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Penn State said 23 of the 26 deals to Sandusky victims had been finalized, and the final three were close to being completed.
Penn State will pay $59.7 million to 26 young men who said they were sexually abused by former assistant football coach Jerry Sandusky.
Monday's announcement caps a year of negotiations in the case that rocked college sports.
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The school said 23 of the deals are fully signed and the final three are agreements in principle, according to The Associated Press.
Officials did not disclose the names of the recipients.
“We hope this is another step forward in the healing process for those hurt by Mr. Sandusky, and another step forward for Penn State,” University President Rodney Erickson said in a statement. “We cannot undo what has been done, but we can and must do everything possible to learn from this and ensure it never happens again at Penn State.”
Sandusky, 69, is serving 30 to 60 years in prison after being convicted of 45 counts of child sexual abuse last year.
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His appeal of his conviction was denied earlier this month.
Former head football coach Joe Paterno was fired shortly after charges were brought against Sandusky in 2011, and former university president Graham Spanier, former vice president Gary Schultz and former athletic director Tim Curley are awaiting trial on charges they took part in a coverup of complaints about Sandusky.
Paterno's family is also suing the NCAA over penalties it imposed on Penn State.