NCAA releases details of proposed $2.78 billion settlement with former athletes

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The NCAA and its power-five conferences filed a plan to pay out nearly $3 billion to former athletes in a settlement of an antitrust class-action lawsuit.

The proposed deal also paves the way for schools to directly compensate athletes while attempting to regulate payments from boosters.

"NCAA college athletes have waited decades for this moment, and their right to receive the full value of their hard work has finally arrived," said Steve Berman, managing partner and co-founder of the Hagens Berman law firm. "We are incredibly proud to be in the final stages of historic change."

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Trophy and banner displayed during the NCAA Division III Women's Ice Hockey Championship at Kenyon Arena on March 19, 2022, in Middlebury, Vermont. (Nancie Battaglia/NCAA Photos via Getty Images)

"College athletes will finally be able to share in the billions of dollars their compelling stories and dynamic performances have generated for their schools, conferences, and the NCAA," the filing said. "This is nothing short of a seismic change to college sports following more than four years of hard-fought victories in this case."

The $2.78 billion would be paid out over a 10-year period. Payouts will be determined based on the sport and length of athletic career, with most football and men's basketball players able to receive nearly $135,000 each.

However, the highest estimated payout is expected to be nearly $2 million, thanks to "Lost NIL Opportunities," according to the law firm.

A view of NRG Stadium as Nathan Mensah, #31 of the San Diego State Aztecs, and Adama Sanogo, #21 of the Connecticut Huskies, jump