Late yesterday the UNited States District Court for the Southern District of Indiana dismissed the claims of collegiate student-athletes who sought to be paid for their athletic activities on the theory that they are employees of the university. Here's the full opinion in Berger v NCAA, Docket No. 1:14-cv-1710.
Much of the opinion deals with procedural issues, but here's the nub of the ruling: “The economic reality of the situation and the DOL's position on the issue both point to one conclusion: the fact that the Plaintiffs participate in an NCAA athletic team at Penn does not make them employees of Penn for FLSA purposes.“
In short, you can still play, but at least under an FLSA theory, you are not entitled to be paid minimum wage.