Baseball Fan Protection Act - Amends the Internal Revenue Code to revise provisions concerning the basis limitation for player contracts transferred in connection with the sale of a sports franchise to provide that when a sports franchise is sold, unless local television stations are given reasonable opportunity to purchase the right to broadcast the team's games before others are allowed to make bids, there shall be a presumption that the 50 percent allocation of value to player contracts shall be zero. Applies this Act to franchise sales or exchanges after December 31, 1999.