UConn NIL Opportunities? | Page 2 | The Boneyard

UConn NIL Opportunities?

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OGinsider said:
HOW DARE THESE KIDS MAKE MONEY OFF THEIR OWN NAME!!! Just the idea of college athletes making money in sometimes the peak of their careers angers me!!!
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That wasn't his point at all. It is going to be interesting to watch what happens - because there will be positive AND negative impacts for lots of people. The landscape will shift for sure.

When PT not only impacts your future possible professional career but also your day-to-day lifestyle...
 
HartfordHank said:
What is the reaction in the MBB locker room when one or more of the woman on the WBB team are pulling in more cash than anyone on the MBB team?
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Here’s the reaction…

-> “Players like Paige, they deserve to be paid off for their image and likeness,” Tyler Polley said Wednesday. “For everything they do for the university, for women’s sports what she’s doing. So players like that definitely deserve it.

“I mean, every athlete deserves it, for real. But especially players like that. So this is a long time coming. She’s gonna make a lot of a lot of money, man. Paige is amazing.”

Polley, standing outside Werth Family UConn Basketball Champions Center, grinned as he contemplated Bueckers’ earning power.

But he pointed out what NIL activity is really about. For every Paige, there are thousands of Tylers.“Just for your average player, too, they can make some bread,” Polley said. “So it’s great. It’s great.” <-
 
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Please for the love of God, can these schools employee an accountant to make sure these kids do their taxes. I can't wait for "xyz is ineligible because of failure to pay back taxes"
 
polycom said:
Please for the love of God, can these schools employee an accountant to make sure these kids do their taxes. I can't wait for "xyz is ineligible because of failure to pay back taxes"
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I had a job at a supermarket when I was 16 and still remember being handed my first W2. My boss told me to show it to my parents. It's not rocket science, everyone has to learn sometime.
 
metsfan2323 said:
I had a job at a supermarket when I was 16 and still remember being handed my first W2. My boss told me to show it to my parents. It's not rocket science, everyone has to learn sometime.
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Yes, but.....

The athletes won't be hired as employees at companies, they'll be 1099's or similar and what can be deducted, expensed, depreciated, etc is something beyond what most HS and college kids can do themselves. Other consideration is state taxes. Kids from Florida, Texas and other states without any state income tax won't inherently know they have to file taxes if they earned income in CT.

I've had several posts on various threads over the past two months saying there will be players who lose eligibility because they got caught up with bad tax returns.

I would very much hope UConn's AD set up a system to help the players. Even basic stuff like using grad students to help with filing and basic stuff. Also would hope UConn has some undergrad classes players could take as an elective on financial literacy or financial strategies and make that elective mandatory for the athletes.
 
metsfan2323 said:
I had a job at a supermarket when I was 16 and still remember being handed my first W2. My boss told me to show it to my parents. It's not rocket science, everyone has to learn sometime.
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Yes because NIL is similar to your 16 year old $5 an hour job. I work for a major consulting firm and they give us a not insignificant amount of money to specifically to use on getting our taxes done, given that we earn income in a bunch of different states over the year. The same is going to happen for these players over time and if they screw that up that’s going to be a bad day for them.
 
polycom said:
Yes because NIL is similar to your 16 year old $5 an hour job. I work for a major consulting firm and they give us a not insignificant amount of money to specifically to use on getting our taxes done, given that we earn income in a bunch of different states over the year. The same is going to happen for these players over time and if they screw that up that’s going to be a bad day for them.
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I think you are grossly overestimating how complex their tax returns will be, "for the love of God" you are worried about nothing.
 
metsfan2323 said:
I think you are grossly overestimating how complex their tax returns will be, "for the love of God" you are worried about nothing.
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Do you personally know any pro athletes, influencers, people who don't have 9-5 jobs but make a good chunk of change? Their taxes aren't simple at all. But sure it'll just be like when you worked at Stop & Shop and made $5 an hour.
 
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polycom said:
Do you personally know any pro athletes, influencers, people who don't have 9-5 jobs but make a good chunk of change? Their taxes aren't simple at all. But sure it'll just be like when you worked at Stop & Shop and made $5 an hour.
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That’s what agents and business managers are for.
 
HuskyNan said:
That’s what agents and business managers are for.
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This is my point... players are going to need all these things to manage this pretty complex situation. Not all players are going to make the same amount of money so it'll be in the schools best interest to do what they can to give the players the resources to manage this.
 
Be interesting to see if UConn eventually head’s in this direction… a lot of moving pieces.

 
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