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Name, Image, & Likeness (NIL) at tOSU

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Jaxbuck said:
A couple of thoughts

1) This is basically where I am at as a business guy:


2) Fuck this guy, and everyone like him right square dead in their pretentious ass
"We're going to unionize football," a dour Pittsburgh coach Pat Narduzzi predicted this week. "Take 20 guys [in recruiting] out of high school. Only 10 are any good. We're going to cut the other 10? If you want to start talking money, we're going to start cutting players. It's going to become a business."

A business you say cockbreath?

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Go coach high school football and teach gym for 50K a year then motherfucker.

Yeah, I didn't think so.
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Elitist B.S. loves that plantation lifestyle.A lot of insecurity in the Narduzis , Dabos, Ferentzes, of the world.
 
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Ohio State Updates its NIL Guidelines; Creates NIL Edge Team

From an Ohio State press release:
A total of 220 student-athletes have engaged in 608 reported NIL activities with a total compensation value of $2.98 million. All three figures rank No. 1 nationally, according to Opendorse, the cutting edge services company hired by Ohio State to help its student-athletes with education and resource opportunities to maximize their NIL earning potential.
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“We are updating our NIL guidelines to allow for the creation of the Edge Team to assist in connecting and coordinating NIL activities for our student-athletes,” Carey Hoyt, Ohio State senior associate athletics director and primary administrator for Ohio State’s NIL programs, said.
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“Our guidelines were initially created to be restrictive, but now that we have a better understanding of NIL, it’s clear that we can provide more assistance in connecting student-athletes with interested brands. By allowing some OSU staff to interact with the brands and to educate and answer questions, we can eliminate hesitancy from brands, and donors, who were concerned about breaking rules.”
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In addition to creation of the Edge Team, the new Ohio State guidelines will designate operations directors – not coaches – as NIL point-of-contacts for their sports. The operations directors will be able to assist with facilitating a connection for an NIL activity while also educating outside entities on NIL best practices at Ohio State.
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Regarding NIL in general....I really, really hope these kids are getting tax advice.

Spending all the money when you get it (as a 1099 contractor) is easy to do if you are 18 and don't know any better. Waking up one day next April and finding out you owe Uncle Sam damn near 40% of that money (which is now gone) is where kids can really get into trouble/make some bad decisions.
 
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Jaxbuck said:
Regarding NIL in general....I really, really hope these kids are getting tax advice.

Spending all the money when you get it (as a 1099 contractor) is easy to do if you are 18 and don't know any better. Waking up one day next April and finding out you owe Uncle Sam damn near 40% of that money (which is now gone) is where kids can really get into trouble/make some bad decisions.
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I think like many things in life, it depends on the company you keep. I've seen a number of the high profile kids now have Sports Agents, or their parents are getting financial advice, as a number of these kids are now the bread winner of the family at the ripe old age of 18. But for some of the kids, with little to no guidance, just like their professional counterparts, they'll burn through that money fairly quickly and make some bad decisions along the way
 
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Trevi said:
Perhaps the $1.4 mil was for an extended period/years at OSU, maybe it was less than that for his extended vacation in Columbus?
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608 reported NIL activities with a total compensation value of $2.98M
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Yeah, that total compensation number has to be a "moving figure". Some NIL contracts might be prorated over several years and voided for the future years if the player transfers, and some of the deals involve sales (like t-shirts and jerseys) which is not a fixed number (i.e. based on ongoing sales, etc.)
 
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pnuts34 said:
I think like many things in life, it depends on the company you keep. I've seen a number of the high profile kids now have Sports Agents, or their parents are getting financial advice, as a number of these kids are now the bread winner of the family at the ripe old age of 18. But for some of the kids, with little to no guidance, just like their professional counterparts, they'll burn through that money fairly quickly and make some bad decisions along the way
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You'd think the schools would set up financial advisors for the kids. The last thing they want is a star player splashed all over the media for losing 400K on a trip to Vegas. Besides, they do everything else for them from special tutors and "success centers" to training tables to god knows what else.
 
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I think it would be good to set a limit on the amount of NIL money that a player can have access to while in school. Limit the withdraw to 20-30K a year until 5 years after they enroll in college or even better limit it to that until the fund runs out. Put all the extra money in something similar to a 401K. Perhaps put in a provision for a large one time withdraw if a player wants to purchase a house for their parents, but run the purchase through the fund so that the money goes back in if they sell the house.
 
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Jaxbuck said:
Regarding NIL in general....I really, really hope these kids are getting tax advice.

Spending all the money when you get it (as a 1099 contractor) is easy to do if you are 18 and don't know any better. Waking up one day next April and finding out you owe Uncle Sam damn near 40% of that money (which is now gone) is where kids can really get into trouble/make some bad decisions.
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Back in the late 70s (when Woody was the head coach) I knew a guy through the Gahanna Little League who was a senior IRS employee. He said that he got season tickets for helping the football coaches and players in filling out their IRS tax returns, etc. It was above board, on his own time, not an ethics violation, and involved no special IRS treatment; he just provided assistance/help/guidance on how to fill out their tax returns.

I just wonder what (if any) IRS help they now have for the players.
 
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exhawg said:
I think it would be good to set a limit on the amount of NIL money that a player can have access to while in school. Limit the withdraw to 20-30K a year until 5 years after they enroll in college or even better limit it to that until the fund runs out. Put all the extra money in something similar to a 401K. Perhaps put in a provision for a large one time withdraw if a player wants to purchase a house for their parents, but run the purchase through the fund so that the money goes back in if they sell the house.
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Eh you'll have a hard time arguing what people can do with their money after it was mandated by federal law. If it was allowed by the NCAA before it was in courts you might have gotten away with it. Also limits are dicey. Maybe make it like the lottery where you can choose either to take it all at once or installments?
 
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dragurd said:
Eh you'll have a hard time arguing what people can do with their money after it was mandated by federal law. If it was allowed by the NCAA before it was in courts you might have gotten away with it. Also limits are dicey. Maybe make it like the lottery where you can choose either to take it all at once or installments?
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These are tax paying US citizens earning money in a unique way. Just because it’s new doesn’t change the nature of the transaction. Do people here have someone, besides the spouse, tell them what they can and can’t do with their paychecks?
 
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ORD_Buckeye said:
You'd think the schools would set up financial advisors for the kids. The last thing they want is a star player splashed all over the media for losing 400K on a trip to Vegas. Besides, they do everything else for them from special tutors and "success centers" to training tables to god knows what else.
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If schools are already not involved with NIL, then IDK if they set anything up with FAs. CFB players are already plastered everywhere, and they were already doing dumb things without NIL.
If a kid is good enough, he can access an FA, or an accountant. Especially since most of them would represent anyone of these kids in a heartbeat.
 
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Jaxbuck said:
These are tax paying US citizens earning money in a unique way. Just because it’s new doesn’t change the nature of the transaction. Do people here have someone, besides the spouse, tell them what they can and can’t do with their paychecks?
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HEY! HEY! HEY! I NEVER let my spouse tell me what to do with my paycheck!
Probably why I'm divorced and live in a trailer. Fuck my life.
 
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