NCAA And Major Conferences Approve Nearly $3 Billion Settlement

The new agreement calls for the NCAA and the conferences to pay $2.77 billion over 10 years to more than 14,000 former and current college athletes

The NCAA and major conferences have approved a settlement of several antitrust claims.

The organization is accused of improperly keeping athletes from earning endorsement money. It was also argued that athletes were entitled to some of the profits that the NCAA and conferences earn from media rights agreements with television networks.

Each lawsuit filed challenges athlete compensation rules.

The new agreement calls for the NCAA and the conferences to pay $2.77 billion over 10 years to more than 14,000 former and current college athletes. Those to benefit say now-defunct rules prevented them from earning money from endorsement and sponsorship deals dating to 2016.

The settlement must still be approved by a judge. However, if approved, schools can begin revenue sharing in the fall.