How to Prevent Future T.O.'s

Recently it came out that T.O. (Terrel Owens) is broke.  Not, I can't save for retirement broke, we are talking broke broke.  As in, I no longer have the 30 million that I earned broke.

He's not the first athlete to have this happen to him.  I mean it's prevalent in boxing, but it's also prevalent in the NFL, and honestly it shouldn't be that big of a problem.  The league minimum is over $300,000, thats more than most doctors make in a year, but somehow the players that make 10 million a year keep ending up poor half a decade after they retire.

I know that the league covers money management in rookie camps and the players agents are supposed to help when it comes to financial planning.  But, try telling a person with a god complex that they can't spend their money on that Ferrari because they are one knee injury away from losing their house. It won't go over well.  These are kids straight out of school (that they didn't even attend class at), and you expect them to be financially sound when you hand them millions.

I propose that the league differs 40% of a players paycheck until after they have retired for 5 years.  This would do two things.  One, it would reduce the amount of money that players are given initially, forcing them to adhere to a more stringent budget (ya because 3 million is so much different than 6 million).  It would also give players a fall back after they have retired.  For most players, it takes them about five years to wind down from the lavish lifestyle they were used to.  Differing 40% of their money gives them a nest egg that they can dip into after they have fallen out.

It also gives players incentive to retire, instead of sticking around late in their careers trying to make up the extra money they lost.  It gives them a way out, something to look forward to after they retire.  I think we would see far fewer players stick around and get hurt.



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