Disposal of Excess Federal Lands Act of 2010 - Directs the Secretary of the Interior to offer for disposal by competitive sale certain federal lands in Arizona, Colorado, Idaho, Montana, Nebraska, Nevada, New Mexico, Oregon, Utah, and Wyoming, previously identified as suitable for disposal in the report submitted to Congress on May 27, 1997, pursuant to the Federal Agriculture Improvement and Reform Act of 1996. Requires such lands to be disposed of for not less than fair market value as determined by an independent appraiser.
Requires the deposit of all net proceeds from the sale of such lands into the Treasury for the reduction of the public debt.
Requires the Secretary to submit a report to Congress containing a list of any such federal lands that have not been sold and an update of such report, including an inventory of federal lands under the Secretary's administrative jurisdiction that are suitable for disposal.