NCAA Earthquake! Schools and athletes will be allowed to share revenue directly

The Foreign exchange listed companiesNCAA has agreed to allow member schools to directly share revenue with athletes and will pay nearly $2.8 billion in back damages as part of a settlement to resolve lawsuits filed by athletes over their sports services.

The NCAA and the two plaintiff law firms leading the class-action lawsuit revealed this landmark settlement framework on Thursday, after the college sports governing body and member conferences approved the agreement.

The settlement resolves three lawsuits that accused the NCAA of violating antitrust laws by restricting compensation and benefits for student-athletes. The NCAA denied any wrongdoing.

Under the terms of the agreement, which requires judicial approval, the NCAA will remove certain rules prohibiting schools from directly paying athletes. Schools will also be able to share revenue with athletes through new payments and benefits. The plaintiffs' attorneys estimate the value of these changes to exceed $20 billion over ten years.

Lead athletes' attorney Jeffrey Kessler predicts that the settlement will bring a "new world" for college athletes. Steve Berman, who co-leads these cases with Kessler, described the agreement as "revolutionary."

The NCAA and its member conferences stated in a joint release that the settlement provides a "roadmap" for college sports leaders and Congress to ensure this unique American institution continues to offer unparalleled opportunities to millions of students.

The agreement does not resolve all cases against the NCAA.

Plaintiffs' attorneys representing college athletes in a lawsuit against the NCAA in Colorado informed the judge that they would closely examine the terms of any proposed settlement.

The lawsuit filed last year claims that the NCAA deprived student-athletes of billions of dollars in compensation from college sports broadcasts.

The NCAA also faces ongoing lawsuits over various rules, including transfer eligibility, recruitment-related compensation agreements, and bonuses for non-NCAA events.

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