The unidentified man received $20,000 to settle a claim he was cheated when the winning horse tested positive for performance-enhancing drugs.
The pandemic dealt another blow to the sports world after the conference's presidents voted to not play this fall.
The wrestler, whose real name was James Harris, was part of pro wrestling's 1980s popularity boom.
The Mid-American Conference hopes to regroup in the spring.
He later apologized and said the "racist and horrible salute" was unintentional.
Phelps told the Associated Press that while many people care about an athlete's physical well-being, he "never saw caring about our mental well-being.”
Downtime during the coronavirus pandemic has led to a surge in interest in the sport.
At least 18 Miami Marlins players have been infected along with three St. Louis Cardinals. More than a dozen games have been postponed.
Although the ump briefly left the game, he was back by the third inning.
Many current and former Black players described the University of Iowa was a place where ”a small number of coaches felt empowered to bully and demean athletes, especially Black athletes."