Are NIL's binding signed contracts or just verbal agreements with a handshake?
If in writing do they do bait and switch in the fine print or just have better shysters in the recruiting?
This really bothers me because I hate liars and bullies.
I do wonder with these NIL deals how many of these athletes get representation that can at least read, understand, and interpret any written agreement for them, and also be available to litigate should there be a breech by the person or entity promising X amount of dollars.
I'm thinking your folks like (obviously the first one because family has money) Arch Manning and Caleb Williams, who are being promised HUGE sums, have that sort of legal representation. But if you're someone being promised $250k, and you come from a family and situation with barely anything, having some lawyer some in and review contracts and such for a fee of 1/3 of your earnings is a significant ding in money you and/or your household could use. That $250k becomes $166,666.67. Oh...and then I'm sure Uncle Sam is going to need his "fair share". You're possibly down to about $150k net once that happens.
I can see alot of athletes and whomever parents or relatives they have helping in those situations deciding that they're not giving up $83k in that scenario. A family member maybe gives that agreement a second pair of eyes, then it's signed. Or no agreement signed. Take them at their word, handshake, and you enroll at the school.
It may, in a few cases, whether one or both parties want a paper trail. If you’re going to school and your scholarship is partially on a grant, 100k messes that up. Not to mention income tax.
And, though I’m assuming every NIL contributor is squeaky clean, I can envision a Walter White situation could be out there at some point.
A competent legal opinion on a contract isn’t necessarily or likely to cost anything like a third. Now if there’s a breach, then that’s something altogether different and generally going to cost percentage and expenses.
As for his leaving, not sure of the circumstances but he should have told coaches much sooner if he wasn’t sure if he’d stay for the NIL we could offer at that moment. Just be honest. If he was then good luck going forward.
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