It means bad news for all programs outside of the B1G and SEC, and for non-revenue sports across the board. Probably very bad news for a lot of athletic department staff.
The settlement is $2.8B over the next 10 years in NIL backpay to athletes. All D1 athletes going back to 2016 are eligible to join the settlement class and receive a share. The NCAA will be paying 40% ($1.12B) of the total cost. P5 schools will pay 24% ($672M), and the rest of the D1 will be on the hook for 36% ($1.01B).
Outside of the backpay, schools will need to setup a revenue-sharing framework with its athletes. Details TBD, but power conference schools are making plans to share 20% or more of their media revenues with players every year. This will further separate the Big Ten and SEC, who has the fattest media deals, and complicate things for everyone else. IIRC the B1G contract comes out to about $80M per school. The Big12 and ACC are about half that amount. And non-P5 schools won't have much of a pie to share.
While it keeps the NCAA intact, they are going to have to run pretty lean and make cutbacks like the athletic departments. At this point, I guess anything is on the table to make the numbers work: shortened seasons, smaller roster sizes, higher ticket prices, fewer trophies, more outside sponsors, discontinued sports, staff reductions, delays in facilities upgrades... hard to imagine wrestling coming out of all this in a better spot.
College sports is broken.