NCAA
What are the Power 5 NCAA Conferences? What we know about the deal to pay players
With the news that the NCAA Power Five conferences have reached a deal to pay their athletes, we look at just who this will affect.
For the first time ever, the NCAA and its power five conferences have agreed to pay student athletes directly. In a settlement that will see the NCAA pay over $2.7 billion to past and current athletes, the goalposts of college sports have moved forever.
Going forward, the schools will share around $20 million per year in generated revenue with the athletes. NCAA president Charlie Baker and the five power conference commissioners released a joint statement reading in part, “The five autonomy conferences and the NCAA agreeing to settlement terms is an important step in the continuing reform of college sports that will provide benefits to student-athletes and provide clarity in college athletics across all divisions for years to come. This settlement is also a road map for college sports leaders and Congress to ensure this uniquely American institution can continue to provide unmatched opportunity for millions of students. All of Division I made today’s progress possible, and we all have work to do to implement the terms of the agreement as the legal process continues. We look forward to working with our various student-athlete leadership groups to write the next chapter of college sports.”
All Division I athletes since 2016 will be eligible to receive a share of the payout, but must drop all complaints and lawsuits against the NCAA.
The Power Five conferences are the ACC, Big Ten, Big 12, SEC and Pac-12. All of them voted to accept the general terms of the settlement.
Notre Dame president John Jenkins said, “The settlement, though undesirable in many respects and promising only temporary stability, is necessary to avoid what would be the bankruptcy of college athletics. To save the great American institution of college sports, Congress must pass legislation that will preempt the current patchwork of state laws; establish that our athletes are not employees, but students seeking college degrees; and provide protection from further antitrust lawsuits that will allow colleges to make and enforce rules that will protect our student-athletes and help ensure competitive equity among our teams.”
The agreement must still be signed off on by a judge, but will settle three pending federal cases but not all current cases facing the NCAA. The payout will be $2.7 billion over ten years and will include a revenue-sharing plan going forward which will see each school share up to $20 million per year with their athletes. If approved, this plan is likely to kick in as of 2025.