It’s a new era in college sports, as the National Collegiate Athletics Association and the five biggest athletic conferences have agreed to a $2.77 billion settlement of a class-action lawsuit, the Wall Street Journal reported.
Details are still being worked out, but what it means is schools can pay athletes directly, sharing with them a portion of the lucrative revenue streams for merchandising, TV rights, ticket sales and other deals.
The settlement agreement resolves a case that began in 2020. The lawsuit sought back pay for athletes, as well as a cut of future broadcast revenues.
Today’s settlement is the latest in the slippery slope of the last few years that has erased many of the rules that stood for a century or more for college athletes.
Read more on deadline.com
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