Everyone needs to sign over their rights to sue over eligibility and agree to the following (using NCAA as a placeholder here, I assume some new organization will take its place):
1) You have five years to play five years, and the clock starts when you enroll at any NCAA member institution (juco seasons, as they are not under NCAA rules, do not count against your clock), no traditional redshirts, no hardship waivers, the only way to get one of these seasons back is a medical redshirt.
2) If you've played any amount of ANY professional basketball, no matter what level, in an academic year (Sep-Aug), that year counts as one of your five against your eligibility clock. (example: foreign players that have played a couple of seasons would still be eligible)
3) Once you play in an NCAA game, if you receive a paycheck from a professional team, you forfeit the rest of your NCAA eligibility. (this would allow college players to enter the draft, but if they are unsigned, they can return to college)
There's probably something I'm forgetting but that's the basics right?
