Pac-12, SEC voting for House vs NCAA settlement gets a deadline amid reports of potential revenue sharing model in college football

The much-publicized House vs. NCAA case is not going to be heading to the courtroom as the two sides reportedly have agreed to a $2.8 billion settlement. The Big Ten, Big 12 and Atlantic Coast Conferences have all agreed via a vote to accept the settlement while the SEC and the Pac-12 Conferences are scheduled to vote on Thursday.

NCAA president Charlie Baker discussed why the settlement was agreed upon from their side.

"The most important part about the settlement - and let's face it, there's still a lot of work to be done there - is it creates some clarity and some visibility on a whole bunch of issues that have sort of been rolling everybody for a while. The other thing it does is create predictability and stability for schools. It creates a tremendous opportunity for student-athletes," Baker said. h/t CBS Sports

While it will take months before the settlement plan is officially set in place, this is going to be the first step to avoiding potentially paying $4.2 billion if they were to lose the lawsuit, which many legal experts predicted.

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How does the NCAA plan to pay players?

Just because the NCAA has formally agreed to pay $2.7 billion to former student-athletes, do not expect it to come out of the organization itself. Instead, the conferences are going to be paying out the bill as the structure of the settlement. Below is the breakdown of the percentages that the conferences are going to pay out.

• Power Five Conferences (SEC, Big Ten, Big 12, ACC, Pac-12): 24%
• Group of Five Conferences: 10%
• FCS Conferences: 14%
• Non-football Conferences: 12%

Those percentages add up to 60% so where does the remaining 40% come in? The NCAA. That means an estimated $1.6 billion will be paid by the 32 Division I conferences while the organization of the NCAA will be footing the remaining $1.2 billion.

This came after the 22 non-FBS conferences made a late push to increase the Power Five's percentages to 60. However, the NCAA's Board of Directors agreed to the settlement terms that evening to avoid the changes being put into action.