2ndGenBeaver
Sophomore
Posts: 1,837 
Grad Year: 1991 (MS/CS) 1999 (PhD/CS)
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Post by 2ndGenBeaver on Oct 4, 2023 13:26:02 GMT -8
Fascinating: kslsports.com/505679/utah-football-receives-2024-ram-trucks-in-nil-deal/"The 85 scholarship athletes for Utah football received 2024 Ram 1500 Big Horn trucks as part of an NIL deal with the Crimson Collective and FTW360 in a surprise Wednesday afternoon." At $45K per truck, that is over $3.8M, not counting insurance and what not.....the player does have to complete a service project however. I think the NIL genie is never going back in the bottle. Go Beavers! |
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Post by rgeorge on Oct 4, 2023 13:40:49 GMT -8
Fascinating: kslsports.com/505679/utah-football-receives-2024-ram-trucks-in-nil-deal/"The 85 scholarship athletes for Utah football received 2024 Ram 1500 Big Horn trucks as part of an NIL deal with the Crimson Collective and FTW360 in a surprise Wednesday afternoon." At $45K per truck, that is over $3.8M, not counting insurance and what not.....the player does have to complete a service project however. I think the NIL genie is never going back in the bottle. Go Beavers! But, it's not pay for play!? One service project for $45k. So, since it is a income all these players now have $45k to declare.. "All athletes have to fill out a tax return to report and pay their self-employment taxes if they make at least $400 in NIL activities in the State of Utah. The first $600 earned from NIL deals does not need to get reported to the IRS. However, when more than $600 is made, all NIL income must be reported on a 1040 tax return. There are additional tax forms, for example, if a student-athlete is paid via cryptocurrency or receives any gifts as part of an NIL deal." I wonder how many actually know the tax ramifications? In Utah the '22-23 self employment tax was like 15% + the Fed rate... hmmmm. I wonder how many try to sell their Ram for cash? I'd be interested in how these 85 trucks are titled. |
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ftd
Junior
"I think real leaders show up when times are hard." Trent Bray 11/29/2023
Posts: 2,517
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Post by ftd on Oct 4, 2023 13:43:28 GMT -8
I wonder how the non-scholly players feel about it?
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Post by Henry Skrimshander on Oct 4, 2023 14:12:03 GMT -8
I wonder how the non-scholly players feel about it? Truculent. |
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Post by castorcanadensis on Oct 4, 2023 14:20:11 GMT -8
" In addition to receiving the trucks, the insurance and lease is covered so long as the student-athlete is on scholarship."
Looks like they aren't giving them to the players they are on lease. looks like they will give them back if that is correct.
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Post by hottubbeaver on Oct 4, 2023 14:23:12 GMT -8
Fascinating: kslsports.com/505679/utah-football-receives-2024-ram-trucks-in-nil-deal/"The 85 scholarship athletes for Utah football received 2024 Ram 1500 Big Horn trucks as part of an NIL deal with the Crimson Collective and FTW360 in a surprise Wednesday afternoon." At $45K per truck, that is over $3.8M, not counting insurance and what not.....the player does have to complete a service project however. I think the NIL genie is never going back in the bottle. Go Beavers! Wow, what a great reward for losing to the Beavers. Here's to hoping they get brand new ram trucks every Wednesday after we play them for as long as we play them. Haven't really given much thought to this before and now wondering what type of income this is considered. Thinking back to my courses on taxation there were three income buckets; earned, portfolio, and passive income. Then you get into gifts and a whole new set of tax rules. It doesn't seem to fit the "general" description of earned/ordinary income, but the US tax code is probably the only thing more convoluted than Oregon fishing/hunting regulations. |
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ftd
Junior
"I think real leaders show up when times are hard." Trent Bray 11/29/2023
Posts: 2,517
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Post by ftd on Oct 4, 2023 14:29:23 GMT -8
I wonder how the non-scholly players feel about it? Truculent. hopefully their attitudes pickup after a while |
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Post by bennyskid on Oct 4, 2023 14:29:55 GMT -8
Given that they don't get to keep the truck, it's roughly $10k in income that they have to report. For most of these kids it's a good deal but not if you already own a car.
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ftd
Junior
"I think real leaders show up when times are hard." Trent Bray 11/29/2023
Posts: 2,517
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Post by ftd on Oct 4, 2023 14:32:44 GMT -8
Given that they don't get to keep the truck, it's roughly $10k in income that they have to report. For most of these kids it's a good deal but not if you already own a car. or don't want to pay the fuel charge for a low MPG truck |
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ftd
Junior
"I think real leaders show up when times are hard." Trent Bray 11/29/2023
Posts: 2,517
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Post by ftd on Oct 4, 2023 14:42:47 GMT -8
I wonder how the non-scholly players feel about it? Truculent. Isn't that 'trucunotlent'? |
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Post by irimi on Oct 4, 2023 15:19:38 GMT -8
hopefully their attitudes pickup after a while You couldn't dodge that pun, could you. |
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Post by mbabeav on Oct 4, 2023 15:20:29 GMT -8
The trucks are leased and get them s long as you are on schollie. Still a good time for those Utes
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Post by irimi on Oct 4, 2023 15:27:40 GMT -8
I'm glad I'm not a student these days.
It pissed me off back in my days that the athletes were already treated so specially and had privileges that regular students didn't receive. And also that they probably saw the insides of very few real classrooms and had staff to help them through all the classes they "took."
If I were a student today, I think I wouldn't even look at a school with a major sports team.
You can say that it's not the university; it's the supporters. Yeah, right. I'd really love to see someone tease that out because what university doesn't want the supporters to give for their athletes?
Wouldn't it be nice to see college sports return to college kids playing sports? Put the student back in student-athlete?
Damn, I guess I'm getting old. Sound like a grandpa.
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ftd
Junior
"I think real leaders show up when times are hard." Trent Bray 11/29/2023
Posts: 2,517
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Post by ftd on Oct 4, 2023 15:38:56 GMT -8
hopefully their attitudes pickup after a while You couldn't dodge that pun, could you. It was a challenger for sure... |
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Post by beavs6 on Oct 4, 2023 16:50:02 GMT -8
First thing my wife asked was “How are they going to figure out who’s truck is who’s in the parking lot?”🤣
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