OU AD Joe Castiglione says House settlement approval offers ‘unprecedented opportunity’

The world of college athletics is entering a new era.

On Friday night, Judge Claudia Wilken approved the House settlement in the U.S. Northern District of California, ushering in revenue-sharing for the first time in NCAA history. Beginning July 1, Division I schools will be allowed to share $20.5 million directly with athletes, an amount that will increase annually.

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Schools have been preparing for this moment for months while awaiting the decision. OU athletic director Joe Castiglione, who confirmed in a December email to fans the program planned to share the maximum allowable revenues with their athletes, wrote Saturday he sees this new era as an “unprecedented opportunity” for his athletic department.

“The approval of the House settlement brings clarity to the future of college athletics,” Castiglione wrote Saturday on X. “But it also offers unprecedented opportunity for (OU athletics) to excel as never before.

“We’ve prepared for this day, and now that it’s here we’re ready to share revenue at the maximum allowable amount and add scholarships to create financial certainty for our student-athletes.”

Most FBS athletic departments plan to allocate roughly 75% of revenue-sharing to football ($15 million), 15-20% to men’s basketball, 5-10% to women’s basketball and the rest for other non-revenue generating sports.

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OU exceeded $200 million in revenue for the first time in the 2024 fiscal year, according to the annual financial report the school filed with the NCAA in mid-January. The department also set a fundraising record for the second time in three years last year. The Sooners received a record $110.3 million in total donations and pledges during the 2023-24 fiscal year, surpassing the $109 million raised during the 2022 fiscal year.

More: What does the NCAA settlement mean for college sports? We answer the burning questions

Castiglione has taken numerous steps over the past year to ready his athletic department for revenue-sharing. He has partnered with former AT&T CEO Randall Stephenson, who serves as executive adviser to the president and athletic director, to “help guide us into restructuring our budget for this new world of college sports and into developing a football structure with elements similar to professional sports teams.”

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Last July, the Sooners announced a new structure for football recruiting operations, partnering with former Philadelphia Eagles vice president of football administration Jake Rosenberg. Stephenson and Rosenberg were influential in hiring OU general manager Jim Nagy, who has gotten busy building out an NFL-type front office for the Sooners’ football program.

OU also hired NBA star Trae Young as its men’s basketball assistant general manager. In the role, Young will “lend support in OU player personnel and strategic roster management planning, and will serve a critical role in helping build student-athletes’ brands and maximizing their potential,” according to the school. Young will also be “assisting with the evaluation of high school and transfer portal prospects, as well as helping negotiate player contracts,” per the school’s release.

Castiglione has said previously the school remains committed to all 21 sports. Cutting sports is one of many concerns for some following the settlement approval for those involved in college athletics.

However, due to the unprecedented changes, OU athletics is laying off 5% of its full-time employees, the school confirmed May 25 to The Oklahoman.

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“OU student-athletes will continue to benefit from creative NIL partnerships worthy of their value and the enthusiasm they inspire in our fans,” Castiglione continued Saturday on X. “Amid all the change we see, our commitment to OU’s tradition of excellence remains steadfast.”

Colton Sulley covers the Oklahoma Sooners for The Oklahoman. Have a story idea for Colton? He can be reached at csulley@oklahoman.com or on X/Twitter at @colton_sulley. Support Colton’s work and that of other Oklahoman journalists by purchasing a digital subscription today at subscribe.oklahoman.com.

This article originally appeared on Oklahoman: Joe Castiglione calls NCAA settlement an ‘unprecedented opportunity’