Free agency

[PikeDawg15]

https://twitter.com/_dillongabriel_/status/1478169356639084549?s=21

[Big4Dawg]

Good for the players

[ZedFedder]

That is certainly something.

[confucius say]

Ready for employee status, multi year contracts, and a salary cap.

[msstate7]

Coaches do it

[confucius say]

Coaches do it

Under contracts. As employees. With buyouts and penalties.

[Vandownbytheriver]

Do they have to pay taxes on NIL deals since it's income? Is it 1099 situation?

[msstate7]

Under contracts. As employees. With buyouts and penalties.

Isn't a scholarship a 1-year contract?

[msstate7]

Do they have to pay taxes on NIL deals since it's income? Is it 1099 situation?

If 1099, yikes for the guys getting these 7 figure deals. Hope they aren't blowing it

[Vandownbytheriver]

If 1099, yikes for the guys getting these 7 figure deals. Hope they aren't blowing it

Yeah, contract worker gigs suck. And these kids can't be too money savvy so I'd assume they'd have to have someone in their corner taking a percentage out. Just asks for a crooked family member/agent to shave money off the top.

[Vandownbytheriver]

https://www.forbes.com/sites/robertwood/2021/08/30/taxing-college-athlete-name-image-likeness-deals/amp/

Just found this article. This could be really bad for some of these kids.

[Catfish]

Isn't a scholarship a 1-year contract?

They should be especially with the transfer portal in effect.

[Leroy Jenkins]

Isn't a scholarship a 1-year contract?

Yes scholarships are awarded on an annual basis, have been since I can remember, 1990's.

[confucius say]

Isn't a scholarship a 1-year contract?

Not one with any penalties for breach (and arguably no consideration). It use to be you had to sit out a year if you didn't uphold your end. Now that you can transfer at any time for any reason to any school, there is no penalty for breach.

[Homedawg]

https://www.forbes.com/sites/robertwood/2021/08/30/taxing-college-athlete-name-image-likeness-deals/amp/

Just found this article. This could be really bad for some of these kids.
I'm waiting for paying taxes isn't fair..... smh

[Commercecomet24]

I'm waiting for paying taxes isn't fair..... smh

This! You know it's coming.

[Dak Holliday]

1099 with no write offs. They better have sound financial help. This actually makes a ton more sense as to why so many in government were pushing NIL legislation. It will be a huge money maker in taxes.

[Vandownbytheriver]

This! You know it's coming.

Yup. Gonna be some folks go down for tax evasion and it's going to get ugly.

[confucius say]

I hope that when compliance is approving these NIL deals that they are putting players in touch with a tax advisor.

[Homedawg]

I hope that when compliance is approving these NIL deals that they are putting players in touch with a tax advisor.

Won't happen. Think about it, first time you send a player to a tax advisor and he screws someone over, he/she/it will sue. It's sad its come to that, but it has.

[confucius say]

True. Just advise them to do their due diligence regarding taxes then

[Jack Lambert]

Hopefully some adult is advising them that the NIL deal will include the tax owed. I don't think these guys are as dumb as you think

[CaptainObvious]

I'm waiting for paying taxes isn't fair..... smh

It will be fine. Congress will swoop in and say these are ?student? athletes and they should t have to pay taxes.

[Catfish]

It will be fine. Congress will swoop in and say these are ?student? athletes and they should t have to pay taxes.

Yup!