Colin Kaepernick and Eric Reid, the NFL stars who alleged the league’s teams colluded to keep them off the field after they led protests during the national anthem, will receive less than $10 million to settle grievances with the league, according to people briefed on the deal.

The confidential agreement was widely celebrated as a victory for the players. But the settlement is far less than the tens of millions of dollars Mr. Kaepernick, especially, would have likely been owed if his grievance had prevailed. It couldn’t be...