What a joke of a post.
Adrian Peterson is a total moron if he believes that the NFL in any way resembles being forced to pick cotton 12-15 hours a day, six days a week, for FREE.
Instead of some guy singing a contract for $1mm/yr for 5 years, and a $1.5mm signing bonus, he would be way better served to sign a contract $500k/5 yrs, and $500k signing bonus, along with a pension that would pay him $85k/yr plus COLA after he retires (for life).
80% of these guys cannot manage their personal finances well enough to make all their money in their early to mid 20's.
There are some great stories of NFL guys using their money wisely to set themselves up for life like Adam Timmerman, Russ Hochstein, and Bryce Paup. We never hear about those stories instead we get hear about the broke ones. Do a google search of broke or bankrupt NFL players and you will be amazed of some of the guys who are broke or have declared bankruptcy millions of dollars in debt.
Are you saying that a contract job can't be a career?
Career definition: A chosen pursuit; a profession or occupation
Yes, they currently do have a pension, but IIRC you have to play 4 or 5 years to qualify for it, and it doesn't kick in until you reach 55 or something. It does give you health care and some monthly income, but it's not a big figure by any means.
My point, is that in a league where 80% of the players aren't equipped to manage their own finances, it is in their best interest to get more bennies on the back end and give up some up front salary.
It's like the lottery. If I win $30mm playing the Powerball, I would prefer to get the lump sum because I can manage that amount of money. A lot of people (easily half of the US population) knows virtually nothing about personal finance, and would be better served taking the annuity, so even if they handle it poorly, they will get a big check each year for 25 years.
The NFL isn't a lot different, except that probably 75% of them can't manage money well. They are young and often come from a socioeconomic background that would not lead to good money management principles. The players union should recognize that and push more of their compensation to the back end.
How many of you would not be happy with that situation - retirement savings set with likelihood of early retirement, health coverage taken care of, and $200k in the bank at age 25?
yeah... what an idiot... I'll do just about damn near anything for 10.72 million a year...
If you read my post I said that most people ASSUME that an NFL player is automatically set for life. I never once said that it SHOULD guarantee that you are set for life. And yes I agree that players sign contracts and they are subject to the terms of these contracts and I'm fine with that.
The point that I was trying to get across is that some fans assume that EVERYONE who plays in the NFL is set finiancially. For the top players on each roster that is very true, but there are fewer of these than most people realize.
In the example that I used above the player made 1.5mil over 3 yrs with a "take home" of 750k or 250k/yr. Yes this is still a very large salary for a 22-25 yr old and almost 10X what I made out of college 8 yrs ago but I lived in IA and a town of about 2k people so it was cheap to live.
Take into consideration that almost all of the teams are located in metro areas where the cost of living is higher than rural areas. The median home price in Chicago is $238,567 but in Des moines its $132,192, thats a pretty big difference. Also its not like they could just bank all of the money and live off the interest and never work again, 250k @ 5% interest is only $12,500 dollars/yr so that isnt going to do it.
Again I dont feel sorry for any of the players, especially the top 10-15%, they are making an amount of money that is unfathomable to me and most others on this board. I just think there is a common misconception that everyone in the NFL is making millions, this is just simply not true. Again the league minimum is more than enough to live on over the short term and the remainder if managed properly could help the players a lot when they are out of the league but it doesnt set them up for life (nor should it).