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The National Collegiate Athletics Association and the five power conferences have agreed to a settlement that will pave the way to allow schools to pay student-athletes, a profound moment that will usher in a new age in college sports.
The NCAA, the governing body for college sports, and the leaders of the Big Ten, Southeastern, Pac-12, Atlantic Coast and Big 12 conferences announced the settlement Thursday night. According to multiple reports that cite unnamed sources, the agreement to settle three antitrust cases includes the payment of more than $2.7 billion in damages to past and current student-athletes.
Per ESPN, sources said the parties have agreed to a revenue-sharing plan that will allow each school to share up to “roughly $20 million per year with its athletes.” All Division I athletes who have played since 2016 are eligible to receive a share. In exchange, any athletes who receive a share cannot sue the NCAA for other potential antitrust and drop their complaints in the three antitrust cases – House v. NCAA, Hubbard v. NCAA and Carter v. NCAA, according to ESPN.
Reports added that Judge Claudia Wilken, who is presiding over the three antitrust cases, must still approve the settlement terms, which could take several months and once approved, schools can begin revenue sharing in the fall of 2025.
The settlement, if accepted by Wilken, represents a turning point in college athletics, which have traditionally competed under the guise of amateurism that allowed a seedy underbelly of hidden payments and compensation to flourish. Numerous college programs have been punished by the NCAA for their players being compensated in some way for their exploits on the field, from thousands of dollars being paid to star players under the table to a coach buying a recruit a hamburger on a visit.
As the business of college sports took off, the veil of amateurism had begun to seem absurd to many observers: Schools and conferences began raking in millions upon millions of dollars,…
Source link : https://sports.yahoo.com/ncaa-power-conferences-agree-settlement-021059511.html
Author : CNN Sports
Publish date : 2024-05-24 02:10:59
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