Yes, but it's a settlement to a lawsuit rather than a more comprehensive collective bargaining agreement. That's a very big gap. The way the NCAA, conferences, and players look at the issues and how to address them is pretty far apart from what I've read. The underlying instability has led to 10+ years of court battles from a business model where the athlete's side of the business hasn't been properly addressed. The 'Valid business purpose" is certainly going back to the special master given the way the CSC is trying to exercise authority over NIL deals in a way that arguably violates the agreement that just got approved. To my eyes, there isn't a way to push back that would stop the CSC from ignoring the players at every turn. To me that says we'll continue to see the NCAA/CSC try to put rules on the players that the players don't like, and the players suing. That's essentially what's been happening since the courts found for O'Bannon in 2014.
As a fan, this is madness. But following it, I feel like it's just the sides fighting for their share of the pie while they can't agree on a better process. The NCAA has lost virtually every time in court, but it doesn't seem to stop them from taking an aggressive stance and dealing with the fallout.
JMO, and FWIW I find it fascinating to watch how it plays out.