NIL and the IRS

Not sure the IRS has the staff for it. Maybe some of the super high profile guys but they will probably be more set up to know what to do since they'll have big time agents.

I doubt the IRS is going after many low six figure income people these days.
 
I imagine there’s someone helping these kids. Putting them in jail for tax evasion isn’t good for anyone.
 
00Burdell said:
I'm sure the kids are going to get 1099'd next January. The folks paying out know how this game is played. The kids taking in the NIL are in for a big surprise.
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I can just about guarantee you they will get 1099s. That’s the way the world works. Then they might get a double whammy from self proclaimed tax experts
 
justafan said:
Don't worry, people will get fed up with this new "college" football. And none of this is good for society, bad things will happen and there will eventually be a reaction
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I also believe that something will eventually happen. The combination of Transfer Portal and NIL have made a mockery of the sport. I just don’t know what can be done.

Could the NCAA basically close the transfer portal and go back to requiring players to sit out a year? Freshman recruiting would still be a joke but at least it would limit the free agency component.
 
gtphd said:
I also believe that something will eventually happen. The combination of Transfer Portal and NIL have made a mockery of the sport. I just don’t know what can be done.

Could the NCAA basically close the transfer portal and go back to requiring players to sit out a year? Freshman recruiting would still be a joke but at least it would limit the free agency component.
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There will eventually be a CBA and multi-year contracts. It will be a professional sport and have all the rules that make professional sports work.

I don't believe that it will ever go back to the (semi) amateurism of before, because I don't believe the administrators, coaches, etc., are willing to give up their seven figure salaries that come from the billion dollar TV contracts.

And it's simply not tenable to operate the entire sport like a billion dollar business while writing down and enforcing a price fixing system to ensure players can't get their market value. It took a while but that toothpaste is out of the tube and it's not going back in.

I'm sure the CBA will not look exactly like those of other sports since there will need to be provisions for non-revenue generating sports, but it's coming in some form.
 
andrew said:
There will eventually be a CBA and multi-year contracts. It will be a professional sport and have all the rules that make professional sports work.
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I’ve always thought that would make a good model. Teams can offer a 1, 2, 3, or 4 year contract. If you sign a multi year contract, you can’t transfer or go to the NFL until it expires.

The 5* guys will insist on a series of 1 year contracts, but the high 3* guys will have to choose between a lower school’s 4 year offer and a higher tier school’s 1 year offer.

Just need some way to ensure players continue to train and practice under a multi year contract.
 
Nehru Jacket said:
College is supposed to prepare young people for real life. Paying taxes is a real life experience that we all deal with, so they should also.
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Aren't most of these guys in MGT classes? Doesn't GT teach such things in MGT anymore?
 
Uncle Mike said:
When do you think the IRS will start the crackdown? Way too many millions of dollars going out to kids that have no clue about paying taxes.
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Schools will pay money to people (salary or some other form) to basically handhold guys through classes (when they aren't flat out doing the work for them). You think schools won't provide or pay for accountant assistance in some form?
 
gtphd said:
I also believe that something will eventually happen. The combination of Transfer Portal and NIL have made a mockery of the sport. I just don’t know what can be done.
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I feel bad for the current generation of college kids. NCAA football used to be so entertaining, just as exciting as March Madness. There would be enough upsets on Saturdays that would keep you on your toes about who was going to make it to the end of the season. You would be lucky if your team had a 2-3 year streak before they would fall back to the rest of the pack and you'd have to wait it out a few years for the cycle to come around again. It is kind of ironic that the NFL used to be the boring league while college had the exciting offenses but now college is purely "my players are better than yours" and no one does anything innovative anymore.

I have always enjoyed watching GT games, even when they stink, but I have no illusions that Key is going to have them in the playoffs competing with the factories. It's all a money game now and GT just doesn't have the money that those schools are able to spend. As many have said, something is going to break eventually but it doesn't seem to be happening quickly. I would think the TV people are going to pressure these schools for better games but who knows.
 
Tampa Jacket said:
NIL is terrible. The great sport has been ruined.
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It’s not amateur football anymore. The NFL refused to create a developmental league, letting college ball do that for them. The money finally crept into college ball and ruined it.

NIL wouldn’t be so bad if the schools had to stay out of it and NIL was a deal between a company and a player, and if a company could use only 1 player at a time in its marketing plan. Then only the best would get offered anything and it would be fairly modest. Or if a player could shop himself around. IMO, this is how is should be.
 
ibeeballin said:
but Dabo & Kirby $11m off the backs of these young men is acceptable?
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Where did he say, or even infer, this? However, coaches are professionals. Players used to be amateurs, for the most part. So, instead of reigning in the illegal money, the NCAA just rolled over for the factories which finally led to lawsuits and the establishment of NIL.

It might have helped if the AA's actually had functioned under the general budget of the universities and had to pay coaches in accordance with university personnel policy. There would have been recourse for keeping coaches' salaries at a reasonable level.
 
stinger78 said:
Where did he say, or even infer, this? However, coaches are professionals. Players used to be amateurs, for the most part. So, instead of reigning in the illegal money, the NCAA just rolled over for the factories which finally led to lawsuits and the establishment of NIL.

It might have helped if the AA's actually had functioned under the general budget of the universities and had to pay coaches in accordance with university personnel policy. There would have been recourse for keeping coaches' salaries at a reasonable level.
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There was never anything illegal about paying players. It was a rule put in decades ago by men who are long dead.

The game has changed. Bill Curry was making around $40k something as HC of GT when he was first hired. The game is monetized now. If you want the old days, you're gonna have to follow D3 or something
 
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