NIL

[No_Fly_Zone]

Agreed. The concept of hiring an attorney yet alone how to hire an attorney is most likely a completely foreign concept to at least 90% of these college athletes. A lot of people need guidance on who to hire and why.

It's sad that a lot of people would likely sign the deal without thinking because the concept of being paying 15% pre-tax income on future earnings does not sound like a lot. Financial education is extremely poor throughout this country.

And people have no idea how many sharks are out there preying on student athletes and other financially illiterate individuals. It's a dirty game.

Universities need to step up and do a better job educating their student athletes on some of these issues. I mean, part of their job is still ostensibly education, right? Why not offer a course for student-athletes on the basics of contract, NIL, and dealing with attorneys, accountants, and financial advisors.

 

[ssvir]

This is ridiculous and predatory

Love that the Gators are getting bad press over this but in reality, this is only predatory if the kid makes a **** ton of money over his career and then it shouldn't even matter. If he makes $5M on an initial contract, sucks, and is cut then he basically had a loan for 10%.

 

[JG14]

Come on, man. 17 or 18 year old kid. In theory, everything you say is correct, but you know what is actually going on here with NIL.

Not to mention, a lot of these families may have never hired an attorney previously. They don't know who to trust or hire. I think that is an even bigger issue, is that you and I have enough friends in life that we COULD recommend someone, but how do these families know that the ATTORNEY who helps them out might not be just as big of an opportunist as the "advance funding" company.

Who recommends the attorney? Is the attorney a Gaytor? We already saw a situation where Eddie Rojas (former UiF baseball player) who owned a fairly reputable investment firm in Orlando, turned out to be a disastrous choice to run the original Gaytor Collective.

Again, everything you say makes sense. Doesn't mean the outcome will be solid, though.

I understand the school cannot be involved in NIL, but can they not at least say "you guys do your own deals, but here is a list of attorneys we would recommend you have review your contracts before you sign them?

 

[JG14]

25 years is crazy even if he the Tom Brady of DL he forfeiting paper.

I think this is the investment firm's way of covering themselves in the athlete signs ones of those Bobby Bonilla contracts

 

[JamesQuall]

And people have no idea how many sharks are out there preying on student athletes and other financially illiterate individuals. It's a dirty game.

Universities need to step up and do a better job educating their student athletes on some of these issues. I mean, part of their job is still ostensibly education, right? Why not offer a course for student-athletes on the basics of contract, NIL, and dealing with attorneys, accountants, and financial advisors.

Agreed and the universities should 100% review NIL deals before they are signed by players to help avoid a situation like this. They could and recommend attorneys if players have any questions.

 

[dycane]

There’s no way he had a lawyer read it before he signed it. Yes it’s his fault but doesn’t UF provide some type of guidance to the players?

Doesn’t take a lawyer to understand how ******* absurd those terms are. Anyone with an above [80] IQ would immediately recognize that.

 

[No_Fly_Zone]

Agreed and the universities should 100% review NIL deals before they are signed by players to help avoid a situation like this. They could and recommend attorneys if players have any questions.

Agreed. I know the approach has been different between different universities when it comes to the level of involvement they want to have in NIL. Some schools provide a lot of resources, guidance, and even help facilitate those NIL relationships, other schools try to stay as far away from all aspects of NIL.

This is an area where the NCAA (if it had any real purpose or justification other than making money) could actually step up and provide universities with guidance and rules/regulations to help facilitate university involvement to protect the student athletes. Of course, they don't actually care about student athletes, so, you know, keep it vague and an sanction women's' basketball coaches for making introductions for NIL opportunities that actually pay.

 

[No_Fly_Zone]

Doesn’t take a lawyer to understand how ******* absurd those terms are. Anyone with an above [80] IQ would immediately recognize that.

There are a hundred other words you can use. The word I edited out is not one of them.

 

[90scane]

Gotta wonder if that includes retirement payments. Yikes.

 

[301cane]

This was posted in Gator Tears also. It took me all of a few seconds to Google NFL rookie contract draft slots to figure out just how bad of a deal he signed, I vaguely recall seeing mock drafts where he was getting round 1 or 2 projections and can’t for the life of me imagine he or someone close to him didn’t do the same. Score one for the University of Maryland Business School, but if he expected to get drafted at all this was a horrible deal, more suitable for someone expecting UDFA status.

 

[canadianhurricane]

So, the gators NIL is basically a loan?

 

[No_Fly_Zone]

Gotta wonder if that includes retirement payments. Yikes.

I wasn't looking for that, but the contract was filed on the public docket (in the U.S. District Court for the Northern District of Florida) along with the Complaint. The definition of football earnings seemed pretty broad, though.

