A judge has given preliminary approval to the $2.78 billion legal settlement that figures to transform college sports. U.S District Judge Claudia Wilken released an order Monday setting a timeline for a deal that would put millions of dollars into the pockets of college athletes, who can begin applying for payment on Oct. 18.
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“We are pleased that we are one step closer to a revolutionary change in college athletics that will allow billions in revenue sharing,” said plaintiff attorney Steve Berman.agreement to address Wilken’s concerns. The main change involved getting rid of the word “boosters” and replacing it with a better-defined description of whose potential NIL deals would be subject to oversight by a neutral arbitrator once the deal goes through.
This settlement also allows former players to apply for payments to make up for lost revenue they would have received through NIL deals that weren’t allowed in college sports before 2021. It sets up a framework to regulate future NIL deals and replaces scholarship caps with “roster limits,” which will grow to 105 for football, the biggest sport at most major universities.
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