Retirees hit paydirt

Players drop appeal of $1B concussion pact

Former NFL players who objected to a $1 billion concussion settlement with the league will not take their case to the Supreme Court, clearing the way for retirees to get payouts, The Post has learned.

The group’s decision not to appeal means that former players who suffer from medical conditions linked to repeated head hits can start collecting benefits, likely within three or four months.

A federal judge signed off on the NFL settlement in April 2015. An appeals court unanimously upheld the deal this June. The deadline for filing an appeal with the Supreme Court was Monday.

Former New York Jets All-Pro offensive lineman Alan Faneca, who opposed the settlement, said the group of about 70 players decided not to prolong the process, which would have taken at least another six months.

“It’s been a long road, and I guess there comes a point in time when you see the end of the road,” Faneca told The Post, conceding that the chances of getting the high court to overturn the deal were slim.

“It is for the greater good of everybody,” he said.

Some retirees objected to the settlement because the families of players who die after final settlement approval will not be eligible for benefits, and it imposes a 75 percent reduction in awards if there is a single instance of stroke.

“I think the settlement provides a small window for a large group of guys,” Faneca said.

The settlement applies to families of players who died from chronic traumatic encephalopathy, the degenerative brain disease linked to head hits, before the final approval date of the settlement, or players who retired before July 2014 and have brain diseases such as Alzheimer’s, ALS and Parkinson’s.

The maximum award for players with ALS is $5 million; families of players who had CTE, $4 million; and $3.5 million for those with Parkinson’s or Alzheimer’s.

The settlement covers more than 20,000 NFL retirees for the next 65 years.

Tom Girardi, who represented the players in the settlement, said he expected between 1,000 and 1,500 players would be eligible for payments now.

The first payments could be made within about three months of the “effective date,” when all appeals have been exhausted, he said

The NFL is setting up a committee to determine eligibility, and an appeal process for those who are denied benefits, Girardi said. jkosman@nypost.com