Spectrum Optimization Act - Amends the Communications Act of 1934 to direct the Federal Communications Commission (FCC) to establish competitive bidding rules for conducting auctions of certain licensed spectrum that a licensee voluntarily relinquishes for assignment of new initial licenses subject to new service rules or for other purposes, in which a portion of the auction proceeds are shared with such relinquishing licensees.
Requires the FCC to commence such auctions (commonly referred to as incentive auctions) within two years after enactment of this Act.
Excludes such proceeds from being deposited in the Treasury under specified provisions.