Heard the Northwestern QB who raised this issue: It only deals with private universities (only 17 in the country play football), it mostly deals with continuing medical expenses for football-related injuries, and further studies into concussions. State universities are not included in the suit.
While these are the main issues I think it will ultimately deal with compensation. And if the student-athlete is now considered an "employee", won't they be responsible for taxes on all benefits? For example, taxes on a $250,000 education?