College athletes set to get $2.8 billion, revenue-sharing model in landmark House v. NCAA settlement

A new era of college athletics is upon us, and leaders do not have much time to prepare for the transformative age.

College sports is on the precipice of changing forever after the NCAA Board of Governors and every Power Five conference agreed to destroy the amateurism model and share revenue with players by coming to terms on settling a multi-billion dollar lawsuit that threatened to bankrupt the collegiate athletics enterprise. 

“The five autonomy conferences and the NCAA agreeing to settlement terms is an important step in the continuing reform of college sports that will provide benefits to student-athletes and provide clarity in college athletics across all divisions for years to come,” the NCAA and leaders from the Power Five conference wrote in a joint statement. “This settlement is also a road map for college sports leaders and Congress to ensure this uniquely American institution can continue to provide unmatched opportunity for millions of students.” 

The $2.8 billion settlement in the House v. NCAA case, a landmark legal battle, has far-reaching implications anchored by revenue sharing and the expansion of roster sizes, which might also spark more legal battles with Title IX implications. In the immediate future, the legal settlement is transformative for players because not only will past athletes be compensated for prior restrictions on earning from their name, image, and likeness via the $2.8 billion settlement, but the agreement sets the stage for a future revenue-sharing model, a first in the NCAA’s long history, benefiting thousands of collegiate athletes starting as soon as Fall 2025.

“For the first time in history, we will now have a fair and just economic system for college athletes. I could not be more delighted. But no celebrations until the system is in place,” House lead attorney Jeffrey Kessler told CBS Sports.

The NCAA and its conferences will hammer out the details…

Source link : https://www.cbssports.com/college-football/news/college-athletes-set-to-get-2-8-billion-revenue-sharing-model-in-landmark-house-v-ncaa-settlement/

Author : Brandon Marcello

Publish date : 2024-05-24 00:50:32

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