NCAA, ACC and other power conferences agree to settlement that would pay college players
RALEIGH, N.C. (WNCN) – The Atlantic Coast Conference is among the five power conferences that signed off on a settlement agreement with the NCAA worth nearly $2.8 billion which could directly lead to schools paying college athletes.
This settlement seeks back damages for college players who were denied name, image and likeness compensation dating back to 2016. Over a 10-year window, the NCAA will cover $1.2 billion by reducing operating expenses, while the remaining $1.6 billion will come from the governing body withholding money they would normally give to schools.
The deal will also include a proposed revenue-sharing system that asks schools to commit upwards of $20 million per year to be paid directly to athletes.
NCAA President Charlie Baker, as well as the commissioners of all five power conferences, released the following joint statement on Thursday about the multibillion-dollar agreement:
“The five autonomy conferences and the NCAA agreeing to settlement terms is an important step in the continuing reform of college sports that will provide benefits to student-athletes and provide clarity in college athletics across all divisions for years to come. This settlement is also a road map for college sports leaders and Congress to ensure this uniquely American institution can continue to provide unmatched opportunity for millions of students. All of Division I made today’s progress possible, and we all have work to do to implement the terms of the agreement as the legal process continues. We look forward to working with our various student-athlete leadership groups to write the next chapter of college sports.”
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