The key parts of the settlement include the NCAA paying for more than $2.7 billion in back damages over a decade, about $1.6 billion of which will be withheld from schools.
Big 12 presidents and chancellors voted virtually Tuesday afternoon to unanimously approve, with departing members Texas and Oklahoma abstaining. The 12 continuing members from this year's conference all voted to pass. The other four power conferences and the NCAA board of governors are expected to vote in the upcoming days. The settlement is widely expected to pass, which will chart a new course for college sports in establishing a framework for schools to share millions of dollars with their athletes in the future and create a fund of more than $2.7 billion to pay former athletes who were not allowed to sign name, image and likeness (NIL) deals.
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