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'Billion Dollar Agreement': US colleges can pay athletes

'Billion Dollar Agreement': US colleges can pay athletes

As of: May 24, 2024 at 10:51 AM

A Revolution in College Sports in the USA: The Governing Body National Collegiate Athletic Association (NCAA) The five so-calledEnergy conferences“We agreed in a comprehensive contract that universities can pay their athletes directly for the first time.

This paved the way for the shift towards professionalism in the 100-year history of college sports – until now, amateur status has been in place. “espnHe writes about a “billion-dollar agreement”… the agreement “Between the five independent conferences and the NCAA is an important step in further reforming college sports.”A joint statement from the NCAA president said Charlie Baker And the commissioners of the five major conferences. Conferences are influential associations of universities that act as umbrella regional organizations.

The expansion is expected to include all university sports

While the agreement only affects the NCAA and the Power Five conferences, the new rules are expected to apply to all college sports, the statement said. Specifically, the agreement concerns the settlement of three pending antitrust actions, but the deal will have far-reaching consequences.

The NCAA pays compensation to athletes

ESPN reports that the NCAA will pay more than $2.7 billion in damages over 10 years to former and current athletes. In addition, the two parties also agreed to a revenue-sharing plan that allows each college to share up to about $20 million annually among its student-athletes.

College sports are a billion-dollar business in the United States, with universities investing millions in stadiums and the salaries of their coaches. Television rights are very popular, as are lucrative sponsorship contracts.