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The change will not go into effect in Division II and III until 2020-21 due to the potential financial impact on schools.
The 3-point line was last moved in 2008-09, extending a foot to 20 feet, 9 inches.
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The panel also approved resetting the shot clock to 20 seconds after an offensive rebound and gave coaches the ability to call live-ball timeouts in the last two minutes of the second half and any overtime period.
Players also will be assessed technical fouls for derogatory language about an opponent’s race, religion, sexual orientation or disability.