The money will be paid out by the state and two private companies to 51 of the 62 claimants, according to the state attorney general's office.
"This is an expedited and reasonable settlement that puts victims first and will provide for the immediate medical and financial needs now, rather than after waging lengthy and uncertain litigation," Attorney General Greg Zoeller said in a statement.
The combined settlement went forward after victims agreed to release Mid-America Sound and James Thomas Engineering from additional liability. Victims who do not agree to clear the companies would be barred from receiving the state money as well, according to officials. The companies put up a combined $7.2 million in addition to the state's $6 million.
The Aug. 13, 2011, collapse, which took place before country duo Sugarland was set to perform, killed seven and injured dozens.
The companies have until Aug. 15 to sign off on the settlement. If the settlement is approved, the state would begin arbitration in September to allocate the money.
The Associated Press contributed to this report.