the former Secretary of State also discussed possible changes to limit illegal activity that has caused plenty of question marks over the past year. An FBI probe into several teams has uncovered a widespread scandal regarding paying amateur players.
Rice insists creating a new independent organization to oversee the NCAA on compliance is necessary.
"The NCAA no longer has the credibility to carry out this function," she stated.
Other strategies include requiring apparel companies to be transparent in financial transactions as well as strong penalties like a five-year postseason ban.
The 14-member committee had been studying the problems surrounding college basketball for about seven months, and while not all the recommendations will likely be enforced, the commission believes they are necessary to save the sport.