Here is the future of NIL ...

[Deep Creek]

You can't ignore who it is that actually is paying the bills of the athletic department and it isn't the students. That said, I am all for generous tickets for students. My guess is that at most schools, they have more student tickets than are used.

I can assure you that any student that wants a ticket at a UTEP game has their choice of which of the empty 20,000 seats they want.

I will say they've had an issue at Texas Tech conference basketball games lately....at least according to the news.

 

[Deep Creek]

if it was purely cash, you would hope they'd do it up in some way like a paycheck rather than bonus, but when you start putting in the things like cars, housing, etc... that's where you'd figure these collectives should come in to offer up some more support and responsibility in making sure everything is good to go, which is where you'll be seeing people skimming/stealing from these kids.

Yep. "Here kid, have all this money. Figure it out." Hell, they probably piss off a lot of their full cost of attendance money right now. I would have at their age.

Most of you are too young to remember Eugene "Mercury" Morris. But you are Google experts so you can rummage through what you find. One of the things I remember was what I considered an "excuse" at the time but have come to understand his intent was to throw caution to those like him from falling into the same.

When asked about his failed business ventures and subsequent cocaine addiction, he was matter of fact with basically a "What did you expect?" type answer. He referenced handing a poor "kid" a lot of money who had no knowledge, experience or guidance on how to handle it. So he got taken to the cleaners on business ventures and shoved the rest of it up his nose. He had no idea how to handle it.

Supposedly pro sports (and some colleges) has gotten better at providing guidance. But you still hear about guys that made millions for 5-6 years and are dead broke within another 5 years after their careers.

 

[Deep Creek]

I honestly don't like this new reality.

Cars, condos, millions

With no withholding and few if any will realize they need to make estimated tax payments.

The real issue is going to be how many of these families start depending on that cash just to see if go poof.

It’s not going to be pretty.

Sounds like The U back in their heyday, doesn't it? Just need to add coke and hookers.

 

[Thiefery]

You have any idea what you would owe in taxes on $1M? And some of these guys will be getting multiples of that.

At the beginning of the NIL era last summer, UT and other schools would monitor incoming deals for it's athletes and provide education to the athletes about the money, taxes included.

The players who are going to draw the largest amounts already have tax accountants working for them. Sure some players will be ignorant and will have the IRS come at them, but I believe the majority of students are actually smart or have a smart person in their family to make sure they understand tax laws on the money they are receiving.

You really think TEXAS wants the look of 20 football players going to prison over taxes with money they made in NIL (which the school has to sign off to BTW) while enrolled? When they are off to the NFL, they are on their own.. but in CFB? Most schools don't want that embarrassment.

Wonder if companies that employs some of us should use that that excuse. "Hey Thief, we really want to up your end of year bonus, but we aren't comfortable with you being responsible enough to pay those taxes.. So lets just hold out another year while you continue to mature and gain responsibility."

 

[jjc2009]

At the beginning of the NIL era last summer, UT and other schools would monitor incoming deals for it's athletes and provide education to the athletes about the money, taxes included.

The players who are going to draw the largest amounts already have tax accountants working for them. Sure some players will be ignorant and will have the IRS come at them, but I believe the majority of students are actually smart or have a smart person in their family to make sure they understand tax laws on the money they are receiving.

You really think TEXAS wants the look of 20 football players going to prison over taxes with money they made in NIL (which the school has to sign off to BTW) while enrolled? When they are off to the NFL, they are on their own.. but in CFB? Most schools don't want that embarrassment.

Wonder if companies that employs some of us should use that that excuse. "Hey Thief, we really want to up your end of year bonus, but we aren't comfortable with you being responsible enough to pay those taxes.. So lets just hold out another year while you continue to mature and gain responsibility."

The schools really aren’t supposed to have too much of a hand in facilitating NIL deals though. In practice it’s mainly going to fall on the rich donors that are already involved in these deals.

As far as your last paragraph goes a firm I worked at when you were promoted to partner they would withhold what THEY then ught you would owe in taxes (you got quarterly draws, not bi-monthly paychecks. Sometimes they were right and other times they were wrong. They also took it all out in a lump sum at the beginning of the year. Didn’t really break even until the end of Q2. So in actuality that shit happens all the time.

 

[Thiefery]

The schools really aren’t supposed to have too much of a hand in facilitating NIL deals though. In practice it’s mainly going to fall on the rich donors that are already involved in these deals.

