In a nut shell,
"The key part of the new regulations will increase from $23,660 to $47,476 the pay level below which salaried employees at virtually all companies and employers are presumed to be eligible for overtime. That increase is significant in that it includes many higher education employees who have not historically been eligible for overtime. Further, the new level will be adjusted upward every three years to reflect changes in the cost of living."
Say goodbye to the smaller sports due to this. Coaching staffs are going to be decimated. Athletic departments are going to be skeletal. This summer you are going to see a lot of college track coaches looking for high school work because there aren't going to be jobs out there.