Well It Didn’t Take Long For NIL Collectives To Become As Exploitative As The NCAA

Hey guys you told me the NCAA was the whole problem and that paying players was the answer.

Can you tell me what the next solution is?
 
HammerDown said:
Hey guys you told me the NCAA was the whole problem and that paying players was the answer.

Can you tell me what the next solution is?
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Congress?

Mothers Day Lol GIF by reactionseditor


Nevermind.
 
Sounds like the contract even calls out how much money this could cost him, he still signed it. And its for all money made, bonuses and salary and everything. It's a GREAT deal for this company, terrible deal for a stupid kid.
 
jjc2009 said:
So kid signed an NIL deal worth $430k, but he then has to pay the collective 15% of he pre-tax NFL earnings for 25 years!!!

These kids better have proper legal representation when being approached on these deals.

www.gainesville.com

Lawsuit reveals Gervon Dexter entered $436K NIL deal during senior year with UF football

According to a lawsuit filed in U.S. District Court, former UF DL Gervon Dexter's attorneys claim terms of his $436K NIL deal violated state law
www.gainesville.com
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I sure as hell wouldn't pick it up as income because that is a loan. A conditional loan but a loan and I would setup an amortization schedule once I signed and deducted payments over principal as an interest expense.
 
HammerDown said:
Hey guys you told me the NCAA was the whole problem and that paying players was the answer.

Can you tell me what the next solution is?
Click to expand...
Go ahead and hire them as employees, put them under contract, and provide them with agents who can negotiate their deals for them.
 
fordman84 said:
Sounds like the contract even calls out how much money this could cost him, he still signed it. And its for all money made, bonuses and salary and everything. It's a GREAT deal for this company, terrible deal for a stupid kid.
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Is it just money from football?

Like if he doesn’t make it in the NFL and has to get a 40k per year entry level job, does he have to give them 15% of that too?
 
Wild Turkey said:
I sure as hell wouldn't pick it up as income because that is a loan. A conditional loan but a loan and I would setup an amortization schedule once I signed and deducted payments over principal as an interest expense.
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You aren't a stupid 18 year old kid who probably dominated at every level of football and so were never told no.
 
www.espn.com

Bears rookie Dexter sues company over NIL deal

An NIL deal signed in 2022 that gave Bears rookie Gervon Dexter more than $400,000 in exchange for 15% of his future earnings in the NFL violated a state law, according to a Florida state legislator.
www.espn.com www.espn.com

This article had more info.
 
CorpRebel said:
Personally, I think that's funny. Not surprising that this is and will continue to happen. :heh:

Welcome to the REAL world kid!!! :nod:
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Yep, not much different than Billy Joel’s first record contract. Young, naive folks get taken advantage of all the time.
 
Section 5.1.a of the BLA agreement spelled out what Dexter would owe BLA financially during the extended period of the deal: "'Professional Football Earnings' means all of Player's pre-tax earnings or remuneration paid to Player by a Professional Football League or Team during the Extended Term of this Agreement. Such earnings shall include, without limitation, any wages, salary (including Player's Team Payments), Bonuses (including deferred bonuses), payments made to Player by reason of Player's participation in any playoff game, all-star game, or other championship event, and other compensation whatsoever earned by Player in his services to the Professional Football League or Team of any kind related to or for Player participating in Football Activities, and participating at events during the Extended Term of this Agreement."

In a questionnaire that was part of the agreement, Dexter initialed a section where he was asked if he agreed to give BLA 15% of his "future professional football earnings."

"As an example, of the potential amounts that you may be required to pay Big League Advance under this Agreement, if you make $100 [million] in Professional Football Earnings over the 25 years from the date you sign this Agreement, you will be required to pay us $15 [million] as you earn that money," the questionnaire said.
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Just flat out terrible all the way around. The "extended period" is anything after his collegiate time is up.
 
lol this looks terrible for UF tbh.. At least at UT, the compliance department requires every contract to go through them for due diligence at no cost to the athlete. Keep loan sharks or other financial predators away. I understand that every school does things differently but it's not surprising where this happened.. UF couldn't even keep it's word for it's top QB last cycle.
 
Thiefery said:
lol this looks terrible for UF tbh.. At least at UT, the compliance department requires every contract to go through them for due diligence at no cost to the athlete. Keep loan sharks or other financial predators away. I understand that every school does things differently but it's not surprising where this happened.. UF couldn't even keep it's word for it's top QB last cycle.
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Yeah, first they fucked up Rashada’s deal now this.
 
Thiefery said:
lol this looks terrible for UF tbh.. At least at UT, the compliance department requires every contract to go through them for due diligence at no cost to the athlete. Keep loan sharks or other financial predators away. I understand that every school does things differently but it's not surprising where this happened.. UF couldn't even keep it's word for it's top QB last cycle.
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:rockford:
unimpressed michael keaton GIF
 
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