College sports leaders are crunching the numbers as they head toward payments for players and new avenues for revenue growth.

Speaking at CNBC Sport and Boardroom's Game Plan conference on Tuesday, Big East Commissioner Val Ackerman, Atlantic Coast Conference Commissioner Jim Phillips and Big 12 Commissioner Brett Yormark addressed the NCAA's $2.8 billion settlement that's enabled paying players directly and the rollout of player revenue sharing.

"Revenues have never been greater," Phillips said. "Expenses for our schools also continues to go up. Is it sustainable, is really the question."

Phillips said every ACC school has opted for the revenue sharing model, initially capped at $20.5 million per school next year to allocate to pay players. However, that cap will continue to incr

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