The Legalities of Paying Athletes to Stay in College [e164]
Nasir and Matt talk about the company that's attempting to convince athletes to stay in college by raising money from fans. Full Podcast Transcript NASIR: Welcome to our podcast where we cover business in the news and add our legal twist. My name is Nasir Pasha. MATT: And I’m Matt Staub. NASIR: I was going to try to do the lead-in for this even though it’s another sports story and the only reason is because I was at Sports Clips this week getting my haircut done. Yeah, that’s right; I get my haircut done at Sports Clips. And so, I was sitting down in the waiting area and there was I think it was ESPN. There were two guys. It looked like they were doing a radio show but they were being filmed on TV which I thought was strange. MATT: Mike and Mike probably. NASIR: Yeah, I think that sounds right. They were talking about this exact story and I’m like, “That’s pretty much Matt and I.” We might as well be on ESPN. MATT: Yeah, maybe. Actually, this is good timing. This episode will come out on Monday and this is right after Selection Sunday. NASIR: Oh, yeah. MATT: Which you actually like. I mean, Dayton will be back. You had your big Dayton thing last year. They’ll be in the tournament. NASIR: Will San Diego State make it this year? I don’t think so, right? MATT: They’ll definitely be in it as well. I’m projecting they’ll probably be a seven. I mean, it’s still hard to say because they still have a couple of games possibly at this point, but they’ll probably be around a seven. They’ll definitely be in. NASIR: Well, I was looking at their rankings and I was confused because there’s 36 teams that are selected, right? MATT: 68. NASIR: Oh, okay, then that makes sense because I thought they were outside that 30-some. So, okay. Phew! Very close. MATT: Now, they’ll definitely be in because they won their conference and it’s not a problem for them. NASIR: Yeah, I was thinking, like, they won their conference, they should be able to. Okay. Well, yeah, so Dayton and San Diego State, they’re going to be in the finals probably. MATT: Bold prediction. They’ll probably play each other first game. NASIR: Not to get distracted on our topic but you heard the billion dollar bet or billion dollar perfect bracket is no longer on the table this year because there was just too much legal dispute as to who came up with the idea and then people were upset because one of the participants went to the insurance company to insure the billion dollar bet but, by doing that, it made everything public and kind of let the cat out of the bag, so to speak, before they wanted to and it became a whole legal hoopla. MATT: I didn’t see that. That’s not surprising, I guess. NASIR: We’ll cover that next year – a little too late. MATT: Let’s get to your story that you already saw earlier in the week which is I’ve a very strong – well, not strong opinion – I think I have a correct opinion on this. NASIR: Okay. MATT: But this guy in – I believe – Chicago came up with this new idea. Actually, if we go really far back, I think this is one of the first things we ever talked about with the investment into a player. Do you remember that? That was a long time ago. NASIR: Yeah. MATT: Adrian Foster. NASIR: Adrian Foster, the Houston Texans, but that was for the NFL professionals, obviously – a little bit different. MATT: Well, it does mention professional possibly in here, but basically what this company is, this idea, this concept is, if you don’t follow sports, basically, you have four years you can play in college and then you have to leave. But some guys that are really good, especially in basketball and in football too, you have to play a couple of years, but you can play and then go to the pros and, you know, then your college team’s worse than it was presumably when their good players leave. So, this guy’s idea was, “Hey, I will just come up with this thing where anyone can donate money,” and a certain percent – it says 80 percent but then,