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College sports may undergo significant changes very soon in the form of revenue sharing, according to ESPN's Pete Thamel and Dan Murphy, who report this week that leaders within college athletics are in "deep discussions" on a settlement to a lawsuit against the NCAA. "While sources stressed that no deal is imminent, details about what a multi-billion-dollar settlement could look like are expected to be shared with campuses in the near future," Thamel and Murphy wrote this week. "There are myriad variables to get to the finish line and still some obstacles and objections at the campus level, but sources indicate that progress has ramped up in recent weeks." The case, which is scheduled to go to court in January 2025, could result in billions of dollars in back pay for athletes and would set a potential model for the future on revenue sharing with current players. ESPN estimates the highest revenue sharing per school "would be in the neighborhood of $20 million annually" give or take. That would mean considerable money for student-athletes across college sports and those players, for the first time ever, getting a piece of the pie from their school. In February, a federal judge granted a preliminary injunction suspending the NCAA's rules on name, image and likeness, a result of the University of Tennessee challenging antitrust laws amid an NCAA investigation. The states argued that NIL rules needed to be suspended immediately because recruits are losing leverage without the ability to negotiate their fair market value in regard to NIL. They also argued that the NCAA's investigation focusing on NIL rules enforcement was damaging Tennessee's reputation. Attorneys general Jonathan Skrmetti (Tennessee) and Jason Miyares (Virginia) filed their lawsuit against the NCAA on January 31, the day after news of the governing body's investigation into the Vols was first reported by Sports Illustrated. After the state filed a motion for a temporary restraining order, the two parties filed their initial responses to the court. College sports is at a mega financial crossroads moving forward as major athletics, like football, move closer to a revenue sharing model that would likely include a collective bargaining agreement of some sort. Top 25 programs rake in hundreds of millions of dollars annually with coaching salaries — and buyouts — hitting all-time highs during the 2023 season. Many high-profile coaches have exited college athletics with a new era on the horizon, including Duke's Mike Krzyzewski and Alabama's Nick Saban. Both are in favor of paying players, however, NIL's now pivotal role during the recruiting process and retention of players has frustrated coaches across all revenue-generating sports. Get the latest football and basketball transfer portal news from 247Sports. Saban isn't the only national title-winning coach to voice his frustrations over the current state of NIL. Georgia's Kirby Smart warned about NIL in recruiting earlier this spring and said players are becoming increasingly less concerned with development and more worried about money they'll receive in college. Ryan Callahan contributed to this report.