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re: Former Gator Gervon Dexter files lawsuit over NIL deal
Posted on 9/6/23 at 7:26 pm to MetroAtlantaGatorFan
Posted on 9/6/23 at 7:26 pm to MetroAtlantaGatorFan
quote:
Don't throw the baby out with the bathwater just because of 1 dumbass player. Besides, players had already been getting "paid" for decades long before NIL
NIL is a whole different ballgame. Going to be a lot more of these stories coming out from across the country. Feels like we’re in 2006, just waiting for the inevitable 2008 NIL crash.
1
Posted on 9/6/23 at 7:28 pm to Firegolding
Well that's the fault of grown arse adults being stupid and not NIL.
Posted on 9/6/23 at 7:29 pm to MetroAtlantaGatorFan
quote:
This was back when some Miami grad who is friends with John Ruiz managed our NIL. It's no surprise that recruiting got much better once he "volunteered" to step down. Darren Heitner.
Was he getting a kickback?
Wouldn't be shocked if the Rashada deal was similar
Seems like a sleezeball
This post was edited on 9/6/23 at 7:41 pm
Posted on 9/6/23 at 10:08 pm to bigDgator
When I first read the article, I figured it was a loan to be paid out over 25 years of all NFL earnings. That at least would make some financial sense. For instance, a 25 yr mortgage for $450K @ 6% would require the lendee to re-pay a total of $870K. That amount would be 15% of $6M in NFL income. As a college player going into his last year with no certainty of getting a $6M rookie contract, much less sticking around 4 years to earn it, that would not have been a bad deal.
That is all mute as the ESPN article alludes to contract language requiring that he pay the 15% off the top of every check. If that is indeed the payment schedule, that was probably not the best decision in hindsight, but it wasn't insane. He still has to earn $3M (roughly two years of game checks) for the NIL company to break even over a three year period as the deal was done over a year ago.
Again, not the smartest decision, but hindsight makes this look worse than it did when the deal was signed. And if gets cut after one season, he looks like a genius.
That is all mute as the ESPN article alludes to contract language requiring that he pay the 15% off the top of every check. If that is indeed the payment schedule, that was probably not the best decision in hindsight, but it wasn't insane. He still has to earn $3M (roughly two years of game checks) for the NIL company to break even over a three year period as the deal was done over a year ago.
Again, not the smartest decision, but hindsight makes this look worse than it did when the deal was signed. And if gets cut after one season, he looks like a genius.
Posted on 9/6/23 at 10:12 pm to Windy City
quote:
They will burn in hell along with all the other shylock predatory lenders, but the court system seems to back them to some extent until that day.
I joke that SEC Rant is the sports spinoff of Stormfront but sometimes it’s just too on the nose, folks.
Posted on 9/6/23 at 10:34 pm to bigDgator
These guys get in just as much of a financial bind over some mid grade arse. Par for the course
Posted on 9/6/23 at 10:43 pm to TheDeathValley
quote:
So as long as he makes less than $2,909,900 over the next 25 years, than he will be positive
25 years might as well be 2500 years. No one has ever had a 25 year NFL career. But yes, if none of his salary was guaranteed he would have had to make ~$3M in game checks for the NIL company to break even, or roughly two full years in the NFL. And even at that point, the player had a three year interest free loan.
However, his rookie deal is guaranteed for $3.6M in signing bonus and salary, so at this point the NIL company was made whole (plus ~$90K) the minute he signed his rookie deal. Even if you consider that $90K as interest, he would need to play into year 3 for the NIL company to see a decent profit on what was essentially an un-secured loan on spec.
But realize, there was no guarantee he wouldn't get hurt his last year at Florida, or drop to round 4-5 in which case we would be ridiculing the NIL company at this point.
LINK to contract terms
Posted on 9/6/23 at 10:56 pm to MetroAtlantaGatorFan
quote:
Well that's the fault of grown arse adults being stupid and not NIL.
