Welcome to the revenue-sharing era of college sports.

Judge Claudia Wilken approved the House vs. NCAA settlement in June, allowing schools to pay athletes directly starting July 1 with a per-institution cap of $20.5 million. That cap is set to increase annually by 4%. While opting in was ultimately optional, all current members of the traditional "Power Conferences" (ACC, Big Ten, Big 12, Pac-12 and SEC) did, according to a list published by the College Sports Commission — a new entity overseeing compliance with rules around revenue sharing, name, image and likeness (NIL) deals and roster limits established by the settlement.

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