College Football 2024

[SurfnFish]

Not just football either. How about very good b-ball coaches quitting due to NIL:

What Tony Bennett's retirement means for Virginia, college basketball

The Cavaliers will begin this new era of college basketball without their longtime coach. What does this mean for the program as the 2024-25 season approaches?

www.espn.com

just weeks before the season begins bails on the kids he convinced to join his program, and goes out complaining about NIL...this from a coach paid millions coaching what until recently has been unpaid kids making tens of millions for their school. Sheer hypocrisy..

 

[Travis Bille]

just weeks before the season begins bails on the kids he convinced to join his program, and goes out complaining about NIL...this from a coach paid millions coaching what until recently has been unpaid kids making tens of millions for their school. Sheer hypocrisy..

The worst part is the hypocrisy

 

[Brian Miller]

Not just football either. How about very good b-ball coaches quitting due to NIL:

What Tony Bennett's retirement means for Virginia, college basketball

The Cavaliers will begin this new era of college basketball without their longtime coach. What does this mean for the program as the 2024-25 season approaches?

www.espn.com

The worst part is the hypocrisy

Does anyone find it difficult to grieve for the poor kids that were deceived with the flood of money flowing to college athletes?

https://www.washingtonpost.com/sports/interactive/2024/nil-money-deals-college-sports-athlete-pay/

 

[RCF]

Well... athletes may stay in school longer and actually graduate because some will earn more on NIL than in the pro's.

 

[Stonedfish]

There is no turning back. The horse has left the barn.
The NCAA had a chance to make things right as far as players getting paid, but the greedy bastards sat on their hands and did nothing.
They can’t go back now and if they try, they’ll get slapped in court again.
I have no issues with the kids getting paid, but it could have been done differently in my opinion but we are past that now.
SF

 

[Mossback]

28 year old Seniors with 2 years of eligibility left....
Coming to a school near you.

 

[Brian Miller]

I have no issues with the kids getting paid, but it could have been done differently in my opinion...

^^^^ Agreed, but could it be changed somehow; perhaps through legislation? If so, what would you change?

 

[Stonedfish]

^^^^ Agreed, but could it be changed somehow; perhaps through legislation? If so, what would you change?

Like I mentioned, it is too late now. It would end up in court and I believe they’d lose if they tried cutting compensation now.
What I believe the NCAA should have done is allowed players to get paid, but everyone would get have gotten the same amount to keep things level. They fought that, the courts got involved and here we are today. The NCAA is pretty irrelevant today, especially when it comes to football which pretty much drives things in athletic departments.
I’ve posted about this before, but as far as football goes I think the only way you can change things now is for the NFL to set up a minor league. The XFL could be that vehicle.
Then kids would have a decision on whether to go pro or go to college, similar to baseball.
Unwinding where things are at now though would be difficult at best.
A star freshman at Alabama making $1.5 million on his NIL deals probably would have no interest in minor league football. It might draw kids who have no interest in going to college though.
SF

 

[Brian Miller]

Like I mentioned, it is too late now. It would end up in court and I believe they’d lose if they tried cutting compensation now.
What I believe the NCAA should have done is allowed players to get paid, but everyone would get have gotten the same amount to keep things level. They fought that, the courts got involved and here we are today. The NCAA is pretty irrelevant today, especially when it comes to football which pretty much drives things in athletic departments.
I’ve posted about this before, but as far as football goes I think the only way you can change things now is for the NFL to set up a minor league. The XFL could be that vehicle.
Then kids would have a decision on whether to go pro or go to college, similar to baseball.
Unwinding where things are at now though would be difficult at best.
A star freshman at Alabama making $1.5 million on his NIL deals probably would have no interest in minor league football. It might draw kids who have no interest in going to college though.
SF

No way to change it?
What about shining a light on all of the payments, making them taxable, and enforcing it? Hold the donor organizations and players accountable?

 

[Stonedfish]

No way to change it?
What about shining a light on all of the payments, making them taxable, and enforcing it? Hold the donor organizations and players accountable?

I personally don’t think so, not at this point.
I’m sure some lawyers are eagerly waiting for someone to try.

I believe it varies by state, but NIL contributions are tax deductible if the collective is set up as a 501(c)(3).
The NIL compensation the athletes receive is taxable income.
Things will continue to get murkier.
SF

New NIL company raises red flags for consumer finance experts

A new company is offering college athletes upfront cash in exchange for a portion of their name, image and likeness deals, an arrangement some consumer protection experts and financial advisers say could prey on young athletes.

www.espn.com

 

[Mossback]

NIl money recieved by athletes is taxed as income.

Where it gets more tricky is whether the NIL collectives are 501c3 organizations.

