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Topic:  RE: Anyone attend Cincinnati caravan? Did Boals talk about any transfers?

Topic:  RE: Anyone attend Cincinnati caravan? Did Boals talk about any transfers?
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JSF
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Member Since: 1/29/2005
Location: Houston, TX
Post Count: 6,375

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  Message Not Read  RE: Anyone attend Cincinnati caravan? Did Boals talk about any transfers?
   Posted: 5/29/2024 1:28:32 AM 
If it's a house of cards, why should I be upset if it falls? Maybe the death of college sports as we know it will be a good thing.

"Loyalty to a hometown or city is fleeting and interchangeable, but college is a stamp of identity."- Kyle Whelliston, One Beautiful Season.

My blog about depression and mental illness: https://bit.ly/3buGXH8

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JimLurker34
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Member Since: 12/7/2023
Location: McArthur, OH
Post Count: 185

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  Message Not Read  RE: Anyone attend Cincinnati caravan? Did Boals talk about any transfers?
   Posted: 5/29/2024 10:57:02 AM 
GraffZ06 wrote:
If they're paid employees, with benefits and collective bargaining - they're pros. They aren't amateur college students who happen to play athletics.

Hence, collegiate athletics as we know it is done.

Doesn't mean games won't be played with school names and colors (which now mean nothing other than a means to continue revenue streams) on the jerseys.



Pro ball for sure. What we're ending up with is an educational institution running a professional athletic program as a side venture. What could go wrong with this model? Well, here's just one example: A friend, who is a lawyer, says that there are IRS rules that impose a stiff penalty for a tax-exempt organization paying employees exorbitant salaries. I've heard rumors that some P5 schools are paying in excess of $1,000,000 for a QB. If true, that exceeds the level where penalties are imposed. I suspect that this is just the tip of the iceberg of unintended consequences of NIL and its progeny.
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JimLurker34
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Member Since: 12/7/2023
Location: McArthur, OH
Post Count: 185

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  Message Not Read  RE: Anyone attend Cincinnati caravan? Did Boals talk about any transfers?
   Posted: 5/29/2024 10:59:54 AM 
JimLurker34 wrote:
GraffZ06 wrote:
If they're paid employees, with benefits and collective bargaining - they're pros. They aren't amateur college students who happen to play athletics.

Hence, collegiate athletics as we know it is done.

Doesn't mean games won't be played with school names and colors (which now mean nothing other than a means to continue revenue streams) on the jerseys.



Pro ball for sure. What we're ending up with is an educational institution running a professional athletic program as a side venture. What could go wrong with this model? Well, here's just one example: A friend, who is a lawyer, says that there are IRS rules that impose a stiff penalty for a tax-exempt organization paying employees exorbitant salaries. I've heard rumors that some P5 schools are paying in excess of $1,000,000 for a QB. If true, that exceeds the level where penalties are imposed. I suspect that this is just the tip of the iceberg of unintended consequences of NIL and its progeny.


Hmm. . . As I think about this further, I wonder why this rule hasn't been applied to coach's salaries.
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ohiocatfan1
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Member Since: 9/6/2016
Post Count: 326

Status: Offline
  Message Not Read  RE: Anyone attend Cincinnati caravan? Did Boals talk about any transfers?
   Posted: 5/29/2024 2:12:42 PM 
JimLurker34 wrote:
JimLurker34 wrote:
GraffZ06 wrote:
If they're paid employees, with benefits and collective bargaining - they're pros. They aren't amateur college students who happen to play athletics.

Hence, collegiate athletics as we know it is done.

Doesn't mean games won't be played with school names and colors (which now mean nothing other than a means to continue revenue streams) on the jerseys.



Pro ball for sure. What we're ending up with is an educational institution running a professional athletic program as a side venture. What could go wrong with this model? Well, here's just one example: A friend, who is a lawyer, says that there are IRS rules that impose a stiff penalty for a tax-exempt organization paying employees exorbitant salaries. I've heard rumors that some P5 schools are paying in excess of $1,000,000 for a QB. If true, that exceeds the level where penalties are imposed. I suspect that this is just the tip of the iceberg of unintended consequences of NIL and its progeny.


Hmm. . . As I think about this further, I wonder why this rule hasn't been applied to coach's salaries.


Don't talk about that. That's the part of the "traditional" college experience that coaches love.
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Cleveburg Bri
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Member Since: 1/18/2006
Post Count: 40

Status: Offline
  Message Not Read  RE: Anyone attend Cincinnati caravan? Did Boals talk about any transfers?
   Posted: 5/29/2024 3:33:22 PM 
JimLurker34 wrote:
JimLurker34 wrote:
GraffZ06 wrote:
If they're paid employees, with benefits and collective bargaining - they're pros. They aren't amateur college students who happen to play athletics.

