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The phrase "could be settled upon" is correct and usable in written English.
It can be used when discussing a decision or agreement that is yet to be finalized or agreed upon by the involved parties.
Example: "After much discussion, it seems that a compromise could be settled upon by the end of the week."
Alternatives: "could be agreed upon" or "might be determined".
Exact(1)
More realistically, perhaps a set yearly increment could be settled upon.
Similar(58)
This could be settled by ACAS (Advisory Conciliation and Arbitration Service).
That case could be settled this year.
But their benefits could be settled after the overall agreement is ratified.
The case could be settled before the trial is scheduled to begin on March 19.
The outlines of a deal could be settled tomorrow, were both sides willing.
The council said it was hopeful the dispute could be settled soon.
In addition, the effects at weaning also could be settled on the perinatal imprinting.
Filming began earlier this month but its title is yet to be settled upon, meaning there's still hope for Gear Knobs.
It strikes me that the designs having been settled upon, the [plaster] models could be worked out quite readily and that a pretty swell thing could be made".
When a secret Frank was settled upon, panellist Rob Beckett suggested it could be Anne Frank, which, though in mildly poor taste, made more sense than the actual answer: Frances Gumm, aka Judy Garland, aka no Frank at all.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com