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How do Collectives work?

SevnandSevn

SevnandSevn

Day Drinker
Joined
Mar 1, 2015
Messages
116
Hearing all the rumors about kids not being paid what they were promised made me wonder how are collectives being set up as legitimate taxable entities? Are collectives running into issues when they realize that these aren't under the table tax free payments? I just have so many questions abut that whole process.

I've seen other fans call Ruiz shady for what he's doing but Lifewallet seems more legitimate to me than any collective.
 
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SevnandSevn said:
Hearing all the rumors about kids not being paid what they were promised made me wonder how are collectives being set up as legitimate taxable entities? Are collectives running into issues when they realize that these aren't under the table tax free payments? I just have so many questions abut that whole process.

I've seen other fans call Ruiz shady for what he's doing but Lifewallet seems more legitimate to me than any collective.
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season 5 netflix GIF by Gilmore Girls
 
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The name "collective" says it all. They COLLECT funds / donations from boosters / fans and channel the funds to players. Some are FOR PROFIT collectives ... like the Gator Collective that is run by a UF Alum, an attorney who helped the State of Florida draft the NIL regulations for the State of Florida. His agency charges a fee ... believe it is 10-15% ... and they act as the intermediary for the player that signs a NIL agreement.
 
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Collectives consider people good if they are helpful, generous, dependable and attentive to the needs of others in the community.

How do you achieve this coveted good status? So long as I, your Komissar Empirical Canedesinovitch, due to my clearly superior intellect, ability, and devotion to the people and our righteous struggle, deem them worthy enough of this designation.

If I determine you unworthy, you will immediately study your book of My Greatness: A Journey Of Learning The Path of The Empirical One or be sent to Tallahassee for re-education. Also, if I just feel like it, I'll send you just cuz.

GLORY TO THE PEOPLE!

but more importantly,

GLORY TO EMPIRICAL CANEDESINOVITCH!


Oh, you meant NIL Collectives. They are basically setup as charities, receive donations, and then provide cash and in-kind NIL benefit to given athletes.

Very different from LifeWallet where each athlete has an employment agreement for endorsements.
 
Rickd said:
The name "collective" says it all. They COLLECT funds / donations from boosters / fans and channel the funds to players. Some are FOR PROFIT collectives ... like the Gator Collective that is run by a UF Alum, an attorney who helped the State of Florida draft the NIL regulations for the State of Florida. His agency charges a fee ... believe it is 10-15% ... and they act as the intermediary for the player that signs a NIL agreement.
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👆This is some deep, DEEP mind blowing shït right here.
 
Empirical Cane said:
👆This is some deep, DEEP mind blowing shït right here.
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Saw a summary of a new collective set up for I believe Iowa ... "75% of the funds go to athletes" ... so in that one 25% of the donations are to cover management fees etc of the collective.
 
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Empirical Cane said:
View attachment 198835

Collectives consider people good if they are helpful, generous, dependable and attentive to the needs of others in the community.

How do you achieve this coveted good status? So long as I, your Komissar Empirical Canedesinovitch, due to my clearly superior intellect, ability, and devotion to the people and our righteous struggle, deem them worthy enough of this designation.

If I determine you unworthy, you will immediately study your book of My Greatness: A Journey Of Learning The Path of The Empirical One or be sent to Tallahassee for re-education. Also, if I just feel like it, I'll send you just cuz.

GLORY TO THE PEOPLE!

but more importantly,

GLORY TO EMPIRICAL CANEDESINOVITCH!


Oh, you meant NIL Collectives. They are basically setup as charities, receive donations, and then provide cash and in-kind NIL benefit to given athletes.

Very different from LifeWallet where each athlete has an employment agreement for endorsements.
Click to expand...
Nice yearbook photo with your classmates.

31FA6C18-BC4E-477C-94A8-145A6183A528.jpeg
 
Empirical Cane said:
View attachment 198835

Collectives consider people good if they are helpful, generous, dependable and attentive to the needs of others in the community.

How do you achieve this coveted good status? So long as I, your Komissar Empirical Canedesinovitch, due to my clearly superior intellect, ability, and devotion to the people and our righteous struggle, deem them worthy enough of this designation.

If I determine you unworthy, you will immediately study your book of My Greatness: A Journey Of Learning The Path of The Empirical One or be sent to Tallahassee for re-education. Also, if I just feel like it, I'll send you just cuz.

GLORY TO THE PEOPLE!

but more importantly,

GLORY TO EMPIRICAL CANEDESINOVITCH!


Oh, you meant NIL Collectives. They are basically setup as charities, receive donations, and then provide cash and in-kind NIL benefit to given athletes.

Very different from LifeWallet where each athlete has an employment agreement for endorsements.
Click to expand...

Frum eech cording 2 hiz abilltees, too eech cording two hiz neads! Geaux Gaytah!

1657990659414.png
 
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Womp womp. Results indicate... they operate poorly. Too many fingers in the pie, but we shall see if checks start clearing. Me thinks profit taking by 'collective members' and handlers (not legally named in NIL situations).
 
In theory, this is how they're supposed to work...

A group of donors get together and pool their money via a collective. The collective then buys an athlete's NIL rights. The collective pays them a negotiated guaranteed fee. The collective can then go out to the market and resell the athlete's NIL to recoup their investment. The collectives know they won't reasonably recoup their investment, so they operate at a loss.

Let's use Nico and UT as an example:
- UT donor-backed collective signs Nico to a $1M/year NIL deal.
- UT collective now owns Nico's NIL
- UT collective reaches out to local businesses to have Nico as their spokesman.
- Local business pays UT collective to have Nico make an appearance at an event. Let's say they pay $100k for the appearance.
- Nico does the appearance.
- This is the only NIL deal the collective does for the year on behalf of Nico
- Nico gets paid the guaranteed $1M/year from the collective, regardless of whether the collective negotiates $1M worth of NIL deals on his behalf

Just a fancy way to pay the players guaranteed money via NIL.
 
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Empirical Cane said:
View attachment 198835

Collectives consider people good if they are helpful, generous, dependable and attentive to the needs of others in the community.

How do you achieve this coveted good status? So long as I, your Komissar Empirical Canedesinovitch, due to my clearly superior intellect, ability, and devotion to the people and our righteous struggle, deem them worthy enough of this designation.

If I determine you unworthy, you will immediately study your book of My Greatness: A Journey Of Learning The Path of The Empirical One or be sent to Tallahassee for re-education. Also, if I just feel like it, I'll send you just cuz.

GLORY TO THE PEOPLE!

but more importantly,

GLORY TO EMPIRICAL CANEDESINOVITCH!


Oh, you meant NIL Collectives. They are basically setup as charities, receive donations, and then provide cash and in-kind NIL benefit to given athletes.

Very different from LifeWallet where each athlete has an employment agreement for endorsements.
Click to expand...



Please help @Dr.L.ThugU understand this. Commie ****e. If I'm lying, ask @stevehick @CDWright40 and @FlatlandCane
 
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