Hence, collegiate athletics as we know it is done.

Doesn't mean games won't be played with school names and colors (which now mean nothing other than a means to continue revenue streams) on the jerseys.



Pro ball for sure. What we're ending up with is an educational institution running a professional athletic program as a side venture. What could go wrong with this model? Well, here's just one example: A friend, who is a lawyer, says that there are IRS rules that impose a stiff penalty for a tax-exempt organization paying employees exorbitant salaries. I've heard rumors that some P5 schools are paying in excess of $1,000,000 for a QB. If true, that exceeds the level where penalties are imposed. I suspect that this is just the tip of the iceberg of unintended consequences of NIL and its progeny.


Hmm. . . As I think about this further, I wonder why this rule hasn't been applied to coach's salaries.



Pretty sure the IRS has already gone after coaches (and hospital execs). If memory serves, although it usually doesn't, I think there's something like a 20% excise tax that the highest compensated now pay. I assume the colleges just add it to the cost of doing business.

Last Edited: 5/29/2024 3:35:12 PM by Cleveburg Bri
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JimLurker34
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Member Since: 12/7/2023
Location: McArthur, OH
Post Count: 185

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  Message Not Read  RE: Anyone attend Cincinnati caravan? Did Boals talk about any transfers?
   Posted: 5/29/2024 3:54:27 PM 
Cleveburg Bri wrote:
JimLurker34 wrote:
JimLurker34 wrote:
GraffZ06 wrote:
If they're paid employees, with benefits and collective bargaining - they're pros. They aren't amateur college students who happen to play athletics.

Hence, collegiate athletics as we know it is done.

Doesn't mean games won't be played with school names and colors (which now mean nothing other than a means to continue revenue streams) on the jerseys.



Pro ball for sure. What we're ending up with is an educational institution running a professional athletic program as a side venture. What could go wrong with this model? Well, here's just one example: A friend, who is a lawyer, says that there are IRS rules that impose a stiff penalty for a tax-exempt organization paying employees exorbitant salaries. I've heard rumors that some P5 schools are paying in excess of $1,000,000 for a QB. If true, that exceeds the level where penalties are imposed. I suspect that this is just the tip of the iceberg of unintended consequences of NIL and its progeny.


Hmm. . . As I think about this further, I wonder why this rule hasn't been applied to coach's salaries.



Pretty sure the IRS has already gone after coaches (and hospital execs). If memory serves, although it usually doesn't, I think there's something like a 20% excise tax that the highest compensated now pay. I assume the colleges just add it to the cost of doing business.


Interesting. I didn't know this had already been done. If I remember correctly what my lawyer friend said, the penalty is charged the non-profit institution paying the salary, not the employee. But, you are probably right that these Big Time schools just think of it as the price of doing business.
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BillyTheCat
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Member Since: 10/6/2012
Post Count: 9,596

Status: Offline
  Message Not Read  RE: Anyone attend Cincinnati caravan? Did Boals talk about any transfers?
   Posted: 5/29/2024 6:51:31 PM 
JimLurker34 wrote:
JimLurker34 wrote:
GraffZ06 wrote:
If they're paid employees, with benefits and collective bargaining - they're pros. They aren't amateur college students who happen to play athletics.

Hence, collegiate athletics as we know it is done.

Doesn't mean games won't be played with school names and colors (which now mean nothing other than a means to continue revenue streams) on the jerseys.



Pro ball for sure. What we're ending up with is an educational institution running a professional athletic program as a side venture. What could go wrong with this model? Well, here's just one example: A friend, who is a lawyer, says that there are IRS rules that impose a stiff penalty for a tax-exempt organization paying employees exorbitant salaries. I've heard rumors that some P5 schools are paying in excess of $1,000,000 for a QB. If true, that exceeds the level where penalties are imposed. I suspect that this is just the tip of the iceberg of unintended consequences of NIL and its progeny.


Hmm. . . As I think about this further, I wonder why this rule hasn't been applied to coach's salaries.


Because they are employees and that would be against the law.
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Cleveburg Bri
General User

Member Since: 1/18/2006
Post Count: 40

Status: Offline
  Message Not Read  RE: Anyone attend Cincinnati caravan? Did Boals talk about any transfers?
   Posted: 5/29/2024 10:18:36 PM 
JimLurker34 wrote:
Cleveburg Bri wrote:
JimLurker34 wrote:
JimLurker34 wrote:
GraffZ06 wrote:
If they're paid employees, with benefits and collective bargaining - they're pros. They aren't amateur college students who happen to play athletics.

Hence, collegiate athletics as we know it is done.

Doesn't mean games won't be played with school names and colors (which now mean nothing other than a means to continue revenue streams) on the jerseys.



