(LEX 18) — A federal court has given final approval to a major settlement involving the NCAA and college athletes, marking a significant change in college sports, according to a statement from the University's Director of Athletics, Mitch Barnhart.
The settlement allows for student-athletes to earn money through their name, image, and likeness (NIL).
The statement expresses support for the settlement while acknowledging the challenges ahead, saying the new rules are expected to add $20 to $30 million in annual expenses for UK Athletics, mainly due to revenue sharing with athletes and increased operational costs.
To oversee the implementation and ensure fairness, a new College Sports Commission will be established. This group will monitor NIL deals and help maintain competitive balance across college sports, according to the statement.
The new framework takes effect July 1.
