Another great question. I would imagine contracts might become more public in the near future.
Myles Colvin Offered Pro Contract
- Thread starter AAE09
- Start date
Do they actually make any money by hitting though or do they just get their loan back from that player? I mean, ultimately, they need people to watch this for it to make money I would think. Bezos could certainly afford to fund this for however long he wants to but I doubt he's planning on making it a personal charity. The goal probably is to develop it into something that is self-supporting or better.
Yes, that’s it. It’s an encumbrance/claim on future earnings.
So if you make enough, they retain a claim on future earnings even past the point of repayment? Why would you sign up for that?
Can’t imagine why Rosey Colvin’s kid would want to do that.
Guess it is like a forward contract where you are betting on future upside with a minimal exposure to downside - $500k. Spreading the risk across a dozen or so guys and you have one hit so that upside negates the losses elsewhere. If your worth a billion it doesn’t matter.
I believe watching the product is just a bonus for this league. Any marketing revenue has to be looked at as minimal. They know the numbers from other leagues. To me, it's similar to flipping a house. You invest $600k in a property that has a high probability to give you a good return in 1 -2 years.
I can't believe most investments will reach $600k so the risk is minimal to an investment group like this. I think for a lot of players, the idea that they can get paid up front and, potentially, only have to pay back money made on future contracts would be very attractive. They are betting on themselves with someone else's money that has faith in their success.
I guess it's all in the contract language in how long it takes and how much to pay back in whether it's attractive.
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Some of the players they go after come from terrible situations. $500K sounds like an enormous number. These players are 16-18 years old. They may not be financially savvy at that age. The people surrounding them are not likely financially savvy either.
Rosie and his family are certainly on the opposite end of the spectrum. I think they see right through this scheme.
The only way I take that offer as a player is if I'm relatively sure I will never make the NBA either because I don't think I'm good enough or because I don't really want to. I just don't see many top twenty talents signing over 5% of all future earnings, for example, in exchange for 300-500k up front. And if this league isn't getting the cream of the crop, fewer will make the NBA which appears to be a driver of their revenue AND it's one fewer reason to watch than what they started with which is already insufficient I think. We will see. Bezos isn't dumb. I don't think I'm getting the full picture of this plan because from my understanding it seems like it would have no chance of success.
We don’t know the cut these “sponsors” get for sure, but I bet it’s more than 5%. It wouldn’t surprise me if it’s closer to 15-20%.
It also seems odd to me that a minor could even legally make such a decision to enter into a binding contract for the rest of their lives.
The minor would likely have to get a parent/guardian to sign off on it.
Beware the small print, where angels & wise men fear to tread, but vultures & ambulance chasers are always lurking. If these young men are going to gamble their futures, better to go to Vegas. I doubt Myles falls for the bait. He can keep that money, if he is as good/becomes as good as they/most think he is. Patience is a virtue.
It surprises me that it's legal for a parent/guardian to sign away a minor's entire future. Many bad parents out there that would take that 200k up front and use it for themselves and make their child pay for it for the rest of their lives.
If something is signed prior to a player actually being in the NBA, that document is legally binding. What you’re talking about is for contracts signed by players for the G-League or the NBA. This isn’t that.
You’re getting into legal philosophy too much. A parent/guardian is responsible for the minor. The player AND the parent/guardian both sign. The parent/guardian’s signature makes it legally binding. Parents/guardians sign documents for minors all the time.
How is it getting into too much legal philosophy to question how a parent can sell off a percentage of their child's entire adult career earnings? Where's the line? If someone offers them 750k for 50% of all future earnings, is that ok? 80% of all future earnings? I'm no lawyer but I don't think a parent can sell their minor child into indentured servitude that lasts into adulthood. Maybe I'm wrong but I'd be surprised.
So this would just be a cut of their future endorsement earnings, and not their future NBA salary?
When the child turns 18, they are not bound to a contract that was signed by a third party, even a guardian, when they were 16 or 17. Something is missing here. But any way you look at it, it makes Bezos et al. appear to be exploiting families who are in bad situations.
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"... bad situations." or unaware/unprepared &/or assuming the new league has the best of intentions for/regarding them. One thing is for sure, if the offer to Myles is/was for mostly a marketing/advertising purpose, it looks to have worked pretty well about now (almost free advertising).
'There's a good reason the fine print is fine'
Just say no
Ancient One
I wonder what the dialogue is between the staff and the Colvins. Is he still “committed”?
Looks like he got invited to participate in the USA U18 team tryouts.
I would absolutely encourage my kids to sign up for this. But their chances of making money from playing professionally is close to 0%.
if my kids were a top prospect, and money is not an issue, college is clearly the better choice. This is the position the Colvins are apparently in.
Exactly. The type of kid that would usually sign up for this deal is the type of kid they aren't going to make any money off. Again, I think my understanding of this arrangement has to be off because Bezos is smart and this setup sounds anything but smart as I currently understand it.
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I tried to read up on this league - seems like the people most hurt by this will be prep schools. It seems like they are going to take a risk on a number of kids and train/condition them like they are pros. They will divide them into teams and play games and make money and work to get them endorsement deals
So Colvin has been offered a contract before a former Boiler player who spent last year focusing on the draft has.
Would like to say I did not see that coming, but guess it's more of a matter of not seeing it coming nearly that fast.
Would like to say I did not see that coming, but guess it's more of a matter of not seeing it coming nearly that fast.
Sounds kind of predatory.
That’s Painter putting in the extra work.
I love it that his profile reads:
Myles J. Colvin
@mylesjcolvin
6’5 Guard • 6’9 Wingspan • 3.57 GPA
Sounds like he has turned down that offer.
$500,000 just ain't what it used to be.
Especially when it ain’t cash on the barrel head.$500,000 just ain't what it used to be.
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