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"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," NCAA president Charlie
Baker and the five power conference commissioners said in a
joint statement Thursday evening.
With the NCAA's board agreeing to the terms of the settlement --
which would also resolve three federal antitrust cases -- former
college athletes are one step closer to getting over $2.7
billion in back damages over the next decade because of previous
restrictions on name, image and likeness (NIL) deals.
Future athletes also would benefit, as the Big 12, Atlantic
Coast Conference and Big Ten -- three of the defendants in the
case -- are hoping to put a system in place that would give
schools the power to pay them about $20 million per year in
permissive revenue sharing.
Such payments wouldn't start until fall of 2025.
The ACC and Big 12 accepted the terms of the settlement on
Tuesday. The Big Ten joined in on Wednesday.
Per the terms of the agreement, athletes won't be able to sue
the NCAA in future antitrust lawsuits and must drop their
complaints in three current lawsuits: Carter v. NCAA, Hubbard v.
NCAA and House v. NCAA.
Former Colorado football player Alex Fontenot's lawsuit against
the NCAA is not included in this pending settlement. Fontenot's
suit is regarding how the NCAA shares TV revenues with players.
The settlement is not yet official as it requires the approval
of U.S. District Judge Claudia Wilken, who is presiding over the
three antitrust cases. Also, if players choose to join
Fontenot's lawsuit, the settlement agreed on by the NCAA and
Power 5 could be rendered null and void.
--Field Level Media [© 2024 Thomson Reuters. All rights
reserved.]
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