Mar 17, 2014 09:47 PM EDT By Russell Westerholm, UniversityHerald Reporter

Four college athletes have filed a class-action lawsuit against the NCAA, calling it an "illegal cartel" for not compensating players despite making billions of dollars in profits.

According to Associated Press, the antitrust lawsuit is aimed at the NCAA and the Southeastern Conference, Big Ten, Big-12, Pac-12 and the ACC, also known as the five "power conferences."

The plaintiffs are Jonathan Moore, a basketball player at Rutgers; Martin Jenkins, football player at Clemson; Kevin Perry, a football player at Texas-El Paso; and William Tyndall, a football player at California.

"As a result of these illegal restrictions, market forces have been shoved aside and substantial damages have been inflicted upon a host of college athletes whose services have yielded riches only for others," read Monday's court filing. "This class action is necessary to end the NCAA's unlawful cartel, which is inconsistent with the most fundamental principles of antitrust law."

The suit alleges that Clemson's athletic department "generated more than $70 million in revenue, the vast majority of which came from football" while Jenkins was playing in 2012. The plaintiffs say they have suffered more similar economic hardships.

The NCAA is facing a lawsuit from former UCLA basketball star Ed O'Bannon for the same reason. O'Bannon once noticed a virtual version of himself in a video game and sued the NCAA, EA Sports and Collegiate Licensing Company for not compensating him. EA and CLC have since settled out, but the NCAA is set to battle the lawsuit in court starting in June.

At Northwestern University, current and former football players are filing for a union for college athletes. To do so, the group, led by former QB Kain Colter, will have to prove college athletes are employees.

In both instances, the results could potentially have major repercussions for current and future student-athletes. What's more is the NCAA is working with leaders of power conference schools to give those programs more autonomy in making decisions that will affect their college basketball and football teams.

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