McCourts Strike Divorce Settlement -- But Dodgers Still In Limbo

Frank and Jamie McCourt have reached a divorce settlement which will secure Jamie as a very rich woman, but at a price ... she's relinquishing all claims to the Los Angeles Dodgers.

Under the settlement, which must still be approved by the judge, Jamie will snag $130 million ... this according to a report. The judge rejected an earlier settlement proposal, partly because of an unorthodox TV deal that fronted money to Frank. The TV deal is not part of this settlement.

So on the surface -- when it comes to the Dodgers -- it's a big victory for Frank. But insiders say far from a victory, Frank is probably going to lose the team, because at the end of the month a bankruptcy judge will decide if the Dodgers will go on the auction block.

Insiders think the judge will force the sale -- which should produce anywhere from $700 million to a billion bucks for the team.

12:17 PM: Frank and Jamie just released a joint statement ... Jamie will no longer stand between Frank and his TV deal -- claiming, "Jamie will be withdrawing her opposition to the Dodgers proposed sale of media rights and instead will be filing papers in support of the process."