The "Common Good Fund" will be used "to support retired players who are in need," Goodell said, including "medical, housing or any other form of assistance in transitioning players in one stage of life to another."
Known as the Fred Dryer litigation, the players filed the class action suit against the NFL in 2009 challenging the use of retired player images in NFL Films footage and seeking compensation.
"For the first time in history, retired players will be represented at the table," Brown said. "I'm very happy to represent the players that you see here and all the players in the National Football League and all the retirees who have been overlooked for so many years."
The settlement also established the first-ever independent licensing agency to govern the use of retired player publicity rights.