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NCAA decided to open the door right before they were going to get dragged through the courts by several states who were already pushing NIL legislation. NCAA wanted the courts to set boundaries so they don’t have to. That’s really what they want. Not sure who starts legislating this first; states, federal, or NCAA rulings. A lot of money switching hands already but it was already happening. NCAA standing by their stance that athletes couldn’t get paid was not the “best” solution to the problems. Somebody has to set boundaries or we’ll just watch the market figure itself out.Nobody saw this coming. Nobody.
NCAA decided to open the door right before they were going to get dragged through the courts by several states who were already pushing NIL legislation. NCAA wanted the courts to set boundaries so they don’t have to. That’s really what they want. Not sure who starts legislating this first; states, federal, or NCAA rulings. A lot of money switching hands already but it was already happening. NCAA standing by their stance that athletes couldn’t get paid was not the “best” solution to the problems. Somebody has to set boundaries or we’ll just watch the market figure itself out.
my worst fear is not the money people will chase. I have a feeling you’ll see athletes getting harassed by the boosters when they aren’t performing as expected. When I say harassed I mean verbal or physical altercations between players and the dudes who feel like they “paid for their service.” Might sound like a slippery slope but rich people are going to be doing weird things. Imagine an investor throwing money at players and then gambling on that teams success. Imagine the fallout when a nut job starts taking his bad investments out on the players.
Athletes will need to be smart about the money they take and what the expectations are from them. Investors/boosters can’t be hunting them down trying to get cars and money back. I saw that it has already happened, if I believe everything I read on Twitter.
I don't think folks will be so worried about losing a dependent if that dude brings home 50-100 racks.Just wait for the tax evasion that will come out of this. Also the low income families that don't realize that those NLI deals now will prevent them from claiming their kid as a dependent on their taxes.
BTW do we have a sports accounting minor or certificate yet?Just wait for the tax evasion that will come out of this. Also the low income families that don't realize that those NLI deals now will prevent them from claiming their kid as a dependent on their taxes.
I don't think folks will be so worried about losing a dependent if that dude brings home 50-100 racks.
They vast majority won't manage it well, you're right for sure. I was actually alluding to something very stereotypical that I shouldn't have been and would've challenged if someone "else" did.You're expecting these kids to manage the money well.
So after they buy themselves a nice ride, work on their wardrobe, collect an army of tattoos and then blow it on other frivolous shit that 18-20 years spend on, suddenly they are in trouble. I also believe once you have a decent income, they will then also have to pay tax on their full cost of attendance items -- room and board, etc.
I don't see this going well unless the schools are now adding a personal finances adviser to their staff.
I’ve seen a few people take the stance that nobody should get paid because some of those players will be irresponsible. I don’t assume that’s exactly how you feel. I just know it’s not enough reason to prevent people from making money. I don’t care how my coworkers handle their finances but I could probably assume there a few who aren’t paying taxes, defaulting on loans, whatever. Best way to handle that as a coach and university is to provide athletes and their families with the all the information they need to make good decisions.You're expecting these kids to manage the money well.
So after they buy themselves a nice ride, work on their wardrobe, collect an army of tattoos and then blow it on other frivolous shit that 18-20 years spend on, suddenly they are in trouble. I also believe once you have a decent income, they will then also have to pay tax on their full cost of attendance items -- room and board, etc.
I don't see this going well unless the schools are now adding a personal finances adviser to their staff.
Everything you fear can be squashed by smart people who will learn how to minimize risk in court. Properly worded contracts with all the right signatures can elimate most of the noise you fear. That’s why I personally think the only thing that truly ever gets legislated is what the players can get paid for and what they give in return. Investors/boosters will surely have lawyers writing contracts. “Setting proper expectations” is customer service 101. Whoever starts from there will likely be fine.There is no way in a cold hell I would ever accept a position as a "personal finances advisor" for student athletes. You can advise these kids all you want to about how they should handle their money, but when they blow it all and the tax man cometh, don't think you won't get your ass sued into next week. And if/when it got to court, it would be all about the "poor child" that was not given good advice. I can see this one coming...
In today's legal environment, the side who has the most effective lawyer will win. You can write the contract any way you want, but if one lawyer is particularly adept at painting the SA as a "poor, poor, pitiful child" who was taken advantage of, look out. "Setting proper expectations" means nothing when the people listening to them hear, and remember, only what they want to hear.Everything you fear can be squashed by smart people who will learn how to minimize risk in court. Properly worded contracts with all the right signatures can elimate most of the noise you fear. That’s why I personally think the only thing that truly ever gets legislated is what the players can get paid for and what they give in return. Investors/boosters will surely have lawyers writing contracts. “Setting proper expectations” is customer service 101. Whoever starts from there will likely be fine.
I don’t think I’d want to advise those people either.In today's legal environment, the side who has the most effective lawyer will win. You can write the contract any way you want, but if one lawyer is particularly adept at painting the SA as a "poor, poor, pitiful child" who was taken advantage of, look out. "Setting proper expectations" means nothing when the people listening to them hear, and remember, only what they want to hear.
I get your point, but still, no way in a cold hell I'd jump on that train...
I’ve seen a few people take the stance that nobody should get paid because some of those players will be irresponsible. I don’t assume that’s exactly how you feel. I just know it’s not enough reason to prevent people from making money. I don’t care how my coworkers handle their finances but I could probably assume there a few who aren’t paying taxes, defaulting on loans, whatever. Best way to handle that as a coach and university is to provide athletes and their families with the all the information they need to make good decisions.