<PAGE>   1
                                                                   Exhibit 10.1

                              SETTLEMENT AGREEMENT


         This Settlement Agreement ("this Agreement") is made and entered into
as of December 2, 1999, between and among Robert Murphy, individually and as
Trustee of The Murphy Family Trust; Alex Trebek, individually and as Trustee of
Gargoyle Productions, Ltd. Retirement Trust; Futura Investments, Inc., a
California corporation, on behalf of itself and as successor in interest to
Forest Lake Associates; Donald Bergman, individually and as administrator of
Futura Investments, Inc. Defined Benefits Pension Plan; and Rescor, Inc., a
California corporation (collectively, "Plaintiffs"), and Gary Player Direct,
Inc., a Delaware corporation ("GPD") and Gran Prix Marketing, Inc.
(collectively, "Defendants"), with reference to the following facts:

         A.       On or about July 7, 1998, Donald Bergman, Robert Murphy, and
                  Alex Trebek (collectively, "Investors") entered into a
                  Settlement Agreement with Golf One Industries, Inc. ("Golf
                  One"), A. J. Cervantes and Norm A. Kunin. On or about August
                  10, 1998, the parties entered into a First Amendment to
                  Settlement Agreement. On or about November 10, 1998, the
                  parties entered into a Second Amendment to Settlement
                  Agreement. The Settlement Agreement, as amended by the First
                  and Second Amendments, is hereinafter referred to as the
                  "Original Settlement Agreement."

         B.       Plaintiffs were the beneficiaries of the Original Settlement
                  Agreement. Plaintiffs contend that they did not receive what
                  they were entitled to pursuant to the Original Settlement
                  Agreement. On or about, May 11, 1999, Plaintiffs filed a
                  complaint (the "Complaint") in the Los Angeles Superior Court
                  Case No. BC210133 (the "Lawsuit"). On or about July 29, 1999,
                  the Court granted Plaintiffs' motion to appoint a receiver
                  ("Receiver").

         C.       On or about August 18, 1999, Plaintiffs and Defendants entered
                  into an agreement (the "August Settlement Agreement") to
                  resolve all of the claims set forth in the Complaint. Certain
                  payments were made to Plaintiffs pursuant to the August
                  Settlement Agreement. Plaintiffs contend that Defendants are
                  in default under the August Settlement Agreement.

         D.       Plaintiffs are the holders of 90,000 Class B warrants (the
                  "Class B Warrants"). The Class B Warrants are convertible into
                  shares of restricted common stock of GPD upon the payment of
                  $.20 per share.

         E.       The parties now desire to enter into an agreement whereby all
                  claims of Plaintiffs set forth in the Complaint or pursuant to
                  the August Settlement Agreement will be resolved, all on the
                  terms and conditions set forth below.

         With reference to and reliance upon the foregoing facts, THE PARTIES
HEREBY AGREE AS FOLLOWS:

         1.       Delivery of Stock. On or before December 15, 1999 or as soon
                  thereafter as the transfer agent can comply with the
                  requirements of this Section 1, GPD shall issue to Plaintiffs
                  100,000 shares of its restricted common stock (the "New
                  Shares"). The New Shares shall be issued in exchange for the
                  Class B Warrants and as
<PAGE>   2
                  additional consideration to Plaintiffs for the agreements
                  contained herein. The New Shares shall not be issued until the
                  Class B Warrants are surrendered to GPD (which surrender has
                  been completed by the Plaintiffs and is acknowledged by GPD)
                  and until Plaintiffs have delivered to GPD written notice
                  setting forth how the New Shares are to be allocated among the
                  Plaintiffs (which delivery of notice has been completed by the
                  Plaintiffs and is acknowledged by GPD).

         2.       Payment to Plaintiffs. Defendants agree to pay to Plaintiffs
                  the sum of $205,954.16 in full settlement of all claims
                  against GPD including without limitations the claims set forth
                  in the Complaint or under the August Settlement Agreement.
                  Prior to the date hereof, GPD made a payment of $25,000 to
                  Plaintiffs. After such payment, the unpaid balance is
                  $180,954.16. The parties agree to reduce such sum by $18,000,
                  which $18,000 shall be applied as the payment owing to convert
                  the Class B Warrants into the New Shares pursuant to Section 1
                  above. The remaining balance of $162,954.16 shall be paid in
                  20 equal installments of $8,000 each, on the 15th day of each
                  month, commencing December 15, 1999, and continuing until July
                  15, 2001, with the remaining sum of $2,954.16 due on August
                  15, 2001. Each check shall be made payable to Donald Bergman.
                  In the event GPD concludes a public or private debt or equity
                  financing with net proceeds to GPD in excess of $2.5 million,
                  GPD will retire any then outstanding balance of such
                  $162,954.16. Any check due on a weekend or a holiday shall be
                  due on the next business day.

