Bye bye amateurism

[Class of '66 Old Fart]

Ah, the law of unintended consequences adds yet another possible wrinkle.  Wonder if he's talked to Old Roy and Coach K about his plan?

 

Senator Burr is from North Carolina and is Chairman of the Senate Select Committee on Intelligence

 

 

Richard Burr

 

@SenatorBurr

 

If college athletes are going to make money off their likenesses while in school, their scholarships should be treated like income. I’ll be introducing legislation that subjects scholarships given to athletes who choose to “cash in” to income taxes.

 

[moyemayhem]

This makes me wonder if we might see more quality walkons at high major programs, since their likeness compensation may be better than the scholarship benefits at a lesser school.

[Walking Boot of Doom]

4 minutes ago, Class of '66 Old Fart said:

Ah, the law of unintended consequences adds yet another possible wrinkle.  Wonder if he's talked to Old Roy and Coach K about his plan?

 

Senator Burr is from North Carolina and is Chairman of the Senate Select Committee on Intelligence

 

 

Richard Burr

 

@SenatorBurr

 

If college athletes are going to make money off their likenesses while in school, their scholarships should be treated like income. I’ll be introducing legislation that subjects scholarships given to athletes who choose to “cash in” to income taxes.

 

Glad this is what these *expletives* decide to focus on. Maybe we can have another Congressional hearing on baseball and steroids!

[Stuhoo]

46 minutes ago, Class of '66 Old Fart said:

Ah, the law of unintended consequences adds yet another possible wrinkle.  Wonder if he's talked to Old Roy and Coach K about his plan?

 

Senator Burr is from North Carolina and is Chairman of the Senate Select Committee on Intelligence

 

 

Richard Burr

 

@SenatorBurr

 

If college athletes are going to make money off their likenesses while in school, their scholarships should be treated like income. I’ll be introducing legislation that subjects scholarships given to athletes who choose to “cash in” to income taxes.

 

 

Unintended consequences indeed...THIS IS FREAKIN AWESOME FOR IUBB! And here's why:

If you go to a school and make some endorsement cash, you'll be taxed on it, AND you'll be taxed on the value of your scholly. Think about it;

• A free ride at a private school like Duke is valued at $70,000 + per year.
• An out of state free ride at UK, which relies ENTIRELY on out of state bball players, is worth about $45k per year.
• A free ride at IU, which relies almost entirely on players that would be paying in-state tuition, means that the taxable value of the in-state scholly would be about $10,000.

So, say you're Trey Kaufman. You can go to basketball crazy IU, have a scholly tax bill of ZERO (because the $10k falls below the  'you owe Uncle Sam' level), and then only get taxed on the bonus income when it rises above about $25,000.

or...

You can go to Duke, have a tax bill of $15,000 just on the $70,000 scholly, and try to mitigate it with endorsement income, which you'll also be taxed on. 

And if you hurt your knee or don't start and you stay on scholly? At IU you stay on in-state scholly with no tax bill, out of state you have the scholly tax bill and no endorsements.

Will also be a big help to Texas, Illinois, Penn State, Minnesota, any basketball hotbed big state school.

 

[Brass Cannon]

3 minutes ago, Stuhoo said:

 

Unintended consequences indeed...THIS IS FREAKIN AWESOME FOR IUBB! And here's why:

If you go to a school and make some endorsement cash, you'll be taxed on it, AND you'll be taxed on the value of your scholly. Think about it;

• A free ride at a private school like Duke is valued at $70,000 + per year.
• An out of state free ride at UK, which relies ENTIRELY on out of state bball players, is worth about $45k per year.
• A free ride at IU, which relies almost entirely on players that would be paying in-state tuition, means that the taxable value of the in-state scholly would be about $10,000.

So, say you're Trey Kaufman. You can go to basketball crazy IU, have a scholly tax bill of ZERO (because the $10k falls below the  'you owe Uncle Sam' level), and then only get taxed on the bonus income when it rises above about $25,000.

or...

You can go to Duke, have a tax bill of $15,000 just on the $70,000 scholly, and try to mitigate it with endorsement income, which you'll also be taxed on. 

And if you hurt your knee or don't start and you stay on scholly? At IU you stay on in-state scholly with no tax bill, out of state you have the scholly tax bill and no endorsements.

Will also be a big help to Texas, Illinois, Penn State, Minnesota, any basketball hotbed big state school.

 

Hadn’t thought about it like that. I support this legislation. 

[coonhounds]

I wonder if it has more to do with the FBI cases as a way to not completely annihilate multiple programs. That was my first thought. Hope I am wrong.


