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How about my retirement plan?

Published by David on 19th December - 19:17 (CET)
All praise the NBA gods, the new CBA-deal has been set between the player associate and the NBA owners, which means no lockout for at least 7 years!

When it comes to the basketball-related income (BRI) it has previously been divided 51% for the owners and 49% to the players and it will remain the same in the new deal. During the negotiation, the player association was pushing for equal split however with the new TV-deal worth $24 billion fueling the league over the next nine years, the NBA is bathing in money which makes this a none-factor. The player association managed however to expand the definition of basketball-related income which will lead to increased income to the players.

The BRI has risen from $4 Billion to $8 billion, which has allowed the NBA to raise rookie, veteran minimum and mid-level exception salaries by 50 percent as part of the NBA's new collective bargaining agreement. The average salary of an NBA player will increase to the range of $8.5 million and maximum salary will increase to $36 million per year. This would give Steph Curry, currently playing out his last year on his $44 million extension, a new deal worth around $204 million, making it the richest contract in league history. This can seem quite lopsided, but according to Forbes the average NBA franchise is worth more than $1 Billion.

Not as glamorous, yet so important is the adoption of health care package for retired players, and increased benefits for current players, including a tuition reimbursement fund. The union has been keen to create a retirement plan for NBA players to help them survive the post-NBA life. This might feel ironic, I mean who needs a retirement plan when you make million of dollars?

Well,I got a story to tell, like legend Notorious B.I.G once put. Antonine Walker, you remember him, the kinda overweight PF that played for Boston and was a three time NBA All-star. Apparently he lost all of his $108 million earned and filed for bankruptcy 2010.

Other mentionable all-star players that have gone bankrupt are Shawn Kemp and Gilbert Arenas and sadly plenty more. According to Sports Illustrated, 60% of NBA players go broke within five years after retirement.

The average NBA career is 4,5 years which mean that the average player earn around $5 million during his career and these are usually kids that are thrown into a lavish lifestyle were there is even a word for their lifestyle, BALLING!

Antonie Walker dont want to hear any financial advice

Other key points in the new agreement
  • Shorter preseason and earlier start of the regular season, which reduced back-to-back games and stretches of four games in five nights.
  • “The Kevin Love Rule” which allows a team to sign two instead of one young player to a five-year contract, when he becomes a free agent for the first time. The name is due to the fact that the Wolves saved their “designated player-contract” for Rubio, causing a chain of events leading to them loosing Kevin Love. The new rule will help the current Wolves roster, allowing them to keep both Wiggins and KAT
  • Increased roster spot and the possibility for a “two way contracts” which allows players to more easily jump between D-League and the NBA. This will hopefully allow a better cooperation with the D-league as well as keep more talented players in development league.
All in all, a good deal for both parties but more importantly more uninterrupted basketball for the people.

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