As far as your last paragraph goes a firm I worked at when you were promoted to partner they would withhold what THEY then ught you would owe in taxes (you got quarterly draws, not bi-monthly paychecks. Sometimes they were right and other times they were wrong. They also took it all out in a lump sum at the beginning of the year. Didn’t really break even until the end of Q2. So in actuality that shit happens all the time.

I work for a couple coding companies.. I'm a 1099 for one of them and I usually get a bonus at the end of the year.. hey I figured out how to pay my taxes.. maybe we should let the kids figure it out too.. they all aren't dumb as we think they are when it comes to money.

 

[jjc2009]

I work for a couple coding companies.. I'm a 1099 for one of them and I usually get a bonus at the end of the year.. hey I figured out how to pay my taxes.. maybe we should let the kids figure it out too.. they all aren't dumb as we think they are when it comes to money.

Why do so many of them end up broke then?

 

[Thiefery]

Why do so many of them end up broke then?

out of college or when they go to the NFL?

 

[Thiefery]

But this is a good step for players to take control of their new finances while at college to help them once they go pro in the NFL if they are lucky enough.

 

[fordman84]

You have any idea what you would owe in taxes on $1M? And some of these guys will be getting multiples of that.

They will still have more than they started with.

 

[WhosYourDawggy]

I can assure you that any student that wants a ticket at a UTEP game has their choice of which of the empty 20,000 seats they want.

I will say they've had an issue at Texas Tech conference basketball games lately....at least according to the news.

Same at Auburn right now. If you are a great hoops school, they have to line up, etc. Crazy when online lotteries would let the kids study instead. But any way, but for a few schools you can get all the tickets you want is my experience.

 

[WhosYourDawggy]

Yep. "Here kid, have all this money. Figure it out." Hell, they probably piss off a lot of their full cost of attendance money right now. I would have at their age.

Most of you are too young to remember Eugene "Mercury" Morris. But you are Google experts so you can rummage through what you find. One of the things I remember was what I considered an "excuse" at the time but have come to understand his intent was to throw caution to those like him from falling into the same.

When asked about his failed business ventures and subsequent cocaine addiction, he was matter of fact with basically a "What did you expect?" type answer. He referenced handing a poor "kid" a lot of money who had no knowledge, experience or guidance on how to handle it. So he got taken to the cleaners on business ventures and shoved the rest of it up his nose. He had no idea how to handle it.

Supposedly pro sports (and some colleges) has gotten better at providing guidance. But you still hear about guys that made millions for 5-6 years and are dead broke within another 5 years after their careers.

Again, may have gotten better, but lookie here:

Film Summary. According to a 2009 Sports Illustrated article, 60 percent of former NBA players are broke within five years of retirement. By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress.

Broke - ESPN Films: 30 for 30.

 

[Thiefery]

Again, may have gotten better, but lookie here:

Film Summary. According to a 2009 Sports Illustrated article, 60 percent of former NBA players are broke within five years of retirement. By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress.

Broke - ESPN Films: 30 for 30.

wonder how many regular people go bankrupt in that same age group?

Again, NIL will wisen up the players earlier so they atleast have an idea when it comes to finances if they make it in the Pros which will pay them even more.

 

[fordman84]

wonder how many regular people go bankrupt in that same age group?

Again, NIL will wisen up the players earlier so they atleast have an idea when it comes to finances if they make it in the Pros which will pay them even more.

More aptly what percent of lotto winners are broke within 5 years of their win?

I think people are stupid with money no matter what you do for a living. The only way to learn is to go through it, sadly. Mostly people are just too stubborn to listen, especially when they feel their money gives them power.

 

[Deep Creek]

wonder how many regular people go bankrupt in that same age group?

Again, NIL will wisen up the players earlier so they atleast have an idea when it comes to finances if they make it in the Pros which will pay them even more.

I'm sure some regular people do....but I'd be willing to bet the farm that those "regular" people weren't paid anywhere near the money NBA and NFL players were in the same time period. And the ones that did have money to that level probably had a wife that caused the bankruptcy by running through money like shit through a goose.

Let's hope they wise up earlier and have some good guidance from somewhere. I remember Herm Edwards talking about attempts to do so when he was coaching in the NFL. His spiel was something like "You've made it to the NFL and will get rookie money which is still significant. Buy you one car, not five. Buy one watch, not......................" The director of football operations took on that job at UTEP. While only a few are NFL talent level, he'd still provide them some guidance.