Is it though? Even a few weeks before the draft, Dexter was projected as a 4th round pick. It is only because he went in the 2nd round that this is even a story. Dexter looks pretty damn smart if he had gone in the 4th round as projected.
Dexter draft projection
Posted on 9/7/23 at 5:08 am to Saskwatch
quote:
It's about what I would expect from a high school or middling college student. Problem is that many don't have a clue due to the fact they are dumbasses who never paid attention in school and to the teachers who tried to help them
FIFY
Posted on 9/7/23 at 5:18 am to Basura Blanco
quote:
Is it though? Even a few weeks before the draft, Dexter was projected as a 4th round pick. It is only because he went in the 2nd round that this is even a story. Dexter looks pretty damn smart if he had gone in the 4th round as projected.
Exactly.
This story would have never been written if he ended up as a free agent and was out of the league in 2 years.
No media writes “Company X lost 350k on a player deal”.
It’s ALWAYS .. “poor player got taken advantage of by mean cruel guys”.
Posted on 9/7/23 at 5:25 am to bigDgator
I mean, did kids not read what they signed?
Posted on 9/7/23 at 6:42 am to Basura Blanco
quote:
And if gets cut after one season, he looks like a genius.
that money is looooong gone. He’s no genius. He spent that on a Charger, Alcohol, drugs and Hoes. He’s suing because he blew all that money and now realizes he will have to play in the NFL but only take home enough money after taxes, fees, expenses to live in a shitty as 900sq ft apartment in the hood of Chicago
Posted on 9/7/23 at 7:23 am to bigDgator
Knowing what he knows today, put him back in that situation and I’d say it’s 70/30 he takes the quick money again.
The other side of this took a gamble that paid off. Dexter could have gotten hurt or sucked at the combine and would have won the gamble but been worse off. He simply made a hedge bet that it turned out he didn’t need, just like most insurance policies. Pay up buttercup.
The other side of this took a gamble that paid off. Dexter could have gotten hurt or sucked at the combine and would have won the gamble but been worse off. He simply made a hedge bet that it turned out he didn’t need, just like most insurance policies. Pay up buttercup.
This post was edited on 9/7/23 at 7:25 am
Posted on 9/7/23 at 7:47 am to TouchdownTony
quote:
Good. I want this NIL shiteshow to be shown for exactly what it is.
As the link earlier in this thread demonstrates, this is a thing outside of nil. It's an organization that preys on young athletes.
I also highly doubt it's written as a loan contract.
Posted on 9/7/23 at 8:01 am to BhamTigah
quote:
Knowing what he knows today, put him back in that situation and I’d say it’s 70/30 he takes the quick money again.
I would tend to agree, but I truly believe he blew through $435k acting like the king of campus and no longer has that money. Now he is having to live off a small chunk of what he will be making.
With that in mind, I believe, well...HOPE, he would not make the same decision
Posted on 9/7/23 at 11:55 am to IT_Dawg
quote:
that money is looooong gone. He’s no genius. He spent that on a Charger, Alcohol, drugs and Hoes.
What's your point as it relates to it being a bad business decision? Assuming he did what you said he did, how does that make the $450K upfront stupid? If he was going to do all that shite a year ago, he would've done it now. From a purely business perspective, getting cash while in college was not a bad call. It certainly didn't ruin his NFL prep as he did well enough at the combine and pro day to move from a projected 4th round to 2nd round pick.
What's ironic is that move up is the only thing that makes this entire deal look bad.
Posted on 9/7/23 at 1:04 pm to Basura Blanco
quote:
What's ironic is that move up is the only thing that makes this entire deal look bad.
Perhaps he invested the money in training for the combine, which actually makes it a remarkable investment.
Posted on 9/7/23 at 1:10 pm to bigDgator
quote:
Here is a video he made with his GF.
That was actually pretty cool. I loved that they not only gave food to homeless folks but also treated them with respect.
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