Pro ball for sure. What we're ending up with is an educational institution running a professional athletic program as a side venture. What could go wrong with this model? Well, here's just one example: A friend, who is a lawyer, says that there are IRS rules that impose a stiff penalty for a tax-exempt organization paying employees exorbitant salaries. I've heard rumors that some P5 schools are paying in excess of $1,000,000 for a QB. If true, that exceeds the level where penalties are imposed. I suspect that this is just the tip of the iceberg of unintended consequences of NIL and its progeny.


Hmm. . . As I think about this further, I wonder why this rule hasn't been applied to coach's salaries.



Pretty sure the IRS has already gone after coaches (and hospital execs). If memory serves, although it usually doesn't, I think there's something like a 20% excise tax that the highest compensated now pay. I assume the colleges just add it to the cost of doing business.


Interesting. I didn't know this had already been done. If I remember correctly what my lawyer friend said, the penalty is charged the non-profit institution paying the salary, not the employee. But, you are probably right that these Big Time schools just think of it as the price of doing business.



Yes, the penalty is for the institution. Here's an old article about a congressional report trying to shine some light on the exorbitant sums colleges are paying just on these excise taxes for coaches' salaries.


https://www.usatoday.com/story/sports/ncaaf/2022/12/01/co... /
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BillyTheCat
General User

Member Since: 10/6/2012
Post Count: 9,596

Status: Offline
  Message Not Read  RE: Anyone attend Cincinnati caravan? Did Boals talk about any transfers?
   Posted: 5/30/2024 6:23:12 AM 
Cleveburg Bri wrote:
JimLurker34 wrote:
Cleveburg Bri wrote:
JimLurker34 wrote:
JimLurker34 wrote:
GraffZ06 wrote:
If they're paid employees, with benefits and collective bargaining - they're pros. They aren't amateur college students who happen to play athletics.

Hence, collegiate athletics as we know it is done.

Doesn't mean games won't be played with school names and colors (which now mean nothing other than a means to continue revenue streams) on the jerseys.



Pro ball for sure. What we're ending up with is an educational institution running a professional athletic program as a side venture. What could go wrong with this model? Well, here's just one example: A friend, who is a lawyer, says that there are IRS rules that impose a stiff penalty for a tax-exempt organization paying employees exorbitant salaries. I've heard rumors that some P5 schools are paying in excess of $1,000,000 for a QB. If true, that exceeds the level where penalties are imposed. I suspect that this is just the tip of the iceberg of unintended consequences of NIL and its progeny.


Hmm. . . As I think about this further, I wonder why this rule hasn't been applied to coach's salaries.



Pretty sure the IRS has already gone after coaches (and hospital execs). If memory serves, although it usually doesn't, I think there's something like a 20% excise tax that the highest compensated now pay. I assume the colleges just add it to the cost of doing business.


Interesting. I didn't know this had already been done. If I remember correctly what my lawyer friend said, the penalty is charged the non-profit institution paying the salary, not the employee. But, you are probably right that these Big Time schools just think of it as the price of doing business.



Yes, the penalty is for the institution. Here's an old article about a congressional report trying to shine some light on the exorbitant sums colleges are paying just on these excise taxes for coaches' salaries.


https://www.usatoday.com/story/sports/ncaaf/2022/12/01/co... /


Interesting read, thanks
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JimLurker34
General User

Member Since: 12/7/2023
Location: McArthur, OH
Post Count: 185

Status: Offline
  Message Not Read  RE: Anyone attend Cincinnati caravan? Did Boals talk about any transfers?
   Posted: 5/30/2024 10:03:46 AM 
BillyTheCat wrote:
JimLurker34 wrote:
JimLurker34 wrote:
GraffZ06 wrote:
If they're paid employees, with benefits and collective bargaining - they're pros. They aren't amateur college students who happen to play athletics.

Hence, collegiate athletics as we know it is done.

Doesn't mean games won't be played with school names and colors (which now mean nothing other than a means to continue revenue streams) on the jerseys.



Pro ball for sure. What we're ending up with is an educational institution running a professional athletic program as a side venture. What could go wrong with this model? Well, here's just one example: A friend, who is a lawyer, says that there are IRS rules that impose a stiff penalty for a tax-exempt organization paying employees exorbitant salaries. I've heard rumors that some P5 schools are paying in excess of $1,000,000 for a QB. If true, that exceeds the level where penalties are imposed. I suspect that this is just the tip of the iceberg of unintended consequences of NIL and its progeny.


Hmm. . . As I think about this further, I wonder why this rule hasn't been applied to coach's salaries.


Because they are employees and that would be against the law.


It's because they are employees of a non-profit that this penalty applies to the institution paying the salary.
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