![]() ![]() What Kind of Big Bucks Are We Talking About? How does your salary stack up? Take the PayScale Salary Survey and get a free salary report in minutes. ![]() Some athletes renegotiate when they get bigger in their sport, and others go shopping for the better offer year after year. (Think Wheaties boxes, automobiles and sports drinks. On the luxury end of things, these can prove very lucrative.)Īll of these deals are negotiated by the athlete or their agent, with varying amounts depending on the deal made. (Not just cutting ribbons at the car wash, appearances can mean just entering a competition, especially if you’re an Olympic winner or record holder.) (A brand wants you to wear their stuff, so you sign a contract and they outfit you, plus maybe pay you some cash.) (Athletes often compete for the “purse” at an event, with the winner taking home the most bucks.) Many different revenue streams make up their income. It’s not just gold medals that can pay an athlete. (These folks negotiate those contracts for professional athletes and also take 4-10%.) ![]() (When your body is your instrument, you may need to fine-tune it from time to time.) (Getting to competitions around the world isn’t cheap.) As a professional, they also have to pay for things like: What Kinds of Expenses Do Athletes Have?Īthletes have more expenses than just the basics of room and board, however. As with everything in the sports world, it’s a complicated game and not everyone wins. The Olympics offer a difficult field (pun intended) for various countries’ athletes to navigate, from strict and ever-changing sponsorship rules, to situations where some sports allow corporate for their athletes while others do not. The IOC, also reaps some benefits from having famous professional athletes raise the Games’ profile. ![]() Opening up professional sports to the Olympics is also how you get Dream Teams like the U.S. This leads to some confusion, when federations change their mind on allowing their athletes to compete every four years, like how the NHL recently pulled the plug on permitting its athletes to skate in the Winter Olympics in 2018. Since 1988, the IOC has allowed professionals to compete (deferring to the individual sports’ federations to make the call). In the modern Olympics, rules used to mandate that competitors be amateurs and not professionals. The students’ argument was that while universities profited, the athletes were stuck with their “amateur” labels and therefore cut out of the cash pile. Just this past spring, student athletes won a class action suit against the NCAA who had previously capped the amount of scholarship money that they could receive. And it also can be renewed (or declined) year to year, depending on the school and student’s agreement.īut it doesn’t end there. That scholarship money usually covers tuition, room and board, books and fees. They calculate only 2% of high school athletes will make the grade, so to speak, and receive an athletic scholarship for college. The NCAA touts that it awards more than $2.9 billion to some 150,000 student athletes in Division I and II schools each year. In college, an adept athlete might get a full or partial scholarship in return for attending and performing for the school. What Do Student Athletes Make in College? The gulf between an amateur athlete and a professional is pretty wide - and it’s paved with money.Īccording to the attorney-writers at, “Generally speaking, amateur athletes are not paid for their athletics performances… Professional athletes, by contrast, are typically paid annual salaries plus incentives tied to individual and team performance.” And because they spend the bulk of their life training, it’s sometimes a struggle to keep the lights on. How exactly does the above-average swimmer or runner pay their bills? It’s not always about the big paycheck. Some professional athletes’ salaries are less than you might think. But not every athlete makes the big bucks. You can’t open a sports page without reading about an NFL or NBA player’s multimillion-dollar deal. ![]()
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