The IRS’s Latest Play on NIL Collectives: Tax-Exempt Status on the Defensive | News & Insights | Alston & Bird

Our Federal Tax and Exempt Organizations teams tackle the implications of the IRS chief counsel’s conclusion that nonprofit organizations created to pool donations and develop paid name, image, and likeness (NIL) opportunities for student-athletes may not qualify for tax-exempt status if they...

www.alston.com

If determined that they are not 501c3 ( probably not), then the donations to those collectives would not be tax deductible, so likely drying up a lot of money.

Sort of a joke to claim your NIL group is a charity, when the sole purpose is to collect money to pay athletes...

 

[Porter2]

Eighty-five Utah players on scholarship were in for the surprise of a lifetime when they received leases for Dodge Ram pickup trucks. The Utah Crimson Collective, a nonprofit organization, organized the deal and will be covering the lease and insurance payments, according to Forbes.

 

[Brian Miller]

NIl money recieved by athletes is taxed as income.

Where it gets more tricky is whether the NIL collectives are 501c3 organizations.

The IRS’s Latest Play on NIL Collectives: Tax-Exempt Status on the Defensive | News & Insights | Alston & Bird

Our Federal Tax and Exempt Organizations teams tackle the implications of the IRS chief counsel’s conclusion that nonprofit organizations created to pool donations and develop paid name, image, and likeness (NIL) opportunities for student-athletes may not qualify for tax-exempt status if they...

www.alston.com

If determined that they are not 501c3 ( probably not), then the donations to those collectives would not be tax deductible, so likely drying up a lot of money.

Sort of a joke to claim your NIL group is a charity, when the sole purpose is to collect money to pay athletes...

Federal, State, and Local taxing authorities should provide clarity on that, and drop the hammer on these so-called charities and their donors if paying athletes violates their charitable and tax deductible status. But being that many donors to these charitable organizations are probably politicians, I won't hold my breath.

 

[Mossback]

I'd think the big alums, business types are the biggest donors, doubt politicos would wade in until clarity is better on this, plus they tend to donate to higher profile established charities, as their finances are scrutinized much more frequently and publicly than privately held businesses.

It's a scam for sure, and being that it is new it'll take a bit for the law to catch up.
Judging by the info in the link I posted, it won't be long though...

NIL is a meaningless term right now, as the money the athletes get is just pay to play really...

 

[SurfnFish]

Federal, State, and Local taxing authorities should provide clarity on that, and drop the hammer on these so-called charities and their donors if paying athletes violates their charitable and tax deductible status. But being that many donors to these charitable organizations are probably politicians, I won't hold my breath.

how about first starting with the enormous non profit scams like Scientology and the Mega-Churches where the leaders/owners literally soak hundreds of millions from their parishioners, and then move onto the companies paying zero income taxes, billionaires paying zero...maybe a better return than grinding the kids first?

 

[Mossback]

Scientology and the IRS had a very long and publicized fight over 501c3 status...37 years or so, at a huge cost. The roi on that was zero for the gov.

The kids pay, it's the wealthy donors who get all the tax breaks. Saw where a church was running some NIL events, paying the athletes to sign autographs at an event, so church money going to athletes.

Then of course the Clemson situation, where a church's charity donations went to the families of athletes deal. Dabo knew nothing about it of course...

If there is a system, somebody is going to game that system....and hire legal counsel to make it ok to do so.

 

[SurfnFish]

Scientology and the IRS had a very long and publicized fight over 501c3 status...37 years or so, at a huge cost. The roi on that was zero for the gov.

The kids pay, it's the wealthy donors who get all the tax breaks. Saw where a church was running some NIL events, paying the athletes to sign autographs at an event, so church money going to athletes.

Then of course the Clemson situation, where a church's charity donations went to the families of athletes deal. Dabo knew nothing about it of course...

If there is a system, somebody is going to game that system....and hire legal counsel to make it ok to do so.

1993, and Scientology paid a cheap 12M to settle in exchange for getting exemption for over 150 owned entities...government responsibility at it's absolute worse...and now we have Musk offering 1M a day jackpots for voter sign-up in his preferred states, his goal to become a compliance overlord in a new administration, over-seeing the government employees who oversee the billions in US tax dollars paid to his aerospace companies and other ventures every year...fukkery so stunning it's pretty hard to get excited about kids and taxable NIL payments

 

[Mossback]

Well sure, but this is the college football thread...
and doubtful there will be a politically toned Elon Musk voter registration payment thread...if there was it wouldn't last long.

But just in case there were to be such a thread, I have my NFT collection of popcorn gifs ready for lease to all forum members...
I accept bitcoin, ottercoin, real estate ( unencumbered only please) and other forms of non fiat currency as payment.

 

[albula]

Could you imagine having Elon Musk overseeing how the federal government deals with major corporations? I reckon the only thing more repugnant is putting RFKJr in control of the NIH.

 

[Snopro]

ottercoin