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NCAA could face $20B in damages, bankruptcy if proposed settlement offer isn't agreed upon
Posted on 5/15/24 at 9:49 am
Posted on 5/15/24 at 9:49 am
Wild. I didn't know the NCAA has to cough up a bunch of NIL back pay.
LINK
quote:
If they reject a proposed settlement offer, officials from the NCAA and power conferences stand to face a catastrophic $20 billion in back damages as well as risking a bankruptcy filing, according to documents obtained by Yahoo Sports.
The two-page document was circulated among power conference presidents and administrators on Tuesday as ACC leaders met at their annual spring meetings in Florida. It details terms of a potential settlement in the House, Hubbard and Carter antitrust cases, a trio of legal challenges brought against the NCAA and its five power conferences seeking back pay for various athlete compensation elements.
The settlement, believed to be in the final stages of adoption, consists of three main concepts: billions in back damages; a new compensation model permitting schools to share as much as $22 million annually with athletes in a capped system; and an overhaul of the NCAA scholarship and roster structure.
The document outlines settlement concepts in detail as well as particulars around the new compensation model. It also provides university leaders with new information on hot-button topics such as how a settlement protects the NCAA from future legal challenges, Title IX’s application and the enforcement of booster-led collectives in a “new infrastructure.”
Documents specify, perhaps for the first time in writing, the total amount in back damages owed to athletes for the use of their name, image and likeness (NIL) before the NCAA lifted NIL prohibitions in 2021.
The amount is $2.776 billion.
The NCAA is responsible for paying the amount over a 10-year period, roughly $277 million annually. About 60% of that will come from a reduction in distribution to its schools. The NCAA is responsible for closing the 40% gap through other means, such as reserves, other net incomes and a significant reduction in operating expenses of as much as $18 million annually.
LINK
Posted on 5/15/24 at 9:52 am to Bunk Moreland
SEC and Big10 fiddin to eat.
NCAA fricked.
Megaconference stacked.
NCAA fricked.
Megaconference stacked.
Posted on 5/15/24 at 9:52 am to Bunk Moreland
they might have to lay off the entire NCAA office
look for significant reductions in athletic dept jobs, like Texas A&M just laid off some top administrators, gonna happen nationwide
I foresee some universities getting out of athletics
look for significant reductions in athletic dept jobs, like Texas A&M just laid off some top administrators, gonna happen nationwide
I foresee some universities getting out of athletics
This post was edited on 5/15/24 at 9:54 am
Posted on 5/15/24 at 9:54 am to Bunk Moreland
Remember when NIL destroyed the entire college athletics landscape? Good times.
Posted on 5/15/24 at 9:56 am to Bunk Moreland
quote:
NCAA
quote:
bankruptcy
Awww, that's a shame.
Posted on 5/15/24 at 9:59 am to SlowFlowPro
I haven't read this but if I recall you're a practicing attorney. Have you read this?
How are they backpaying athletes? What is the plan with that? How are they deciding who gets what pay prior to NIL?
I read a couple articles but it didn't go too deep into the meat of what's going on
How are they backpaying athletes? What is the plan with that? How are they deciding who gets what pay prior to NIL?
I read a couple articles but it didn't go too deep into the meat of what's going on
Posted on 5/15/24 at 9:59 am to Bunk Moreland
Super League is coming and coming fast...
Posted on 5/15/24 at 10:02 am to usc6158
I guess every athlete will get a check for $3.50
Funny thing is I believe an Arizona St swimmer brought the lawsuit
Funny thing is I believe an Arizona St swimmer brought the lawsuit
Posted on 5/15/24 at 10:04 am to nicholastiger
quote:
Arizona St swimmer
Hard to imagine a swimmer missed out on any NIL deals, unless it's a hot female.
Posted on 5/15/24 at 10:12 am to Bunk Moreland
And just like that, college athletics were no more.
Posted on 5/15/24 at 10:27 am to iBack8569
As is typical, both the Athletics Departments/NCAA and the selfish athletes are going to ruin a once great system.
I am fine with them just shutting down the NCAA/College athletics and let some private billionaires fund the "super conferences" with no college/university affiliations.
Stop this joke that is "Student Athletes" at most of these schools.
I am fine with them just shutting down the NCAA/College athletics and let some private billionaires fund the "super conferences" with no college/university affiliations.
Stop this joke that is "Student Athletes" at most of these schools.
Posted on 5/15/24 at 10:28 am to Buckeye06
quote:
I haven't read this but if I recall you're a practicing attorney. Have you read this?
How are they backpaying athletes?
This isn't my area of law and this sounds like pressure tactics based around a nuclear-level risk of losing at trial.
Posted on 5/15/24 at 10:31 am to Bunk Moreland
NAIA making a comeback!
Posted on 5/15/24 at 10:36 am to nicholastiger
quote:What an idiot. Going to end up destroying non-revenue sports and other swimmers' means of getting a scholarship when even among professional swimmers, the only ones who really make money on NIL are ones who win Olympic gold medals and with exception to Michael Phelps, those opportunities to cash in only happen once every 4 years.
Funny thing is I believe an Arizona St swimmer brought the lawsuit
Posted on 5/15/24 at 10:37 am to nicholastiger
quote:as a former athlete cant wait to go buy my snicker bar with my ULM NIL back pay.
I guess every athlete will get a check for $3.50
Funny thing is I believe an Arizona St swimmer brought the lawsuit
Posted on 5/15/24 at 12:00 pm to Bunk Moreland
Congratulations yall just screwed about 50+ schools from enjoying sports.
Posted on 5/15/24 at 12:01 pm to Geauxgurt
quote:
I am fine with them just shutting down the NCAA/College athletics and let some private billionaires fund the "super conferences" with no college/university affiliations.
frick no
Posted on 5/15/24 at 12:06 pm to GeauxHouston
No one is going to fund an Indy league except maybe some Saudi group.
What will happen is the schools will break away from the dead NCAA and start their own super league and negotiate new media contracts just like the NFL or MLB would as a league.
What will happen is the schools will break away from the dead NCAA and start their own super league and negotiate new media contracts just like the NFL or MLB would as a league.
Posted on 5/15/24 at 7:39 pm to Bunk Moreland
fear mongering and posturing. don't you people know anything about negotiating?
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