The 15% term is contained in multiple places in the contract (in pretty straight-forward language), in at least two of the schedules to the contract (one of which he signed and initaled next to the specific term), and it even contains an example using $100MM of earnings (which he also initialed). It'll be hard to argue the language is vague or ambiguous. Only chance is if the contract violates some law such that it is unenforceable.

 

[No_Fly_Zone]

So, the gators NIL is basically a loan?

This wasn't a deal with the **** collective, but I am curious why it seems like nobody over there actually reviewed the deal.

 

[dycane]

There are a hundred other words you can use. The word I edited out is not one of them.

Ban words!

 

[NC_Canes_11]

These deals have been happening for years in baseball. The international kids who sign at 16 do the same thing. For 90% of them it works out, bc they never hit it big enough to lose out on millions. But for the companies that do these deals, you only need one person to hit and you’re flushed with cash. The company that did this with Tatis Jr. had a pretty low hit rate, but since his new deal they are set for life.

Much easier to predict future success in college football players and tons of money to be made off of them.

 

[TheOriginalCane]

These deals have been happening for years in baseball. The international kids who sign at 16 do the same thing. For 90% of them it works out, bc they never hit it big enough to lose out on millions. But for the companies that do these deals, you only need one person to hit and you’re flushed with cash. The company that did this with Tatis Jr. had a pretty low hit rate, but since his new deal they are set for life.

Much easier to predict future success in college football players and tons of money to be made off of them.

To be honest, it was RIDICULOUS for Tatis to do that, his dad was a major leaguer, I remember when he played for the Cardinals, they were not broke.

Just insane.

 

[NC_Canes_11]

To be honest, it was RIDICULOUS for Tatis to do that, his dad was a major leaguer, I remember when he played for the Cardinals, they were not broke.

Just insane.

Blew my mind when I read about it. Kid was destined to be a superstar, the only thing that would have kept him from making millions was a career ending injury.

 

[Fluffhead]

Well of his dad wasnt to busy trying to be a 3technique for the gators this wouldnt happen.

BUt that agency has been fleecing baseball players for awhile and now has pivoted to other sports. I dont know how he would get out of this, he chased big money because it was a whole article about them with Tatis and how they fleeced him last year that i saw.

Man signed a record ibdustry 360 publoshing deal like p diddys artiat lmao

Wasn’t that Lloyd Summerall’s dad?

Truthfully, this is square on UF and I’d say the same if it was Miami. These kids have no clue what is going and it’s their job to educate or protect. They have literal entire schools on campus to teach business and finance but can’t do the real world teaching with something like this.

I’ve said one of the best things about NIL is the ability to use it as a financial literacy education program and networking tool. That was one aspect of what I liked about how Ruiz was doing it, setting aside a conversation that has a whole thread devoted to that. This is an across the board, abject failure on their part.

 

[hoops156]

I understand the school cannot be involved in NIL, but can they not at least say "you guys do your own deals, but here is a list of attorneys we would recommend you have review your contracts before you sign them?

they do and schools do encourage and discourage their athletes from working with certain agents as well. agents have to be registered with the school (at least at UM) and UCF does not "allow" aka highly discourage (bc they cannot prevent a kid from being repped by someone who is able to rep players) their athletes from working new agents or attorneys who have no experience or little exp. in representation. they all have a list of people they approve of and encourage others to work with. you also have to provide your entire client list and work information (bar number If you are licensed) before you can work even begin to do stuff for an athlete. we can blame the schools, but often times its not all them.

schools also review all their NIL deals. ive known some athletes complain (at UM) that they didnt get their money and at the time they didnt read their contract bc if they did they would have known that they needed to do x and y each month to get paid. they didnt do it that month and didnt get their check until they did.

at the end of the day, the player chose to sign. he could have gotten advice and I know schools do provide it and counsel them, but they can't prevent a kid from taking or not taking a deal. its their free will as long as its legal.

I have a friend who owns a merch company (his company is basically THE retailer for influencer merch) and has expanded into NIL (hes a gator and has a few gators (now former) and other CFB stars under his company) so I get a bit of insight into the process in the way other schools do it (I only know it from my interactions w certain schools regarding NIL)

 

[TheOriginalCane]

I think it might be helpful to set aside the concept of how the "headline" and the "news article" characterizes this transaction ("NIL") and to find out if this was a separate deal from "true NIL".

Because in "name" (advance fund) and structure, this APPEARS to be a payday loan, not a legitimate "NIL contract" for "NIL services".

Fascinating stuff...