Georgia quarterback Carson Beck (15), throws from the pockets in the first half during an NCAA college football match against Auburn on Saturday, October 5, 2024 in Athens. (AP Photo/John Bazemore).
A judge gave preliminary approval to the $2.78-billion legal settlement Monday that would allow colleges to pay their players, transforming college sports.
U.S. District Judge Claudia Wilken has released an order that sets a timeline for the deal which would put millions of dollar into the pockets of college athlete, who can start making claims later this year.
The final hearing will be held on April 7, 2025. The deal, if finalized, would allow the largest schools to have a pool worth about $21.5 million to distribute to athletes in the first year via a revenue sharing plan. However, athletes would still be allowed to sign deals for their name, image, and likeness with outside groups.
Steve Berman, plaintiff attorney, said: “We are happy that we are closer to a revolution in college athletics which will allow billions of dollars in revenue sharing.”
The judge’s approval came 11 days after attorneys reworded the original settlement agreement in response to Wilken’s concerns. The main change was to remove the word “boosters”, and replace it with a more precise description of which potential NIL deals will be overseen by a neutral arbitrator after the deal is completed.
This did not strike at the heart of the agreement, which establishes a revenue sharing arrangement between schools, athletes and other sources. The $21.5 million figure is based on the 22% average revenue generated by power conference schools through media rights, ticket sales and other sources. The amount will be recalculated on a regular basis over the 10-year period covered by the agreement.
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AP college football: https://apnews.com/hub/college-football and https://apnews.com/hub/ap-top-25-college-football-poll