Adam R. Bialek (Partner-New York, NY) and Dara S. Elpren (Associate-New York, NY) collaborated on “NIL Alert: $2.8 Billion Athlete Revenue Settlement Approved,” which appeared in the May-June issue of The NIL Institutional Report. The authors chronicle the approval by the Northern District of California of the National Collegiate Athletic Association’s $2.8 billion revenue settlement to compensate student-athletes from 2016 to 2024, and the subsequent appeal filed with the Ninth Circuit. The settlement also creates a system for the NCAA’s Division I (D-I) institutions to share billions of dollars of revenue with their student-athletes over the next ten years, beginning July 1, 2025, through a revenue-sharing NIL (Name, Image, Likeness) agreement.