June 26, 2026
Former College Athlete Secures Payday Near 7-Figures Brokering Delayed NCAA Claims
As the $2.78 billion House v. NCAA settlement remains delayed in appellate courts, a secondary market has emerged.
While the landmark House v. NCAA settlement remains stuck in appellate proceedings, tens of thousands of college athlete class members have yet to receive any payment. This delay affects top former college football and men’s basketball players who could earn over $1.2 million during the settlement’s 10-year span.
However, for at least one claimant, this delay has proven highly profitable.
Since last year, Roman Rashada, a former defensive back at Arizona State University and the University of Mississippi, has earned nearly $1 million as an intermediary. He connects class members seeking immediate cash with companies that purchase future settlement rights.
Rashada is the top-earning referrer for Athlete Creditor, a subsidiary of Wyoming-based Grand Teton Systems, which has become a major player in purchasing these claims. As detailed in a lengthy Sportico report, these firms, alongside competitor Sycamore Grove Claims, offer athletes discounted lump-sum payments in exchange for the right to collect future settlement payments. To sell a claim, an athlete completes a straightforward application, submits proof of eligibility and ownership, and then receives a buyout offer specifying the upfront amount. Once accepted, funds are usually transferred within days, and the purchasing company assumes the right to future payments.
The industry is expanding rapidly. Other firms, including Student Athlete Claims Group and Centennial Settlement Partners, are also active, each targeting specific segments and offering different rates. Major sports hubs such as Texas, Florida, and California have become key markets due to their large populations of eligible former athletes. Collectively, these firms report acquiring over 9,000 claims with a total face value of approximately $700 million, representing about one-third of the net funds owed to class members.
Through Athlete Creditor’s program, Rashada has facilitated 518 transactions, earning $961,369.27 in referral commissions.
“This was never my plan,” Rashada said. “I never even thought this was possible.”
Rashada’s earnings underscore the growth of a secondary market created by the post-settlement uncertainty in college sports litigation. This is particularly notable because Roman is the older brother of Jaden Rashada, whose high-profile fraud lawsuit over a $13.85 million recruitment package became a prominent legal dispute in the name, image, and likeness (NIL) era.
Why This Market Matters for African American Athletes
This emerging financial sector has a significant impact on African American athletes, who have historically comprised the majority of roster spots in revenue-generating sports such as Division I football and men’s basketball. For decades, the NCAA’s amateur model prevented these athletes from sharing in the billions generated by their efforts.
Although the NCAA antitrust case sought to address these financial inequalities, the extended appellate process continues to delay justice. Many former Black athletes, some facing immediate financial challenges and lacking generational wealth, cannot afford to wait until 2029 for payouts.
As a result, predatory or heavily discounted cash-out options become appealing. Firms typically offer athletes with smaller claims about 35 cents on the dollar. For example, Rashada sold his $40,000 claim for $19,517 to access immediate funds.
Additionally, this secondary market presents significant financial risks. In late 2025, U.S. District Court Judge Claudia Wilken required claims purchasers to clearly disclose potential tax liabilities. Legal experts have warned that athletes may remain responsible for taxes based on the full original value of their settlement awards, even after selling them at a substantial discount.
Despite these structural challenges, Rashada’s success represents a rare dynamic in sports business: a former Black athlete acting as an entrepreneur rather than solely as labor. In the same NIL legal environment that affected his brother’s collegiate career, Rashada has leveraged his network to build independent capital.
With hundreds of his referrals still pending, Rashada’s pipeline remains active. His brother, Jaden, now competing at Mississippi State University after resolving his own high-profile NIL lawsuit, is among those who have transferred their claims.
As the legal battle over college sports revenue continues in federal courts, the secondary market is reshaping the financial landscape for the athletes who built the industry.
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