NFL, players to settle concussion suits: Judge

Ronald C. Modra | Sports Imagery | Getty Images

Tony Dorsett of the Dallas Cowboys in action Dec. 19, 1981

A federal judge says the NFLand more than 4,500 former players want to settle concussion-related lawsuits for $765 million.

The global settlement would fund medical exams, concussion-related compensation and medical research.

The plaintiffs include at least 10 members of the Pro Football Hall of Fame, including former Dallas Cowboys running back Tony Dorsett. They also include Super Bowl-winning quarterback Jim McMahon and the family of Pro Bowl linebacker Junior Seau, who committed suicide last year.

(Read more: Ex-players sue over use of footage)

The lawsuits accuse the league of hiding known risks of concussions for decades to return players to games and protect its image. The NFL has denied any wrongdoing.

Senior U.S. District Judge Anita Brody in Philadelphia announced the proposed settlement Thursday. She still needs to approve the deal, which comes after months of court-ordered mediation.

The NFL already has a program in place, the "88 Plan," which gives former players up to $100,000 per year for "medical and custodial care resulting from dementia, Alzheimer's Disease, ALS, and/or Parkinson's disease," according to the website NFL Player Care, a benefits resource for former players.

The site notes that more than $16 million has been distributed to players and their families since 2007 under the plan.

That 88 Plan will remain in effect even with the settlement, an NFL spokesman said.

—By The Associated Press

CNBC.com contributed to this report