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SEC Sports
Lead attorneys for both sides Jim Waide and Cal Mayo made the announcement in Madison County Circuit Court Wednesday afternoon.
The terms of the settlement remain confidential.
Mayo, the lead attorney for the NCAA, referred questions to the NCAA head office.
Sherrill said the conclusion to the case vindicated him.
"I'm relieved," Sherrill said after the announcement, "especially after all this time."
Sherrill first brought the lawsuit against the NCAA to court in 2004. But the case remained outside the courtroom until Judge Dewey Arthur took the bench earlier this year.
Sherrill's attorneys argued that investigators with the NCAA damaged his reputationand future coaching options by publicly naming him as a subject of recruitment violation allegations in 2003.
Mayo met with Sherrill's attorneys, Jim and Rachel Waide, early Wednesday afternoon to broach the possibility of a settlement.
The settlement came after the testimony of several witnesses appeared to have damaged the defense's case. That included Sherrill's wife, Peggie Sherril, who appeared as a character witness and the testimony of a witness who refuted key claims of the lead NCAA investigator in the case, Rich Johanningmeier
Sherrill, his family and his attorneys credited the judge with taking the case up.
"We wouldn't be here if it weren't for him. He deserves a lot of the credit," Jim Waide said.
Up until the settlement, the trial gave some depth into how the NCAA uses informantsin investigations.
