From what I heard on the radio this morning, under the settlement, if approved by the judge handling the case, athletes will be employees.
This is not part of this agreement, and in fact the agreement specifically avoids doing this.
What this agreement does is clearly layout the NCAA/P5s plan going forward. They will push for legislation that creates an exception from employment for NCAA athletes, and couple it with a revenue share to satisfy anti-trust law.
It's basically the exact thing I predicted several months back when BTC and others were insisting that employment would kill college athletics.
This is an enormous industry that generates enormous amounts of revenue, huge amounts of exposure for higher education, has a rich history in American culture, and is woven into the fabric of colleges from the D3 level up to the Ohio States of the world.
Anybody who thinks it's going to be legislated out of existence is either 1) very naive about how special interests impact the legislative process in the US, or 2) being willfully obtuse because they're upset about the trajectory of college athletics.