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Sep 10, 2024
5:48:32pm
morningcalmcougar Playmaker
This is one of the reasons they end up in so much trouble, no understanding of
how finances work. They sign a contract with a certain bonus or fixed amount and start spending thinking that is how much they have. But they lose at least 30% to income tax and another 12% or so to the different payroll taxes. Agents get 3% of the contract value and 10%-20% of endorsement deals. If AP's career earnings stated above is from only his NFL contracts, he probably paid roughly $3M to his agent, and $43M in federal taxes. He didn't play his whole career in MN, but to make it simple, his state and local taxes were probably a little over $10M.

So total earnings are $103M, net cash to him would have been around $47M. Still more than enough to survive on if you budget really well. But if you are buying cars, houses, paying for your crew's lifestyle, etc., thinking your take home cash is the full $103M, pretty easy to go bankrupt after living large for several years.
morningcalmcougar
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morningcalmcougar
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