Agents are getting 20%
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This is a sticky topic.
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And 15.3% self-employment tax. My accountant appears to be close.
Sent from my iPhone using TapatalkLET'S TAKE A TRIP TO BIRDLAND! http://www.youtube.com/watch?v=68-6O2mJhMw
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Originally posted by jbjack View Post
I don't know if I've ever brought it up here before but elsewhere I've suggested that we quit with the charade of "student athlete" and schools should get out of the athletic business, particularly the P4/P2. Instead, the schools would license their name, image, likeness, mascot, traditions, school song and records to an entity that operates the sports properties, free from academic requirements, title 9, etc."I think we'll be OK"
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I think schools when they hire a coach have to build in large buy out clauses. Something where if in the middle of the contract, if a new school wants your coach they are going to pay the school to release him from the contract. So if a coach is on a 3 year deal he can go to a new school once his contract expires and can leave and the new school would not have to pay. I'm sure there is some legal reason why that doesn't happen more.
Also I think students should have to declare they are going paid professional or retain amateur status. If they want to get paid go big 4. Other conferences would go back to providing scholarships and living expenses but no agents or NIL. Im sure others would hate this model but I think it can operate that if you want to get paid you lose your amateur status and you sign a contract for that school for 1-4 years."The most rewarding things you do in life, are often the ones that look like they cannot be done.” Arnold Palmer
Don't sweat the petty things, and don't pet the sweaty things.
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Originally posted by goon View PostI think schools when they hire a coach have to build in large buy out clauses. Something where if in the middle of the contract, if a new school wants your coach they are going to pay the school to release him from the contract. So if a coach is on a 3 year deal he can go to a new school once his contract expires and can leave and the new school would not have to pay. I'm sure there is some legal reason why that doesn't happen more.
Also I think students should have to declare they are going paid professional or retain amateur status. If they want to get paid go big 4. Other conferences would go back to providing scholarships and living expenses but no agents or NIL. Im sure others would hate this model but I think it can operate that if you want to get paid you lose your amateur status and you sign a contract for that school for 1-4 years.
On the second paragraph - I don't think the jurisprudence allows different classes of college athletics to discriminate on who does or does not get NIL. If we were in a hypothetical second tier, we'd still have to deal with it, whether we were offering NIL or not. Congress probably needs to act but I wonder whether prohibiting NIL is something Congress can or would do?
I think the real answer lies with the IRS. First. NIL contributions should be treated as what they are - gifts to student athletes, not charitable donations or business expenses. We already know that for you and I contributing to the Jacked NIL collective, our contributions are not tax deductible. This in and of itself doesn't really deter individual donors except to the extent that Joe Alumni makes a gift directed to a specific player that exceeds the annual gift tax exclusion, he now has to file a gift tax return.
From the business standpoint, the IRS should disallow deductions for NIL deals that do not have a legitimate business purpose. Case in point, Lincoln Keinholz reportedly received several hundred thousand dollars and a car (perhaps as a lease) at Ohio State. What is the marketing value of Lincoln Keinholz in reality? Probably close to zero, if not zero. No doubt there are industry people that can value the marketing worth of a particular individual. And the burden should be on the taxpayer to prove that marketing value.
Now compare Lincoln Keinholz at the collegiate level to someone at the pro level, say, Sean Manion. Why don't you see Sean Manion in BWW commercials, or driving cars provided by Denny Hecker Buick, or making personal appearances for Joe VIking Fans family run small cap business? Because there's no actual marketing value for a backup quarterback. Is Joe Alumni Auto really going to to contribute 5 or 6 figures to NIL if they can't deduct it on the business return? Maybe, but I think it makes it much less likely.
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I really like Hendo. Jimmy I tolerated because he seemed destined to do well, but he came across as a miserable ****. Hendo was very personable and seemed like a genuinly nice person who just happened to be a great recruiter and coach. C'mon coach Pete, show us what you can do.One hand points to campus...the other to the liquor store.
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