Thousands of current and former college athletes could receive $5,000 or more from an agreement to settle part of an antitrust lawsuit against the N.C.A.A., a lawyer for the plaintiffs estimated.

The N.C.A.A. and 11 conferences reached a $208.7 million settlement Friday in the case, a class-action suit brought by players over the value of an athletic scholarship.

If the deal is approved by a judge, about 40,000 players from top-level football teams and from Division I men’s and women’s basketball programs will be eligible to receive payments.

In a statement, Steve Berman, a lawyer for the players, called the settlement a “watershed” and estimated that eligible players would receive checks from $5,000 to $7,000.