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Replies: 20
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Legend [17599]
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Income Redistribution, Accountants & Tax Attorneys
Jun 3, 2021, 10:48 PM
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will soon be central to competitive college football. Yes, the game is evolving. My questions are:
1) What prevents an Adidas from paying a DJ or an Ohio State or USC QB $5 million per year for a shoe contract? And,
2) What prevents DJ or another star QB from giving money to the guys they like (O-line and WR's) with nothing for the Defense and the guys they do not know as well?
I can foresee serious jealousy on teams where some kids have tens & hundreds of thousands and many kids have nothing. It will be an introduction to adult society and the real world outside of academia and the playing field. When one kid or a handful of kids are raking it in, do other players feel justified accepting gifts & cash from the local boosters and bookies?
Blackmail? Yes. Fights, thefts and worse? Yes. College football will be interesting when the big money starts slushing around. Coaches will have their hands full. Of course, these questions are well beyond the NCAA and college administrations.
Let the professionalism of college sports commence. It's inevitable.
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Recruit [85]
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Re: Income Redistribution, Accountants & Tax Attorneys
Jun 4, 2021, 12:09 AM
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For anything over 13k, the QB would have to pay gift tax.
A shoe company might start signing college players but that money is going to have to come from somewhere else in their budget. It is doubtful that they would see additional shoe sales to justify a big contract. But they might get signed just to lock them up for the future.
It's going to get fun when the shoe company calls a coach and asks them to sign a certain athlete they have invested in since the 6th grade.
Most of the NIL funds will come from boosters who can now make direct payments to athletes out in the open. Whats to stop the them from paying an athlete more than they are really worth?
And how many athletes are going receive a marketing plan along with a scholarship offer?
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Orange Blooded [2034]
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What I find interesting about the NIL is that none of the
Jun 4, 2021, 6:25 AM
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money comes from the NCAA or the individual Colleges. It's as if the NCAA and the colleges decided that they can't stop the shoe company money or agent money and the booster money going to the students. And, they are spending too much money and time trying to police it. A way to fix it is to let the student get paid but it has to come from the shoe companies, agents and boosters. The NCAA and schools found a way to keep ALL their money and cut back on their enforcement.
Everyone wants a piece of the student and the money they make for them. Now it is just a matter of where the money comes from that finally gets to the student athlete.
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110%er [7987]
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CU Guru [1893]
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Re: Income Redistribution, Accountants & Tax Attorneys
Jun 4, 2021, 6:01 PM
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Gift tax is imposed on the donor. No tax would be owed until the donor had used up his unified credit. But gift tax returns would be due for annual gifts exceeding the annual exclusion per donee.
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CU Medallion [65422]
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Both you and the OP make very good points about why
Jun 4, 2021, 7:35 AM
[ in reply to Re: Income Redistribution, Accountants & Tax Attorneys ] |
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this thing is literally going to make recruiting (AND TRANSFERRING) like the Wild Wild West if the courts and / or the NCAA do not VERY quickly get a handle on how to regulate it. The future of college football as we have known it is very much in jeopardy right now.
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CU Guru [1370]
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Re: Both you and the OP make very good points about why
Jun 4, 2021, 7:54 AM
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Our State want let it happen until May of 2022, so I am wondering if other states made it available to immediately? All I am saying is Clemson needs a few Billionaire boosters. But you can bet we will lose Dabo when this starts to the NFL, because why would he stay in the Minor Leagues of professional football.
As far as taxes go players better have a good tax attorney or sports attorney because every state he travels and plays with those paid shoes or gear he will be hit with that states income tax rate.
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CU Medallion [65422]
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Paradoxically, Dabo's salary (with incentive and all that)
Jun 4, 2021, 10:22 AM
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would rank him #5 on the list of NFL coaches right now. Dabo could prove me dead wrong, but I don't think his style of coaching via building the man first and the player second would fly in the NFL. Most of the players in the NFL are either spoiled older millionaires, or newly minted, relatively immature young millionaires, neither of which are likely to be willing to follow his teachings.
