Sports fans have complained about star athletes' incomes since the beginning.
Going back to the ancient Olympics, where we like to believe it was all about glory and olive wreaths (the nakedness of the athletes made the champion's wreath special), the winners actually made wreaths of olives. .
According to classical historian David C. Young, Olympic champions in the 6th century B.C. received prizes “equivalent to 14 years' worth of artisan wages.” You can imagine how that made the craftsmen feel.
“Winning any athlete at the Olympics thrusts him into the same class as a small number of very wealthy aristocratic landowners,” Young writes.
So now we're in LeBron James and Joe Burrow territory. James, who has been playing basketball since the days of Nero, earns about $125 million a year from his salary and sponsorships. He is said to have a net worth of $1 billion, making him the first active NBA player to reach billionaire status.
Burrow, the No. 1 pick in the 2020 NFL Draft, is being paid an annual salary of $55 million by the Bengals. This is part of a five-year, $275 million contract extension, an NFL record.
But don't shed a tear for Chiefs superstar quarterback Patrick Mahomes. He makes slightly less than Burrow, but a 10-year, $450 million contract extension in 2020 will help him get out of poverty. And, of course, that huge contract will soon be negotiated upwards. Mahomes brings in an additional $20 million a year in endless ads for insurance companies, shampoo, shoes, sunglasses, and more.
And when we're talking about rich athletes and former athletes, we have to mention Michael Jordan. Nothing financial is complete without MJ.
The cigar-smoking, semi-reclusive, golf-addicted former Bulls star has a net worth of $3 billion, ranking him 379th on Forbes' list of America's 400 richest people in 2023. It may come as a surprise, but Jordan earned relatively little money for perhaps the greatest basketball player of all time, making just $93 million over 15 years, most of it in his final two seasons with the Bulls. This is what I got from.
But Nike Jordan Brand continues to go strong, with apparel dollars piling up every year. In fact, his Jumpman branding is on the shoulder of his NBA “statement” jersey worn in big games.
Jordan is on a financial cloud, along with fellow golfer Tiger Woods, who has a net worth of over $1 billion. For those of us who watch sports in general, the question is simple. Are we ready to root for and pay attention to professional athletes not just as athletes, but as the richest people in the solar system?
This is interesting because athletes are paid with the money that is there. That's real money controlled by other wealthy people. And why is it there? Because games are great, unscripted dramas that we get hooked on and pay for.
Money keeps going crazy. The Broncos shipped quarterback Russell Wilson to the Steelers, paying him $38 million in waivers.
Does it bother you that NBA guard Chris Paul makes $575 million, adjusted for inflation?
Or that Shohei Ohtani recently signed a 10-year, $700 million deal with the Dodgers?
It takes some brain conditioning to understand the rarefied atmosphere these stars live in, especially in our society where wealth always and everywhere trumps everything. A mansion, a chef, a trainer, a bodyguard, a publicist. Oh, I see.
Soccer star Lionel Messi is a billionaire. So is Cristiano Ronaldo. Old boxer Floyd Mayweather is a billionaire. The same goes for tennis player Roger Federer.
Perhaps they are a phenomenon. But Kirk Cousins, 35, an up-and-down quarterback who has never won a game due to a torn Achilles tendon, is signing with the Falcons for a four-year deal worth $180 million, including a reported $50 million bonus. What about?
All I can say is that it is a market and market forces are at work. And we ourselves will lead the market. Turn off the TV, throw away your tickets, and never click on sports sites. That's your resistance. And that doesn't matter in the long run. Because our enthusiasm for sports, contests, gambling, and winning has never reached its peak.
Interesting hypothetical question for Bears fans. How much would you pay if either quarterback Caleb Williams or Drake Maye came to the Bears and led the team to a Super Bowl championship?
Billions of people, can you hear me say that?
Giving of life, like a first child, a full face tattoo, or writing a retirement fund donor?
It's interesting when money and sports meet. It's getting more and more interesting. Especially when we're the punchline.
