Over the years, the transfer portal and NIL have completely changed the landscape of college sports. The portal has become the professional sports version of free agency, while NIL funds have varied from school to school, something Virginia Tech has found out over time.
When it comes to rules and regulations surrounding NIL, fans have been paying close attention and listening to what has been going on with the house settlement, which brings rules regarding NIL and also supplies revenue sharing. It has been taking some time for a ruling to officially come down, and that decision came down late Friday night.
Judge Claudia Wilken officially signed off on the final approval to the proposed settlement.
The case could officially and finally shape college sports forever, and rules regarding NIL, the transfer portal, and revenue sharing. This decision by Judge Wilken all but eliminates concerns going forward, and now it's up to the schools to go to work.
“Despite some compromises, the settlement agreement nevertheless will result in extraordinary relief for members of the settlement classes,” Wilken wrote in her 76-page final opinion. “If approved, it would permit levels and types of student-athlete compensation that have never been permitted in the history of college sports, while also very generously compensating Division I student-athletes who suffered past harms.”
Athletes will be allowed to be paid by their schools, and each program will be granted just over $20 million to share with athletes across a number of sports. Schools agreed to grandfather the scholarship athletes, which allows athletes to remain and not risk losing their scholarships currently. The NCAA will also pay former athletes $277 million per year over the next 10 years to compensate them for damages.
This decision finally paints a picture of what things will look like going forward, which is what college athletes, coaches, and fans have been waiting for.