One bit about the settlement agreement: It says that the defendants "deny liability and the settlement is not to be construed as an admission of liability by any of them." This is important because Schilling has stressed time and again that he didn't do anything wrong -- that it was Rhode Island's fault for how everything went pear shaped. It probably also helps insulate his story of being financially drained after filing bankruptcy in 2012.
The AP says that this settlement will pay back bonds, but that the state's taxpayers still are in the hole over $28 million on the deal. How will the rest of that shake out? Only time (and civil suits) will tell.