The NCAA and Southeastern Conference leadership have approved a $2.8 billion settlement of antitrust claims, moving college athletics closer to some of the most sweeping changes in its history.
The SEC became the latest league to agree to the proposal when its presidents and chancellors voted unanimously in favor on Thursday, a person with direct knowledge of the decision told The Associated Press on condition of anonymity because the conference was not making its internal discussions public.
With four of the five power conferences on board, only approval from the Pac-12 was needed to move forward with the proposed settlement. A decision from its presidential board was expected later Thursday.
The proposal could resolve three major antitrust lawsuits against the NCAA that carry the threat of billions in damages, a blow that would cripple the organization founded in 1906 that oversees some 500,000 athletes in dozens of sports.
If approved by a judge, it would further upend the NCAA's longstanding amateur sports model by allowing revenue-sharing by schools with their athletes, who were allowed to begin earning endorsement money less than three years ago.
The NCAA completed its approval process late Wednesday, with its 15-member Board of Governors voting unanimously to accept the plan — with one member abstaining — according to two people with direct knowledge of the vote who spoke to The Associated Press on condition of anonymity because the NCAA was not publicly revealing its internal process.
Attorneys for the plaintiffs in House v. the NCAA had set a Thursday deadline for agreement on a settlement. The Big 12 and Atlantic Coast Conference have already signed off Tuesday and Big Ten presidents joined them Wednesday, a person with direct knowledge of the decision told AP.
Under terms of the proposed settlement, the NCAA would pay $2.77 billion over 10 years to former and current college athletes who were denied by now-defunct rules the ability to earn money from endorsement and sponsorship deals dating to 2016. The NCAA and conferences also would agree to establish a revenue-sharing system, with schools allowed — though not required — to spend about $21 million each year on their athletes. That number could grow over time if revenue increases.
