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Signed to CU '24 DC OT Jordan Seaton
- Thread starter WasianCU
- Start date
I think the true charitable basis of many of the NIL collectives could be challenged here in the near future.
To be tax deductible, NIL collective must have 501(c)(3) status, which states that they exist to support charities, when in fact, seems highly questionable.
I think this is wrong doing and not the intent of tax-free charity status to begin with. Perhaps @BuffDog (or regularly featured free-advice spewing CPA) can weigh in?
FIFY.
It's ludicrous that anyone can honestly say that their donation of $2.5 million to pay a football player to attend their school should be tax deductible.
If you're Seaton though, and he really is what everyone says he is, which I'm sure he believes anyway, don't you have a little more luxury than say a guy who may or may not end up being an NFL draft pick?
I mean, Seaton's projected already to be a first round pick when he goes pro, and it's not like CU's not offering him anything. He's going to be comfortable no matter what, with enough left over to able to help his family out too.
Seems he could follow his heart and play for Prime and Loadholt, forestall the big money for a few years, then sign a first round contract and be doing great either way.
I have to believe that the only reason he's considering Maryland is the bag, otherwise he'd have already signed.
I mean, Seaton's projected already to be a first round pick when he goes pro, and it's not like CU's not offering him anything. He's going to be comfortable no matter what, with enough left over to able to help his family out too.
Seems he could follow his heart and play for Prime and Loadholt, forestall the big money for a few years, then sign a first round contract and be doing great either way.
I have to believe that the only reason he's considering Maryland is the bag, otherwise he'd have already signed.
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Flat_Iron_Rising
Homebrew & Prime Time = HEAVEN
Oh, I've noticed. I just think the whole thing is ludicrous.
I think Primes pitch goes beyond "NFL over NIL". I read somewhere that the big NIL money is expected to transition from mostly coming from collectives, to mostly coming from endorsements as all of this matures. With all the attention Prime brings to Colorado, I would think that the opportunities for income outside of a collective are going to be much greater for someone at CU than most places. I think that is a strong selling point.
It is, but that has to come to fruition and kids have to see it happening with more than just Prime's kids and Travis Hunter before they choose that route over a seven figure cash deal that's basically only dependent on staying at said program.
I think Prime is ahead of the curve here, but how long will it take for the collectives to become less relevant? Will Prime still want to coach by then?
Potential for career ending injury is the driver here for kids getting decent financial advice. Can a frosh in college even get a 7 figure policy from Loyd's?
Not my area of expertise but I agree with your summary. The entity would need to have a charitable purpose. Payments to a player direct from a business like an auto dealership for NIL purposes would be pretty straightforward. Advertising expense to the business and taxable NIL self-employment income to the person providing the NIL services. Hopefully they don't forget to file your return and pay your taxes before spending it all.
Lloyd’s will insure most anything, but they’ll plan for and get a high return. Ain’t nothin free.
These young men are going to get another kind of education altogether.
And you have to really understand the fine print with Lloyds policies. I mean really.
He'll lose half that money paying for the policy.
Thanks. I forgot about that.
Obviously this means we got him and it's not an engagement ploy
nepbug
Well-Known Member
Is this where I use the eyes emoji?
Got the elite recruiter confirmation. Book it
If so and he was always 100% CU but playing with us all to make himself the most talked about recruit this year, then fvck my feelings I may have had as I was being jerked around. Kudos, Mr. Seaton. Genius. Besides, at the end of the day, CU getting over on everyone is on the short list of things that don't make me feel dead inside anyway.
