The National College Athletic Association (NCAA) has been around since 1906. In its 119-year history, institutions have never directly paid athletes (legally). That has all now changed, as Judge Claudia Wilken approved the House settlement on Friday in the U.S. Northern District of California, 59 months after the initial class-action House vs NCAA suit was filed.

The settlement arose out of three different lawsuits over the issue of compensation for collegiate athletes. More than 390,000 current and former college athletes acted as the plaintiffs in the suit, and the defendants were the NCAA and five athletic conferences.

After more than a year of negotiating, the saga finally comes to a close.

What exactly does the settlement do

Beginning July 1, schools will be able to share $20.5 m

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