Posts Tagged ‘vick’

That time of year again is here where NFL players have expired contracts and are either on the prowl for a new team or hoping to stay with their current team for a bigger contract.  Free agency can be a stressful for the fans, owners, and the players.  In the 2014 draft there were some players that were signed quickly because the team recognizes the value in keeping them, but we have also seen some high value players hit the free agency market due to either off field issues or cant afford them anymore.  What has been interesting is seeing how some teams have dived right into this and signed a bunch of players, and to see some teams sit back and let all the players slip through their fingers.  Some teams have had salary cap issues so it makes sense why they have been sitting back not doing anything; and they have been focusing on keeping their current players or waiting for the draft.  Some times the free agent period can make or break a team and its shaping up to be an interesting 2014 season.  Below are some of the big named receivers that have signed to new teams. 

Wide Receivers

1. Steve Smith – Went from the Panthers over to the Ravens.  The Ravens are giving him $11 million with a $3.5 million signing bonus for 3 years.  Even at the age of 35 Smith can still offer a lot to the struggling pass offense of the Ravens.  With Torrey Smith on the other side and Dennis Pitta across the middle it should be an open field for Steve Smith.  And we all know that Flacco could use another weapon in the offense.

2. Eric Decker – Went from the Broncos over to the Jets.  This was kind of surprising since he was in the best pass offense and he is now going to a team that had very serious pass issues.  Now Decker did hit pay dirt by signing a 5 year $36.25 million deal with $15 million being guaranteed money.  The Jets finally released Sanchez, but signed Michael Vick to replace him.  This is going to give Decker to shine now that he is out of the shadow of Thomas and Welker.

3. James Jones – Went from the Packers over to the Raiders.  I think this is a good move for Jones and his career.  The Raiders have added a lot of people to the roster already and with Jones being a deep threat it should add a lot of depth to the offense.  The Raiders added Matt Schaub and even though Schaub had a terrible 2013 campaign he should be able to connect with Jones.  We have to remember Schaub fed the ball to Andre Johnson for a lot of years so he should have no problem getting it to Jones.  Jones was bound to get picked up quick with how he has a knack for getting in the endzone. 

4. Golden Tate – Went from the Seahawks to the Lions.  I can see this going very well, or very bad.  Tate just helped the Seahawks win their first Super Bowl and now he is going to a team that has never been to the big game.  The plus is that the Lions is a pass happy team who has the best WR in the game in Calvin Johnson.  Now Stafford may not be the most consistent QB in the game, but he will have no problem getting the ball to both Tate and Johnson.

5. Hakeem Nicks – Went from the Giants to the Colts.  This is a great pickup for the Colts and I really think that Nicks needed to get away from the Giants.  As long as Nicks can stay healthy he should be able to have a fresh start with the Colts.  Andrew Luck is just getting better and better and Nicks could be a useful tool to help the team get farther in the playoffs.  Nicks was a big part of the offense in New York and when he was healthy he was almost unstoppable. 

Emmanuel Sanders – Went from Steelers to the Broncos
Andre Roberts – Went from Cardinals to the Redskins
Brandon LaFell – Went from Panthers to the Patriots
Devin Hester – Went from the Bears to the Falcons
Dexter McCluster – Went from Chiefs to Titans

 

It is a well known statistic that 78% of NFL players end up being broke after they retire from football.  There are numerous reasons why this happens, but the biggest one is that the average NFL player will only play about 5 years.  So that means that NFL players are retiring before they are 30 and then have to figure out how to live on their salary until they die.  So if a player makes $20 million in 5 years, that sounds like it would plenty of money.  But to think of how these players spend their money, the investments they try to make, and trying to help their families makes them go broke.  Obviously players who grow up with nothing are going to want everything so it is obvious that once these players make millions, they are going to want to spend it. 