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CU Medallion [64589]
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It's going to lead to bidding wars...
Jun 4, 2021, 8:30 AM
[ in reply to Re: Income Redistribution, Accountants & Tax Attorneys ] |
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or college kids and their parents/handlers negotiating the best financial compensation package they can get before selecting a school.
Recruit: Coach, you know I really like the ABC University Good Samaritans and I'd really like to play for you, but the XYZ University Candy Men have arranged for me and my parents to receive at least $75,000 a year (maybe more) endorsing businesses for their boosters. Can you at least match that Coach?
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All-TigerNet [10635]
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CU Guru [1893]
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Re: Income Redistribution, Accountants & Tax Attorneys
Jun 4, 2021, 6:03 PM
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They are assuming the recipient of large NIL money would make gifts to his teammates.
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Hall of Famer [22281]
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Re: Income Redistribution, Accountants & Tax Attorneys
Jun 4, 2021, 6:27 PM
[ in reply to Re: Income Redistribution, Accountants & Tax Attorneys ] |
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I'm reading this thread. Enjoying the different perspectives. Very complex situation. Too complex to fully discuss on a message board. So, I will just comment on this one sentence you wrote:
**********
It's going to get fun when the shoe company calls a coach and asks them to sign a certain athlete they have invested in since the 6th grade.
*********
In some sense that is already happening. AAU teams are funded by shoe companies. Some high schools are funded by shoe companies. EX: Montverde Academy, in my local area, is an "Elite Nike School." The coach and the school get paid a significant amount of money to wear Nike apparel.
Kids who play for Nike AAU teams invariably end up signing with Nike universities. Same with Adidas.
Shoe companies have been steering kids to their universities for years.
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CU Medallion [73569]
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another thing to think about
Jun 4, 2021, 8:32 AM
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Say Addidas tries to sign DJ. We are a Nike school.
How does that work?
Watch Cali schools explode in football in BB. All the money and glitch is over there.
They will be paying kids left and right imo.
Big schools like Bama and OSU will be big winners as well.
Small schools like Clemson, will be interested how this affects our recruiting. No big money. Middle of nowhere.
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CU Guru [1370]
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Re: another thing to think about
Jun 4, 2021, 9:04 AM
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Greenville Businesses will have to step up as the metropolis that supports our players.
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110%er [8273]
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I just hope the NCAA will change the Championship
Jun 4, 2021, 8:36 AM
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trophy to read, The best team that money can buy!
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Orange Blooded [4194]
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Re: Income Redistribution, Accountants & Tax Attorneys
Jun 4, 2021, 9:06 AM
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Looks like my last year of enjoying, no make that watching college football. I stopped with pro sports long time ago. College baseball might be the only sport left for a while.
Someone mentioned Dabo going to the pros. That won’t happen, he’s way too smart for that! If he decides to stay in the game, my guess is it will be in the high school ranks.
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CU Guru [1370]
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Re: Income Redistribution, Accountants & Tax Attorneys
Jun 4, 2021, 10:12 AM
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I love Dabo but he wont go to High School before he goes and test the NFL and give up the money he will earn. Unfortunately if this new college athlete, goes the way we all know it will (greed, jealousy, power) then we could be witnessing the last couple of years of Daba at Clemson. Why do I think this? He has always left that door open saying if college is basically a semi pro league then he would consider the NFL. Or as he put it "Never say Never".
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All-TigerNet [10457]
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It's going to legalize what was once considered cheating.
Jun 4, 2021, 9:10 AM
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Highest bidding booster wins.
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All-TigerNet [12870]
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Re: Income Redistribution, Accountants & Tax Attorneys
Jun 4, 2021, 9:11 AM
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Team unity will be a thing of the past under those circumstances you used.
Your post really said a mouth full. ??
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All-TigerNet [10457]
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Your post is exactly right. It could be the sport's ruin.
Jun 4, 2021, 9:16 AM
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Probably will be.
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110%er [6882]
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I think we will see a lot of coaches walk away from this clown show , maybe even Dabo.***
Jun 4, 2021, 8:18 PM
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