ESPN had an article about the House lawsuit a couple of days ago:
Attorneys negotiating a settlement of class-action antitrust cases against the NCAA and the nation's biggest college conferences cited "good progress" in clarifying parts of the agreement after a judge urged that it be reworked.
www.espn.com
Apparently, the issues the judge has with the settlement is precisely related to limits on 3rd party payments to players.
EDIT: I really think that for the P4 to get what they actually want, they will have to enter into a collective bargaining agreement with the players. If they do, they could limit transfers and put a cap on payments to players. The issue would likely be that the negotiated transfer rules will not end up being as limiting as the schools want, and that the salary cap will be much larger than the schools currently want.