It is easy to be in our position and say “how did they lose all their money?”  But I can imagine that it is very hard to say no to family and friends when you know you can help them.  Most players will try to make investments with their money and most of them will never pan out.  One thing to remember is that an NFL contract is no guaranteed; the signing bonuses are guaranteed, but the actual contract is something that has to be earned.  So if a player signs a $10 million 2 year contract with a signing bonus of $500,000; then they are only guaranteed the $500,000 and the rest is based on health and performance.  Below is the NFL players that have either gone bankrupt or lost the majority of their money (in no particular order).

1. Bernie Kosar – Kosar did not have the best NFL career, but during the years that he played he made a lot of money.  He had an issue with his family controlling his money and then a string of bad investments.  He attempted to open up a steak house and dumped a ton of money into it, just for it to never open.  He also invested money into some arena football teams, only to never see a return on it.  After several other failed investments he had to file bankruptcy declaring over $18 million in debt.

2. Michael Vick – Everyone knows this story and during his career he has earned over $130 million, and due to his bad decisions he is now flat broke.  After going to jail because of the dog fighting incident he ended up having to pay millions back to the Falcons and had to sell off multiple homes and valuables just to end up broke.  He went to jail and some family members lived in his homes, but when he was released from jail he was broke and jobless.  Vick also had some other failed investments during his initial years.  He was given another chance in the NFL by the Eagles, but he still had to file a bankruptcy to get his finances back in order.

3. Travis Henry – I am going to start this by saying 9 kids with 9 women; so child support was a big factor in all of this.  He was also prosecuted for trafficking cocaine and sentanced to prison.  By going to prison he forfeited a $25 million contract with the Broncos, and this is after he had already earned over $20 million.  He is now broke.

4. Andre Rison – Rison could have been a better receiver had he not been so focused on money and his reputation.  He would spend over $5000 in one night at a club, or spend $300,000 on bling bling to impress his team mates, or by a new car because he wanted to look good when pulling up to practice.  He also made a large number of bad investments from music deals, to restaurants, to night clubs.  Rison was once worth well over $35 million and now he has nothing to show for it.

5. Dan Marino – I was shocked to see him on this list because he is the best QB of all time, and is still on TV covering NFL games.  Everyone knows the issue with the love child he had with another woman that must have cost him a lot of money.  But one of the biggest blunders was Digital Domain where he bought over a million shares of the company.  The company recently went bankrupt and so all of Marinos shares are worthless.  According to Marino that is over $14 million was lost.

6. Vince Young – This is one of the sadder stories of the NFL because right out of college Vince Young signed a huge contract with the Titans and now he is broke and out of a job.  In 2006 he signed a contract for $58 million and $25 million was guaranteed money.  Young did not just have one bad investment; it was multiple bad investments combined with a financial adviser squandered away over $5.5 million that is unaccounted for.  Back in his early days he would spend over $5,000 a week just on dinner.  Young never really performed the way we all expected and now he is trying to make a comeback to earn that money back.

7. Lawrence Taylor – A lot of people know what happened here, but it is very sad to see one of the best defensive players ever to be broke.  Taylor enjoyed spending money on women, drugs, and high society things.  Once his career was over he went to jail three time, had a terrible cocaine problem, and was involved in selling drugs and guns.  In his career he earned over $50 million dollars and he eventually had to file bankruptcy in 1998.

8. Deuce McAllister – You won’t see Deuce in the Hall of Fame, but he earned over $70 million during his years with the Saints.  He owned a car dealership that he poured millions of dollars into, just for it to go bankrupt.  He also got into trouble a night club where he assaulted 2 security guards; that was settled out of court for an undisclosed amount.  And he is now being sued by Nissan, due to back payments on his cars. 

9. Raghib “Rocket” Ismael – Ismael never had to file a bankruptcy and he never served any jail time, but he made some terrible investment moves.  He played in the Canadian League and in the NFL and earned over $20 million dollars.  He made bad investments such as movie theaters, cafes, cosmetics, and restaurants.  He is now a broadcaster on the radio.