Dear Waves Family,

As I mentioned in my statement earlier this week, last Friday marked a historic turning point in the world of college athletics with the final approval of the House v. NCAA Settlement—a moment that brings both opportunity and responsibility. I want to share what this means for Pepperdine Athletics and invite you to be part of our next bold chapter.

For the past decade, we've seen monumental shifts in college sports—from the introduction of the transfer portal to the evolution of Name, Image, and Likeness (NIL). Now, with the House Settlement, we enter a new era—one that for the first time allows institutions like Pepperdine to directly invest in student-athletes through revenue sharing and expanded scholarship offerings.

Let me be clear: this moment presents a significant challenge—but also an incredible opportunity.

What Is the House Settlement?

In short, the House v. NCAA lawsuit challenged the NCAA's restrictions on student-athlete compensation. The approved settlement includes three major elements, all set to take effect on July 1, 2025:

• Back Damages: The NCAA and its member institutions will collectively pay $2.8 billion over the next 10 years to student-athletes who competed from 2016 onward. Pepperdine's share will be a very small fraction of that amount.
• Revenue Sharing: For the first time ever, institutions are permitted to share up to $20.5 million per year with student-athletes through institutional NIL programs.
• Roster-Based Scholarships: Instead of being limited by traditional scholarship caps, institutions can now award scholarships up to newly defined team roster limits dictated by the settlement—permitting us to support more Waves than ever before.

Pepperdine's Commitment: Waves Excellence

With full support of our university administration, we will strategically participate in all key elements of the House Settlement. Like our peers, we are responsible for generating the resources needed to make additional investments in our student-athletes, and our level of participation in the settlement is dependent on the funds we generate. This is where Waves Excellence comes in—a new initiative focused solely on funding Pepperdine's investment in student-athletes through this settlement.
 

We believe this investment is essential to remaining competitive in the West Coast Conference and on the national stage, as peer institutions will be making similar investments. To fulfill our ambitious vision, we must meet this moment with action and unity.

Why This Matters

Pepperdine Athletics is coming off one of the most successful years in recent history—five conference championships, six NCAA postseason appearances, and the highest department GPA ever recorded. Our student-athletes are not just winning—they are thriving academically, spiritually, and personally.

To sustain and elevate this success, we must be all-in. This means embracing the new structure of college athletics while staying true to our vision: to build a championship athletic program rooted in Christian values, academic excellence, and community.

Your Role in the Future

We cannot—and will not—do it alone. In fact, this new chapter requires more from all of us:

• If you are already a donor, thank you. We are calling on you for continued and even expanded support.
• If you have never given, there has never been a more urgent or impactful time to begin.
• If you lead a business or have connections to corporate partners, we need your help expanding our network and partnerships.

In the coming weeks, we will share specific ways you can contribute to Waves Excellence, our new initiative exclusively supporting student-athlete investment made possible through the House Settlement. If you would like to proactively discuss how you want to participate in the meantime, please reach out, or you can immediately support student-athletes here.

This is a defining moment for Pepperdine Athletics. The decisions we make now will shape our trajectory for decades. Together, we can continue to build something exceptional—something worthy of the Pepperdine name.

Thank you for believing in our vision, in our student-athletes, and in the future we're building—together. Go Waves!

With gratitude and ambition,

Tanner Gardner
Director of Athletics
Pepperdine University