Ben Askren - If you are high schooler who wants to go to Iowa, don't

[fishbane]

I don't think deducting all attendance related expenses from NIL earnings would fly.

1) NIL earnings that are tied to attending a specific university are against NCAA rules. Courts in a couple of states have ruled that the NCAA cannot restrict this and I think those are being appealed.  It's also part of that lawsuit settlement that hasn't been approved yet.  So though it's unsettled it's still against NCAA rules and the NCAA would like to keep it that way.  It stands to reason that NIL agreements being signed today avoid spelling out that attendance at a particular university is required.

2). Even if they put in the contract that it's required then it probably fails the IRS test.

Quote

You can deduct the costs of qualifying work-related education as business expenses. This is education that meets at least one of the following two tests:

• The education is required by your employer or the law to keep your present salary, status or job. The required education must serve a bona fide business purpose of your employer.
• The education maintains or improves skills needed in your present work.

However, even if the education meets one or both of the above tests, it is not qualifying work-related education if it:

• Is needed to meet the minimum educational requirements of your present trade or business or
• Is part of a program of study that will qualify you for a new trade or business.

You can deduct the costs of qualifying work-related education as a business expense even if the education could lead to a degree.

It would fail the first test as doesn't really serve a "bona fide business purpose."  I think it likely fails the second test too as attending a particular university isn't what I would a skill. Even if it somehow it meets one of those two requirements it could fail from the last bullet point.

[Camel Wrestling Fan]

On 9/8/2024 at 5:10 PM, ionel said:

drive in take out

All you can eat smoked ribs was the problem? Who knew? Damn you red meat eaters!

[fishbane]

9 hours ago, Camel Wrestling Fan said:

All you can eat smoked ribs was the problem? Who knew? Damn you red meat eaters!

If you have trouble understanding why 500,000 years ago CO2 concentration in the atmosphere was 20x current levels it could be that 500,000 years ago CO2 concentration was not 20x.

[ionel]

2 minutes ago, fishbane said:

If you have trouble understanding why 500,000 years ago CO2 concentration in the atmosphere was 20x current levels it could be that 500,000 years ago CO2 concentration was not 20x.

Source?  Who did the measurement? 

[WildTurk]

51 minutes ago, ionel said:

Source?  Who did the measurement? 

Dr. Emmett Brown

[Wrestleknownothing]

On 9/9/2024 at 3:23 PM, Wrestleknownothing said:

Here is why I think $500k is puffery.

North Dakota State dominates FCS football. They have won 17 national titles. They last won in 2021 and made the finals in 2022 and the semis in 2023. They have their players poached on an annual basis.

In a recent interview their coach talked about this. He said he advises his guys to ignore the $100k offers that come from  Group of 5 conference schools, bet on themselves, spend another year at NDSU and try to get a $500k offer from a Power 5 conference school. 

If football players are getting offered $500k to go to top programs, I just do not see a wrestler getting offered $500k. Sure there are QBs getting a lot more than that, but QB is a class of its own even within football.

As for the scholarship offer argument, the analysis I have seen is wrong. Let's say a wrestler stays put at SDSU and keeps his scholarship. That is worth about $23k for a year. If instead, he transfers to Iowa and gets $100k, but has to pay for college, that costs about $46k per year, or $23k per semester. If he goes for a full year he nets $54k ($77k if only a semester). Will he get $50 - $75k in NIL to stay at SDSU? Is $50 - $75k enough to get him to move? Remember, we are talking about a college kid who hasn't sniffed $50k in his life, and is likely to make that about that much coming out of SDSU with a construction management degree. So it is like getting another year of salary.

Here is another reason I think $500k is not happening. If the offers really are for $500k for one year or one semester, then I would say someone is a fool for not taking it. If you are a PSU wrestler and someone offers you $500k to switch schools, then you have to do it. Until you see someone leaving PSU, or Iowa, or OSU to go to one of the others, I just do not believe $500k is real.

I think this is the first time I have ever quoted myself, but it is to correct myself. Once again, I know nothing.

I just spoke to what I believe to be a reliable source who confirmed the $500k. He described it as an Iowa specific outlier.

If I had Bob Nicholls' money, I could burn mine.

[Mr. PeanutButter]

13 hours ago, Wrestleknownothing said:

I think this is the first time I have ever quoted myself, but it is to correct myself. Once again, I know nothing.

I just spoke to what I believe to be a reliable source who confirmed the $500k. He described it as an Iowa specific outlier.

If I had Bob Nicholls' money, I could burn mine.

did the individual say whether the bag was for all 3 transfers or only certain ones?

[ionel]

14 hours ago, Wrestleknownothing said:

I think this is the first time I have ever quoted myself, but it is to correct myself. Once again, I know nothing.

I just spoke to what I believe to be a reliable source who confirmed the $500k. He described it as an Iowa specific outlier.

If I had Bob Nicholls' money, I could burn mine.

Its been going on for a while now, glad to see you've caught up. 

Edited September 18 by ionel

[Wrestleknownothing]

14 hours ago, Mr. PeanutButter said:

did the individual say whether the bag was for all 3 transfers or only certain ones?

He did not. And I did not think to ask. Sorry, but the Yuengling and Weller were flowing.

[1032004]

On 9/17/2024 at 8:05 PM, Wrestleknownothing said:

I think this is the first time I have ever quoted myself, but it is to correct myself. Once again, I know nothing.

I just spoke to what I believe to be a reliable source who confirmed the $500k. He described it as an Iowa specific outlier.

If I had Bob Nicholls' money, I could burn mine.

Is his amount of money really that unique in the world of college sports boosters, or is he just more willing to spend more of it on wrestling?  I mean he’s probably got only a fraction of what Richison does right?

Edited September 19 by 1032004

[Wrestleknownothing]

On 9/19/2024 at 5:45 AM, 1032004 said:

Is his amount of money really that unique in the world of college sports boosters, or is he just more willing to spend more of it on wrestling?  I mean he’s probably got only a fraction of what Richison does right?

I think it is not unique, but it is an outlier. For example, a booster recently agreed to pay what is believed to be north of $1mm for the top softball pitcher to transfer to Texas Tech (https://www.on3.com/nil/news/texas-tech-red-raiders-softball-nil-collective-to-pay-nijaree-canady-upwards-of-1-million/) from 2x defending champs, Stanford. But that is a huge outlier for softball.

And I think $500k is an outlier for wrestling.

BTW, I say agreed above because I saw this story today. https://www.espn.com/college-football/story/_/id/41438172/matthew-sluka-nil-dispute-unlv-hinges-verbal-offer

What is notable is that it is a QB and the verbal offer was only $100k. So far all he has gotten is $3k. So this idea that there are contracts and athletes can sue is not always true. 

[ionel]

18 minutes ago, Wrestleknownothing said:

I think it is not unique, but it is an outlier. 

And I think $500k is an outlier for wrestling.

 

I think your thinking is the outlier.