         3.       Dismissal of Receiver and Entry of Stipulation Judgment.
                  Plaintiffs agree that they will not take any further action to
                  cause a Receiver to be appointed for GPD and, if one has been
                  appointed, will take all necessary action to cause the
                  Receiver to be dismissed and will take all necessary action
                  for the authorization of the appointment of a Receiver to be
                  dismissed. In the event GPD fails to make any of the payments
                  specified in Section 2 by the due date specified therein,
                  Defendants agree that a judgment may be entered against them
                  in the aggregate amount of all unpaid payments specified in
                  Section 2 in full satisfaction of all claims set forth in the
                  Complaint. Defendants agree to execute a Stipulation for
                  Judgment for such purpose, which Stipulation shall be held by
                  counsel for Plaintiffs pending such payments. It is agreed
                  that such Stipulation may be filed with the court at any time
                  after the due date if any of said payments have not been made,
                  and that the aggregate amount of the unpaid payments specified
                  in Section 2 shall be the amount set forth in the Stipulation,
                  provided that such Stipulation shall not be filed unless
                  Defendants and their counsel have been furnished with written
                  notice of any such default and the specified default remains
                  uncured for five (5) days after receipt of such notice. If
                  payment in full of the sums specified in Section 2 has been
                  made prior to filing the Stipulation with the court, the
                  Stipulation shall be marked void and returned to counsel for
                  Defendants and the Lawsuit shall be dismissed with prejudice.
                  Evidence of such dismissal (including the Plaintiff's lodging
                  of an appropriate Request for Dismissal with Prejudice
                  consistent with this Agreement) shall be promptly provided to
                  counsel for Defendants.

         4.       Mutual General and Special Releases.

                  A.       Except for the obligations created hereunder, each of
                           the Plaintiffs hereby, for himself and his or itself
                           and its successors and assigns, forever


                                       2
<PAGE>   3
                           releases, relieves and discharges each of the
                           Defendants and his or its agents, representatives,
                           consultants, employees, officers, directors,
                           shareholders, partners, predecessors, subsidiaries,
                           related entities and affiliates, attorneys,
                           successors and assigns including GPD's current and
                           former directors, officers, consultants, and
                           attorneys from any and all claims, demands, actions,
                           cause or causes of action, suits, debts, sums of
                           money, controversies, damages, obligations, and
                           liabilities of every kind and nature, whether known
                           or unknown, suspected or unsuspected, vested or
                           contingent, and whether or not concealed or hidden,
                           in law, equity or otherwise, that have existed or may
                           have existed, or that do exist as of the date this
                           Agreement is entered into as set forth above,
                           including without limitation any claim set forth or
                           which could have been set forth in the Complaint and
                           any and all security interests, liens, or other
                           encumbrances held by any of the Defendants against
                           GPD and/or any of its subsidiaries or their
                           respective assets.

                  B.       Except for the obligations created hereunder, each of
                           the Defendants hereby, for himself and his or itself
                           and its successors and assigns, forever releases,
                           relieves and discharges each of the Plaintiffs and
                           his or its agents, representatives, consultants,
                           employees, officers, directors, shareholders,
                           partners, predecessors, subsidiaries, related
                           entities and affiliates, attorneys, successors and
                           assigns, from any and all claims, demands, actions,
                           cause or causes of action, suits, debts, sums of
                           money, controversies, damages, obligations, and
                           liabilities of every kind and nature, whether known
                           or unknown, suspected or unsuspected, vested or
                           contingent, and whether or not concealed or hidden,
                           in law, equity or otherwise, that have existed or may
                           have existed, or that do exist as of the date this
                           Agreement is entered into as set forth above,
                           including without limitation any claim set forth or
                           which could have been set forth in the Complaint.

                  C.       Each party hereto acknowledges and agrees that the
                           facts in respect to which this release is given may
                           turn out to be other than or different than expected,
                           and expressly, knowingly and voluntarily waives any
                           and all benefits and rights granted pursuant to
                           Section 1542 or the Civil Code of the State of
                           California with which section it is familiar and
                           which section reads as follows:

                                    "A general release does not extend to claims
                                    which the creditor does not know or suspect
                                    to exist in his favor at the time of
                                    executing the release, which if known by
                                    him, must have materially affected his
                                    settlement with the debtor."

                  D.       Each party hereto understands and realizes that there
                           may exist at this time claims herein released, the
                           nature of which has not yet been discovered. It is
                           expressly understood and agreed that the possibility
                           that such a claim exists has been explicitly taken
                           into account in determining the considerations to be
                           given for this release and that a portion of that
                           consideration, having been bargained for in full
                           knowledge of the


                                       3
<PAGE>   4
                           possibility of such unknown claims, was given in
                           exchange for this release.

                  E.       Each party hereto represents and warrants that no
                           claim or right that is released or dismissed under
                           this Agreement has been transferred, hypothecated,
                           assigned or given away by that party prior to the
                           date of this Agreement.

