By Chris Vannini, Nicole Auerbach, Seth Emerson and Justin Williams
SEC presidents and chancellors voted to approve terms of what is expected to be a multi-billion-dollar settlement in the House v. NCAA class-action lawsuit on Thursday, a source briefed on the decision confirmed to The Athletic. This comes on the heels of the Big 12, ACC, Big Ten and NCAA Board of Governors doing the same earlier this week. The Board of Governors is the NCAA’s highest governing body. The Pac-12 is expected to follow suit as well. The votes are another step toward finalizing a settlement in the landmark case that is likely to reshape the college sports business model.
Settlement details are expected to include north of $2.7 billion in back-pay damages the NCAA will owe to former Division I athletes, as well as a future revenue sharing model between power-conference schools and athletes, according to sources briefed on the negotiations. The damages, made available to Division I athletes dating back to 2016 as back-pay for lost name, image and likeness (NIL) earning opportunities, would likely be paid out over the course of 10 years via a combination of NCAA reserve funds and reductions in future revenue distributions to conferences.
The damages payment model that is being voted on is a…
