Chicago Bulls guard Quintin Dailey has completed arrangements to pay and apologize to the nurse he admitted assaulting, and she will drop a lawsuit against him in return, his attorney said yesterday.

Attorney Joseph O'Sullivan said a bank draft for the cash amount of the settlement was mailed to Vickie Brick. When it is received, she will drop the suit, he said.

"The draft will be exchanged for the release papers, and all parties named in the suit will be free from further obligations in the litigation," O'Sullivan said. Next week, Dailey will mail Brick an apology, a document O'Sullivan said he would make public.

Dailey, 22, was an all-America for the University of San Francisco when he entered Brick's dormitory room Dec. 21, 1981. He originally was charged with a string of crimes, including assault to commit rape, aggravated assault and false imprisonment.

He later pleaded guilty to an assault charge and the rest of the charges were dropped. He was given three years probation . . .

An Orleans Parish grand jury has indicted five Southern University athletes accused of gang-raping a woman in a New Orleans hotel after the Bayou Classic football game last November. They are accused of aggravated rape.

The players are accused of raping a 25-year-old woman from New Iberia. She told police that three of the players pulled her from an elevator in a hotel about 5:30 a.m. after the Baton Rouge school had defeated Grambling, 22-17, in the Louisiana Superdome.

Indicted were Thomas E. Hudson, 21, Houston, a freshman defensive back; Ernest Bell, 20, Houston, a receiver; Herman Coleman, 20, Houston, a freshman quarterback; Kim Ray Davis, 20, Atlanta, a sophomore punter; and Linwood Hamilton, 25, Easton, Pa., a freshman nose guard.