         5.       Covenant Not to Sue. Without limiting in any way the releases
                  set forth above, and subject to the performance of the terms,
                  conditions, obligations and promises herein contained, each
                  party hereto hereby covenants and warrants that it will not
                  sue or otherwise commence or prosecute, or cause to be
                  commenced or prosecuted, any action or proceeding, civil,
                  criminal, administrative, or otherwise, related in any way to
                  any matter released by this Agreement.

         6.       Disputed Claims. It is expressly understood and agreed that
                  this Agreement is being made solely for the purpose of
                  avoiding the expense and inconvenience of litigation and that
                  it is not to be construed as an admission on the part of any
                  party hereto of any unlawful, wrongful or improper conduct or
                  of any liability to any other party, all of which is expressly
                  denied.

         7.       Further Acts. The parties agree to cooperate in the
                  implementation of the terms of this Settlement Agreement and
                  to execute such documents as may reasonably be necessary to
                  carry out same within three (3) days of receipt of a written
                  request therefor including without limitation the execution
                  and delivery of UCC termination statements attached hereto to
                  be signed by Plaintiffs and any other UCC termination
                  statements consistent with this Agreement and prepared and
                  submitted by GPD to the Defendants.

         8.       Representations of the Parties. Each of the parties
                  represents, warrants and agrees as follows:

                  a.       Such party has received independent legal advice from
                           attorneys of its choice with respect to the
                           advisability of making this settlement and entering
                           into this Agreement. Prior to the execution of this
                           Agreement the attorneys for each party reviewed this
                           Agreement at length and had an opportunity to make
                           any desired changes.

                  b.       Such party has made such investigation of the facts
                           pertaining to this Agreement, and of all other
                           matters related hereto, as such party deems
                           necessary.

                  c.       This Agreement has been carefully read by, the
                           contents hereof are known and understood by, and it
                           is signed voluntarily by, each person executing this
                           Agreement.

                  d.       Each party executing this Agreement on behalf of a
                           party warrants and represents that his is fully
                           authorized to do so and that his signature on this
                           Agreement shall bind said party to the terms and
                           provisions of this Agreement.


                                       4
<PAGE>   5
                  e.       This Agreement is intended to be final and binding
                           and to be effective as a full and final accord and
                           satisfaction of any and all disputes between the
                           parties. Each party is relying upon the finality of
                           this Agreement as a material factor inducing said
                           party's decision to settle said dispute.

                  f.       None of the claims settled hereby have been
                           transferred or assigned to a third party.

         9.       General Provisions.

                  A.       Binding Upon Successors. All the terms of this
                           Agreement shall be binding upon, inure to the benefit
                           of and be enforceable by the successors, assigns and
                           heirs of the parties hereto.

                  B.       Integration Clause. This Agreement constitutes the
                           whole and only existing and binding agreement between
                           the parties hereto concerning the releases granted
                           between and among them and supersedes all prior
                           understandings on that subject, whether written or
                           oral. Other than the representations and warranties
                           expressly stated as such in this Agreement, there are
                           no warranties, promises or representations of any
                           kind, express or implied, upon which any party has
                           relied in entering into this Agreement.

                  C.       Amendments. This Agreement may be modified or amended
                           only by writing signed by the party to be charged.

                  D.       Counterparts. This Agreement may be executed in
                           counterparts.

                  E.       Counsel. Each party has been represented by counsel
                           in the negotiation and execution of this Agreement,
                           and shall be responsible for its costs and attorney's
                           fees incurred in connection with this Agreement and
                           its preparation.

                  F.       Headings. The headings in this Agreement are for the
                           convenience of the reader only and are not to be
                           considered in any construction of this Agreement.

                  G.       Preparation of Agreement. This Agreement was prepared
                           as a result of discussions between the parties hereto
                           and shall be interpreted fairly and in accordance
                           with its plain meaning and not construed as if
                           prepared exclusively or primarily on behalf of or by
                           either of the parties hereto.

                  H.       Gender and Number. As used in this Agreement,
                           masculine, feminine or neuter gender and the singular
                           or plural number shall each be deemed to include the
                           other wherever and whenever the context or
                           construction so dictates.


                                       5
<PAGE>   6
         IN WITNESS WHEREOF, the parties hereto have executed this Settlement
Agreement as of the date set for above.


"GARY PLAYER DIRECT, INC."                 "GRAN PRIX MARKETING, INC."



By:                                        By:
   ---------------------------------          ----------------------------------
    Carl Casareto, Executive                   Carl Casareto, Executive
    Vice President                             Vice President


"MURPHY"                                   "TREBEK"



------------------------------------       -------------------------------------
Robert Murphy, Individually and as         Alex Trebek, Individually and as
Trustee of The Murphy Family Trust         Trustee of Gargoyle Productions, Ltd.
                                           Retirement Trust



"BERGMAN"                                  "FUTURA INVESTMENTS, INC."


                                            By:
------------------------------------       -------------------------------------
Donald Bergman, Individually and on            Donald Bergman, President
Behalf of Futura Investments, Inc.,
Defined Benefits Pension Plan



"RESCOR, INC."



By:
   ---------------------------------
    Donald Bergman, President


                                       6