What to know about House v. NCAA settlement and a historic day for college sports

The NCAA and its power conferences agreed on Thursday to allow college athletes to receive pay directly from the universities they compete for, setting up a potential break from the organization’s century-old system of amateurism.

The two sides in the House v. NCAA class-action lawsuit formally announced terms of a multi-billion-dollar settlement that stands to reshape college sports, including $2.75 billion in back-pay damages the NCAA will owe to former Division I athletes, as well as a future revenue sharing model between power-conference schools and athletes.