Falcons pay OL Bill Fralic $150K/yr...for life

[Udogg]

You lost me when you said there was no difference between 100M and 60M.............

[Mr. Scot]

Someone should forward this story to Russell Wilson's agent as soon as possible. 

 

[Batman]

You lost me when you said there was no difference between 100M and 60M.............

There's not.

[SmokinwithWilly]

Do you know how much the insurance on a Ferrari costs?

[MHS831]

No Offense, but Fralic's deal is nothing.  Steve Young guaranteed his 1984 USFL deal with the LA Express where he was guaranteed (remember, this is 1984) $40m.  He is getting million-dollar-a-year checks NOW from a league that has been defunct for 30 years.

"Yes, you read that correctly: 43 years, meaning Young, who took his last USFL snap in 1985 and last NFL snap in 1999, won't stop getting paid as a professional quarterback until the year 2027 when he is 65 years old".  

http://www.cbssports.com/nfl/eye-on-football/24138206/flashback-steve-youngs-43year-40million-usfl-contract

 

 

[gofightwin]

No Offense, but Fralic's deal is nothing.  Steve Young guaranteed his 1984 USFL deal with the LA Express where he was guaranteed (remember, this is 1984) $40m.  He is getting million-dollar-a-year checks NOW from a league that has been defunct for 30 years.

"Yes, you read that correctly: 43 years, meaning Young, who took his last USFL snap in 1985 and last NFL snap in 1999, won't stop getting paid as a professional quarterback until the year 2027 when he is 65 years old".  

http://www.cbssports.com/nfl/eye-on-football/24138206/flashback-steve-youngs-43year-40million-usfl-contract

 

 

Apparently you didn't even read the article you linked to:

The contract was set up as an annuity and if Young had funded the annuity, he would've been getting a $1 million check in 2014. That number would have gone up until the final year of the deal in 2027 when Young would have collected a check worth $3.173 million. Unfortunately, Young didn't fund the annuity.

"We never funded the annuity. The owner was so crazy, it had to stay in his name for 45 years," Young said. "So they gave me the option to take the money, which I think was $1 million bucks or $900,000 to fund the annuity -- either take that money or fund the annuity -- I just took the money. The whole idea of the annuity is false advertising."

The USFL eventually went bankrupt, but not before Young collected a few million dollars.

According to the Los Angeles Times, Young only ended up making $4.8 million in the USFL before signing with the Buccaneers in 1985. That ended up not working out well either because the 1985 Buccaneers were almost as bad as the 2013 Buccaneers. Young was eventually traded to San Francisco and the rest, as they say, is history.

[MHS831]

Apparently you didn't even read the article you linked to:

The contract was set up as an annuity and if Young had funded the annuity, he would've been getting a $1 million check in 2014. That number would have gone up until the final year of the deal in 2027 when Young would have collected a check worth $3.173 million. Unfortunately, Young didn't fund the annuity.

"We never funded the annuity. The owner was so crazy, it had to stay in his name for 45 years," Young said. "So they gave me the option to take the money, which I think was $1 million bucks or $900,000 to fund the annuity -- either take that money or fund the annuity -- I just took the money. The whole idea of the annuity is false advertising."

The USFL eventually went bankrupt, but not before Young collected a few million dollars.

According to the Los Angeles Times, Young only ended up making $4.8 million in the USFL before signing with the Buccaneers in 1985. That ended up not working out well either because the 1985 Buccaneers were almost as bad as the 2013 Buccaneers. Young was eventually traded to San Francisco and the rest, as they say, is history.

Apparently, there are various versions of the story I was not aware of---but I was in a hurry to get to work and did not read it carefully--just offering a source that I was not aware had contradictions.  Still, your first post begins with a dickish comment--your biggest problem today is not my reading comprehension.

[Sasquatch]

The $150,000 a year for life was a bonus on top of his $8 million rookie contract, if the internet is to be believed.

He also got paid $1.6 mil for his final year in the league (with Detroit). Not too shabby for an OL 25+ years ago.

Edited Wednesday at 2:49 PM by ItsNotGonnaBeAlright

That  $8 million report is some of the smoke and mirrors often found in NFL contract reports. Everybody, teams and agents, like to draw attention. The reality is that Fralic's rookie deal was roughly 2 million over 4 years (not per year!). They have inflated the reported value by declaring the $150K payment to be worth $6 million since that's about what you would have had to deposit in a savings account in 1985 to get the  $150K return annually.

[MadHatter]

Maybe he knew that he wasn't disciplined at all with money and would just blow it all on hooker and blow. 

 

If so, this was a genius contract on his part. 

so it is a genius contract for a moron.

But, I can see how many thinks this is smart.  They are the same people that brag about a big tax refund ...which is financially a terrible thing.

Time VALUE of money people....it is your friend.

[Jeremy Igo]

so it is a genius contract for a moron.

But, I can see how many thinks this is smart.  They are the same people that brag about a big tax refund ...which is financially a terrible thing.

Time VALUE of money people....it is your friend.

Not sure if its a genius contract for a moron. 

One could say it is enlightened to know your true nature and adjust for it knowing your own limitations and short comings. 

There have been plenty of brilliant people throughout history that have an addiction or issue they can't shake. No one is perfect. 

[MadHatter]

Not sure if its a genius contract for a moron. 

One could say it is enlightened to know your true nature and adjust for it knowing your own limitations and short comings. 

There have been plenty of brilliant people throughout history that have an addiction or issue they can't shake. No one is perfect. 

But if he was going to waste the money then, he is probably wasting it now.

He would have been better off have the money put into a trust (which would be earning interest)....then he would be drawing more than he is now.  He could have set the trust up to auto fund and one where he could not touch the money until a certain age.  He could have protected himself from himself and still had more money.

Again, it is the SAME thing as people happy to get a tax refund. 

For all of those people, I will gladly take your money every week during the year and then give you back the same amount of money at the end of the year.  Anyone interested in this financial arrangement just PM me, we can start this week.

Being a moron and knowing you are a moron (but doing nothing about it) is not exactly enlightened.  It is called being a moron.

[Davidson Deac II]

So 150K for up to to this time  = 4.5 mill. the falcons have paid.

If he would have took 3 million in 85 .. put it in a modest 5% rate of return investment he would have 13 mill right now.

 

Depends on how you look at it.

 

 

But if he puts that 150 grand every year in that same modest investment, he would get, well its to early in the morning for Math, but he would have more than he would had he blown it on hookers and blow.  :)

But if he was going to waste the money then, he is probably wasting it now.

.

Don't agree at all.  Many people gain wisdom in financial and other matters as they get older. 

[Jangler]

 

You lost me when you said there was no difference between 100M and 60M.............

if you can't spend it all by the time you die, then there really is no difference.

[MountainHeel66]

I understand the arguments for lump sum vs payout and totally agree with it the majority of the time and as someone who, I believe, could control myself with millions of dollars. However, in a day and age where professional athletes and flash in the pan millionaires like musicians, celebs, etc. are usually broke within 5 years of losing the spotlight this is an absolutely BRILLIANT move. Nothing in any of this prevents him from getting millions on his first contract (because he did) or a second, third, fourth contract should he have gone that far. He simply took a little less money off of an early contract to ensure that he was set up for LIFE. How genius is this move if he tears his ACL his rookie year and is out of football forever? Hell, how genius is this move if the guy did run through all his millions right after football, all he has to do is wait until January and obviously get better financial advisement. His entire future is bought and paid for though. Bravo Sir, Bravo.