NCAA's $2.78 billion settlement with colleges to allow athlete payments gets preliminary approval

A judge granted preliminary approval Monday to the $2.78 billion legal settlement that would transform college sports by allowing schools to pay players.

U.S. District Judge Claudia Wilken released an order setting a timeline for a deal that would put millions of dollars into the pockets of college athletes, who can begin applying for payment on Oct. 18.

A final hearing is set for April 7, 2025, the day that one of college sports' biggest moneymakers, March Madness, comes to a close with college basketball's national title game. If finalized, the deal would allow the biggest schools to establish a pool of about $21.5 million in the first year to distribute money to athletes through a revenue-sharing plan. Athletes would still be able to cut name, image and likeness deals with outside groups.

Former college athletes from as far back as 2016 would be able to apply for their share of $2.576 billion set aside to help them recoup money they could've made from NIL deals, which weren't allowed until 2021.