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re: Loyola Marymount to cut 6 sports in response to NIL
Posted on 1/27/24 at 8:42 am to STATEofMIND
Posted on 1/27/24 at 8:42 am to STATEofMIND
I was shocked they had agents. I thought this was still a violation.
0
Posted on 1/27/24 at 8:48 am to Themicah86
Wait until the trannies take the other slots.
Posted on 1/27/24 at 8:49 am to STATEofMIND
quote:
This makes sense. I just didn’t know if it was being labeled as “charitable gifts,” “nonprofit cost,” or “payroll.”
IIRC NIL is considered taxable income filed under self-employment tax status. Not sure how the Jock tax is being applied but I assume their financial advisers/agents are dealing with that.
I would be curious as these athletes sign a NLI to get a guaranteed scholarship offer to attend the college they pick. Could the NLI still be signed to enforce a roster spot and hold the player committed without a financial dollar(scholarship) being included with the NLI. Meaning the NLI is a binding contract we currently have but guarantees a financial scholarship, but if players are receiving a NIL package worth more than needed to attend a university could the NLI be created to still be binding but yet not be an 85 counter (no scholarship) so technically a school could offer more financial scholarships with a larger roster?
This post was edited on 1/27/24 at 8:51 am
Posted on 1/27/24 at 8:51 am to TideWarrior
10 years?
Look what’s happened in the last 3 years
It will be quicker than that
Look what’s happened in the last 3 years
It will be quicker than that
Posted on 1/27/24 at 8:55 am to STATEofMIND
quote:
Unless they do something about this then this is about to become an avalanche towards the destruction of college sports that do not turn a profit.
Posted on 1/27/24 at 8:58 am to TideWarrior
Auburn’s NIL collective withholds the taxes for the players. I assume they all do that.
Posted on 1/27/24 at 9:01 am to STATEofMIND
quote:
about to
That avalanche has been rolling for some time
Posted on 1/27/24 at 9:02 am to STATEofMIND
quote:
We all know before all this people did $500 handshakes and cars would mysteriously appear in driveways. With things being “documented” with NIL are the players not having to pay taxes on all this shite? You would think the IRS would be having a hay day with targeting players, schools, a
They are paying taxes on it all
Posted on 1/27/24 at 9:08 am to TideWarrior
What happens when will the cost of the "scholarship" is considered imputed income?
Posted on 1/27/24 at 9:09 am to STATEofMIND
quote:
destruction of college sports
Would be a good thing tbh. I spend way too much mental energy on kids playing games.
Posted on 1/27/24 at 9:09 am to jonnyanony
quote:
They are paying taxes on it all
Guarantee there’s some money laundering going down.
> Unregulated millions
> money being used for actual pay for play
> ADs/NIL for each school both using the same big donors & sponsors
> nobody even discloses what these NIL budgets actually look like, and when they do we’re just taking their word for it
> slimy agents
> bunch of 17 year olds
No way all of this is clean
This post was edited on 1/27/24 at 9:17 am
Posted on 1/27/24 at 9:18 am to jonnyanony
quote:
They are paying taxes on it all
You think these kids are claiming this money at year end? I'm not talking about the million dollar quarterback. I'm talking about the 75000 defensive end that's a solid starter but not a star.
Posted on 1/27/24 at 9:43 am to Themicah86
The schools that don’t make money off of football or men’s basketball will
drop most of their athletic programs. Can football survive without using the
colleges as the farm system ? I doubt it because of costs unless the NFL heavily
subsidizes the product. Basketball probably can, baseball and hockey have their own farm system, and soccer has minor leagues.
drop most of their athletic programs. Can football survive without using the
colleges as the farm system ? I doubt it because of costs unless the NFL heavily
subsidizes the product. Basketball probably can, baseball and hockey have their own farm system, and soccer has minor leagues.
Posted on 1/27/24 at 9:54 am to DeathByTossDive225
quote:
Guarantee there’s some money laundering going down. > Unregulated millions > money being used for actual pay for play > ADs/NIL for each school both using the same big donors & sponsors > nobody even discloses what these NIL budgets actually look like, and when they do we’re just taking their word for it > slimy agents > bunch of 17 year olds No way all of this is
clean
This x1000. Everybody is wondering where all this NIL money is coming from.? These guys putting millions into college athletes Know exactly what the frick they’re doing and spoiler alert, they ain’t doing it for a five star that may or may not pan out and their team may or may not win one or two more ball games.
This post was edited on 1/27/24 at 9:56 am
Posted on 1/27/24 at 9:55 am to SoFla Tideroller
I've preached for 2 or 3 years that this is going to happen. I also have asked... what if the demise of college football was actually the long term intent all along.
Posted on 1/27/24 at 9:59 am to BCreed1
quote:if college athletes are employees, aren't high school athletes employees?
When they rule that they are employees, all costs is going up too.
Posted on 1/27/24 at 10:07 am to Crimson Wraith
Posted on 1/27/24 at 10:11 am to Gray Tiger
quote:
What happens when will the cost of the "scholarship" is considered imputed income?
If they become/classified as employees a scholarship would be considered imputed income but probably relabeled not scholarship at that point.
Something these kids think they want but when the IRS comes calling who are just waiting at the gates for the Dept of Labor to reclassify them as employees these fringe benefits along with Jock tax and other items they did not realize are going to be a nightmare for athletes in sports that do not generate NIL deals like football and basketball.
75% or more of college athletes if get labeled as employees will be in the hole each year for back taxes.
Posted on 1/27/24 at 10:12 am to Purple Spoon
The biggest reason NIL invites laundering is just the fact that it’s a mislabeled extension of Athletic Department donations.
At the end of the day, it’s a lot of money coming from the same place & people just moving it around.
So… the books have all been shady from the jump. Nobody is gonna convince me that the tax filing is all on the up & up. NIL was a poorly conceived loophole.
At the end of the day, it’s a lot of money coming from the same place & people just moving it around.
So… the books have all been shady from the jump. Nobody is gonna convince me that the tax filing is all on the up & up. NIL was a poorly conceived loophole.
This post was edited on 1/27/24 at 11:46 am
Posted on 1/27/24 at 10:15 am to Rebelinexile
quote:
The schools that don’t make money off of football or men’s basketball will
drop most of their athletic programs.
Not all the female non generating sports because of Title IX
Plus for women basketball, tennis, gymnastics and volleyball I believe are still head count sports which is needed to help with Title IX
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