The sweeping terms of the so-called House settlement include approval for each school to share up to $20.5 million with athletes over the next year and $2.7 billion that will be paid over the next decade to thousands of former players who were barred from that revenue for years.

All Big 5 schools except Penn likely will opt in to the new revenue-sharing system, which will dramatically affect scholarships, roster sizes, NIL, and nonrevenue sports.