Nebraska athletic director issues statement on historic House Settlement

A federal judge has finally approved a settlement that could change the face of college athletics. Judge Claudia Ann Wilken approved the House Settlement, paving the way for college athletes to be financially compensated for their name, image, and likeness (NIL) directly by their school.

A lawsuit was filed by Grant House, a former Arizona State swimmer, who sued the NCAA and the five biggest athletic conferences in the country. The settlement will now allow schools to directly compensate their student-athletes for their NIL rights. There are nearly 200,000 athletes and 350 schools in Division I alone, and 500,000 and 1,100 schools across the entire NCAA, according to data from the Associated Press.

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In the first year under the settlement, schools will be allowed to share up to $20.5 million with their athletes. That number represents 22% of their revenue from sources such as media rights, ticket sales, and sponsorships. Third parties are still permitted to enter into NIL deals with players under this agreement.

Another aspect of the settlement is the $2.7 billion in back pay that will be paid to athletes who competed between 2016 and 2024. Those funds will come from the NCAA and the conferences.

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This article originally appeared on Cornhuskers Wire: Nebraska athletic director Troy Dannen comments on House Settlement