He said NFL Commissioner Roger Goodell and the team owners told pro football's lawyers to "do the right thing for the game and for the men who played it."
The plaintiffs include Hall of Famer Tony Dorsett, Super Bowl-winning quarterback Jim McMahon and the family of Pro Bowl selection Junior Seau, who committed suicide last year.
Kevin Turner, a former running back with the Patriots and Eagles who has amyotrophic lateral sclerosis, or Lou Gehrig's disease, thanked the two sides for reaching an agreement that he thought most ex-players would support.
"Chances are ... I won't make it to 50 or 60," said Turner, now 44. "I have money now to put back for my children to go to college and for a little something to be there financially."
All former NFL players are eligible to seek care, screening or compensation. The amounts they receive will be based on their age, condition and years of play.
Players' lawyers said they expect the fund to cover the ex-athletes' expenses for 65 years. Current players are not covered.
Senior U.S. District Judge Anita Brody in Philadelphia announced the proposed agreement and will consider approving it at a later date.
The settlement most likely means the NFL won't have to disclose internal files about what it knew, and when, about concussion-linked brain problems. Some observers had warned that the lawsuits could cost the league $1 billion or more if they were allowed to move forward in court.
"I think it's more important that the players have finality, that they're vindicated, and that as soon as the court approves the settlement they can begin to get screening, and those that are injured can get their compensation. I think that's more important than looking at some documents," said lawyer Sol Weiss of Philadelphia, who filed the first lawsuit on behalf of former Atlanta Falcon Ray Easterling and a few others. Easterling later committed suicide.