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I hope your wrong also but I thought of that. I love college basketball but this obvious cheating without big names getting hammered is bs

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[Brass Cannon]

So I got a great idea for a commercial. Something along the lines of

Ken Nunn

Your case being a slam dunk and Ken asking Dawson to verify its a slam him being an expert and all

[Lebowski]

From what I understand this is just a delay tactic of the inevitable.  Because there's already several state and one federal legislation (google Mark Walker NCAA) bills in the works.  

What it will likely do for me is be able to purchase EA NCAA Football again!  WOOOOOOOOO!

[Deserthoozier]

23 hours ago, KzooHoosier82 said:

I honestly don’t know but if there are zero perimeters around how much a kid can make on “his likeness” then there’s no way to ensure that’s even what is going on. This looks like shoe companies and boosters will be able to funnel top talent to the school of their liking and that would be a disaster for the sport. 

And this is different from current day how? If nothing else, it will surface the pay outs, and even the playing field for those trying to do the right thing from not even entering the game. The rich (blue bloods) likely to continue to dominate - but at least folks won’t feign integrity from them. Folks will/should know who is getting paid where.

[Loaded Chicken Sandwich]

And this is different from current day how? If nothing else, it will surface the pay outs, and even the playing field for those trying to do the right thing from not even entering the game. The rich (blue bloods) likely to continue to dominate - but at least folks won’t feign integrity from them. Folks will/should know who is getting paid where.

It’ll be legal. That’s how it’ll be different. It’ll be open news of what kids are being offered.


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[Deserthoozier]

Once this genie

51 minutes ago, Loaded Chicken Sandwich said:

It’ll be legal. That’s how it’ll be different. It’ll be open news of what kids are being offered.


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Exactly! Once the genie is out of the bottle, will be not be able to get back in. At least it will now be transparent to know how big of a payroll many teams have - and the market for talent can run above ground.  Other teams will see what it will take to pay to win. 

[DChoosier]

On 10/29/2019 at 4:34 PM, cthomas said:

I wonder what this might do to the internal chemistry of a team. If there's jealously now, I can only imagine what will happen when a teammate or two are making money and the others aren't.

Very good point. There were rumors last year (who knows if they were true) that there was friction due to the attention Romeo received. Just think of the potential friction a few years from now when a highly recruited freshman “makes” 100k+ per year while a fellow upperclassman starter, that works equally as hard,  makes nothing. Could lead to some internal issues.

That being said...something was bound to give. There is so much money sloshing around from TV contracts it was inevitable that some of the cash would flow to the players. It was not that long ago that coaches made decent/well above average salaries but now they are making 1-9 million a year. The schools, coaches, NCAA, etc are raking it in and now it is the players turn.

[pumpfake]

I say this only half-jokingly, but I can see kids going on future official recruiting visits with their parents and business manager/agent.  Maybe only a select few players will be making huge money, but promising a recruit they will make $10-20K off their merchandise would definitely be significant bargaining chip in the recruiting process.  I also have little doubt this will only widen the gap between the top 50 programs and the rest of the NCAA.

Finally, as mentioned above, if players are going to be making income from this sort of thing they absolutely should be paying income taxes and their scholarship should count as they are no longer amateurs.  Next step (like NU football tried) is forming a player's union.

[cthomas]

I don't see this leveling the playing field at all. If anything, I see the gap getting wider. If there is an attempt to cap earnings, under the table payments will just continue as usual. Without a cap, anyone with a lot of money can "hire" a player for endorsements from his favorite university. I think it will likely damage mid majors and the smaller schools in the long term the most. The line between professional and amateur athletes will no longer exist. Maybe it's time for a new sanctioning body and a reorganization of college athletics. On a side note, how long before this filters down to the high school level? 

[Hurryin' Hoosiers]

So if my kid is good at peewee ball, can he get paid? :)

[bigrod]

2 hours ago, iuswingman said:

So if my kid is good at peewee ball, can he get paid? :)

Yes, but you can't claim him as a dependent anymore :)

[Hurryin' Hoosiers]

He could claim me as a dependent lol

[Alford Bailey]

2 hours ago, cthomas said:

I don't see this leveling the playing field at all. If anything, I see the gap getting wider. If there is an attempt to cap earnings, under the table payments will just continue as usual. Without a cap, anyone with a lot of money can "hire" a player for endorsements from his favorite university. I think it will likely damage mid majors and the smaller schools in the long term the most. The line between professional and amateur athletes will no longer exist. Maybe it's time for a new sanctioning body and a reorganization of college athletics. On a side note, how long before this filters down to the high school level? 

This^