OT: NIL Deals more than $600 must be approved

[HuskyWarrior611]

Seems like a big deal. Does this help straight up bag drops that happen in recruiting?

 

[HuskyWarrior611]

 

[brihman]

So lots of 599 dollar bags are coming

 

[navery12]

The chances of this being enforced are as good as the chance UConn offers me the new 15th scholarship that can be offered

 

[Drame]

Payments $600 and over contractors need to be reported to the IRS. So the NCAA is saying for the purposes of NIL, players will be deemed contractors who have an agreement with the NCAA. Since players will be "working" under the NCAA umbrella, the NCAA is responsible for accounting and reporting payments. It actually can be viewed as a streamlining so the players dont have to deal with accountants and making sure the contracts are legit etc. Right now Im sure nothing is being done by the books and the players could be in for a rude awakening with the taxman. Doesnt seem so outlandish what the NCAA is asking.

 

[upstater]

Payments $600 and over contractors need to be reported to the IRS. So the NCAA is saying for the purposes of NIL, players will be deemed contractors who have an agreement with the NCAA. Since players will be "working" under the NCAA umbrella, the NCAA is responsible for accounting and reporting payments. It actually can be viewed as a streamlining so the players dont have to deal with accountants and making sure the contracts are legit etc. Right now Im sure nothing is being done by the books and the players could be in for a rude awakening with the taxman. Doesnt seem so outlandish what the NCAA is asking.

WHy is the NCAA involved though? The contracts are between the payer and the students. Also seems to be an attempt to skirt taxes.

 

[HuskyWarrior611]

Payments $600 and over contractors need to be reported to the IRS. So the NCAA is saying for the purposes of NIL, players will be deemed contractors who have an agreement with the NCAA. Since players will be "working" under the NCAA umbrella, the NCAA is responsible for accounting and reporting payments. It actually can be viewed as a streamlining so the players dont have to deal with accountants and making sure the contracts are legit etc. Right now Im sure nothing is being done by the books and the players could be in for a rude awakening with the taxman. Doesnt seem so outlandish what the NCAA is asking.

Thanks for this response. I’m really hoping the NCAA can get this kind of thing sorted out eventually. Good to hear a perspective about how this may actually be able to work.

 

[upstater]

This is beyond BONKERS!!! NCAA settlement details payouts, revenue sharing

$33m revenue shared with athletes? And some schools are already losing $30-40m a year? And Kessler gets to audit every college's books to make sure they are complying with the payouts in revenue?

Insane.

This annual loss in revenues doesn't even take into account the debt service on facilities.

Some schools are now in the business of losing $90m a year. How is this sustainable?

 

[Yardigan]

The chances of this being enforced are as good as the chance UConn offers me the new 15th scholarship that can be offered

Sorry, I already claimed that one. I decided to forego the $599 in exchange for the great seat at games.

 

[NowInStorrs]

What if they give you $500 NIL deals every week?

 

[pj]

The chances of this being enforced are as good as the chance UConn offers me the new 15th scholarship that can be offered

Your NIL demands too high? Your helicopter father too intrusive?

 

[Huskyforlife]

599 dollars per instagram story post.

 

[HuskyWarrior611]

599 dollars per instagram story post.

That’s a lot of instagram posts to get to 6 figures lol

 

[navery12]

Your NIL demands too high? Your helicopter father too intrusive?

They met my $12M NIL demands and offered my father an associate head coach position, but unfortunately balked at making my dog the official mascot for half the home games

 

[Huskyforlife]

That’s a lot of instagram posts to get to 6 figures lol

Post one story every day for one year, 218k. Imagine how funny it would be if a kid posted the same ad every day, for a year, with slight altercations?

 

[microfich]

Post one story every day for one year, 218k. Imagine how funny it would be if a kid posted the same ad every day, for a year, with slight altercations?

Mistakez ken bee phunny.
If you're older than dirt, this is Norm Crosbyesque at its best.