20,000 Athletes to Receive Settlement from EA/NCAA Lawsuit [UPDATED]

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The lengthy lawsuit versus Electronic Arts and the NCAA may finally be drawing towards a close as the July 2 deadline for student-athletes to file a claim has now passed. 16,200 of the potential 93,000 claimants actually did so.

Student-athletes who filed claims could earn anywhere from $74-$6,700. 'Participation awards' will see named plaintiffs (including O'Bannon, Keller, Hart) receiving a combined total of $200,000. Lawyers will be taking in no more than 33% of the total $60 million EA/NCAA settlement, which equates to approximately $19.8M.

The next hearing for this case is on July 16 and that is where Judge Wilken may grant approval of the settlement. She must also rule on fees and expenses being sought by the plaintiffs' lawyers, proposed additional payments to the named plaintiffs, and objections that have been raised by three potential claimants.

Still on the horizon is the Kessler vs. NCAA lawsuit and also worth watching is how the NCAA and/or conferences/schools establish policy on allowing player likeness to be utilized and compensated in the future. These are the remaining key items to seeing a possible return of the NCAA Football franchise.

UPDATE - On Thursday, U.S. District Judge Claudia Wilken orally approved a combined $60 million settlement that ended claims against video game manufacturer Electronic Arts, Collegiate Licensing Company and the NCAA. More than 20,000 claims have been made and the deadline for players to seek money has been extended to July 31, according to Berman.

It's possible the dollar amount for players will increase. Carey said it's “very possible” that Wilken will reduce attorneys' fees from 33 percent of the settlement to 30 percent. If that happens, the pool of money would increase for athletes who make claims. Courtesy: CBS Sports