After five years of litigation and negotiations, an antitrust settlement between the NCAA, the Power Five Conferences (Pac-12, Big Ten, Big 12, SEC, and ACC), and current and former Division I student-athletes has been approved by U.S. District Judge Claudia Wilken. The landmark agreement reshapes the collegiate sports world as it completes the NCAA’s transition away from amateurism and sets the terms on how student-athletes can be compensated.

While the settlement resolves many of the issues raised in litigation, the agreement creates a host of potential legal ambiguities, and its implementation poses serious challenges that will need to be resolved in the future.