The importance of the symposium for drafted players. Andrew Brandt
Why do the all the rookies gather every year at this time for the NFL Rookie Symposium?
This annual event has become a staple of the NFL calendar. It’s a gathering of all drafted rookie – some clubs have only a handful, others have up to 12 – to sit through three days of meetings, seminars, breakout sessions, speakers and multiple warnings about bad behavior. The players are hyper-scheduled; they barely have time for bathroom breaks, and the league likes it that way because it’s better to herd them in and out of meetings when time is short.
The atmosphere – as I’ve been told from players – is akin to summer camp, with each team (bunk) and its counselor (the team’s player programs director) participating along with and against other teams’ rookie classes. Players always come back from these events with stories about players who wouldn’t stop asking questions, others who were clowning around the whole time and still others who impressed them with their knowledge and/or forthright questions to the speakers and panelists.
The key presentations, from my standpoint, are financial. As I mention all the time to players, both as a former agent and team representative, there’s nothing more important to their careers in professional football than the potential it has for financial security and the head start it gives them on the rest of their collegiate peers. It’s not what they make that counts; it’s what they keep.
There are presentations along these lines at the symposium. They detail a sample contract – say $1 million – and the deductions that come out of it: federal taxes, state taxes, city taxes, agent fees, family expenses, housing, food, clothing, etc. After presenting the group with $1M of earnings, the presentation will show that the player is left with roughly $200,000.
The problem with the symposium is one the NFL can’t fix. The players who need to heed the advice the most usually don’t, and the ones who need to hear it the least take it to heart. One player came back and just shook his head, saying he felt like he was “in the ‘hood” the whole week.
Some of these players won’t be in the league in a couple of months; some will last a year or two, and a minority will play more than four or five years. Thus, the importance of listening intently to the financial presentations, although almost all of the rookies think they’re invincible at this age.
This week featured a presentation from the new executive director of the NFL Players Association, DeMaurice Smith, which is a good thing for these rookies. He’s someone they should know and listen to intently, as he will be their leader for a while -- and they hope to be his constituents for a while.
The other major topic is a host of presentations, skits and workshops around personal conduct. Which brings me to…
Why is Commissioner Roger Goodell in no hurry to rule on Michael Vick and Plaxico Burress?
APCommissioner Roger Goodell
Why should he be? Goodell put a chill into those breathlessly awaiting an outcome of discipline for these two high-profile star players whose conduct has been at issue for some time. By telling everyone to cool their heels for a while, Goodell can make a reasoned and informed decision based on what he sees.
And what is that? With Vick, he wants to see true remorse, meaning more than words. That will be hard to document, but images of his return to his Virginia home with dozens waiting and a videographer can’t help.
As to Burress, the delay tactics to push the whole matter into 2010 and his steadfast refusal to take a deal that would provide months – not years – of jail time have probably irritated the commissioner.
So these players – and any teams interested in them – will wait.
Why were the Eagles the first team to jump into the second round when they signed running back LeSean McCoy?
It’s difficult to be the first contract done in any round of the NFL Draft, especially the higher rounds. Without a market being set, teams and agents are left to figure out where they think the market will land with regard to increases. With the McCoy deal, Drew and Jason Rosenhaus were willing to jump into the pool before anyone else and we were able to find some common ground.
APNFL agent Drew Rosenhaus
With all that’s said about Drew Rosenhaus and his antics, the one thing that team executives like about him is that he is, first and foremost, a deal maker. He simply has too many clients not to be. In my job negotiating contracts for the Packers, and now as a consultant to the Eagles, I know this firsthand.
When Drew and I went to breakfast at the Penrose Diner in Philadelphia a couple of weeks ago, he let his guard down a bit and we talked about a lot of things not related to football. Drew and I have had our battles in the past – Mike McKenzie, Javon Walker, etc. -- but we put the business aside and I made him drop the act and just talk. Behind that façade of the “Next Question” Drew, there’s a fairly interesting guy there.
And for my Pet Peeve Why of the Week?
Why are people shocked that Michael Jackson would die an early death?
This is not to bash Michael. I loved his music and recall that my first slow dance was to “I’ll Be There.” But should anyone really be surprised that Michael Jackson didn’t have good longevity? He was in the public eye for 41 years, since age 9, and it took its toll. He was frail and was recently pictured being pushed in a wheelchair without any apparent leg injury. Jackson packed a lot of life into his 50 years.
Follow me on Twitter: adbrandt.
Andrew interesting insight on the rookies. Any idea on the percentage of players who take the advice and invest the money v. those who blow it away?
Great articles
10-S
For most rookies there is not much to invest and they should just find a safe and risk-free place to put it. I have seen too many players broke after their short career in football.
Andrew thanks for this and all your columns. Very interesting to learn about the underside of the game. NFP does a great job overall covering all the bases.
Now completely off topic. I really like the new redesign, but how is it that Lombardi seems to have lost five years and looks so much younger and you and Bowen seem to have aged? Mike must have passed some extra cash to the art director. You and Matt need to get to the bottom of that.
The Eagles picked from the later stages of the round, correct? Rosenhaus signing him first tables the player more money than he'd probably make on waiting for others ahead of him, for that reason.
There is a deceleration in compensation for picks into the later tier of a round, Drew got ahead of it and this young player can now focus entirely on becoming the best Eagle team mate he can.
Great move by Drew for several reasons there.
Andrew B. said on 7/2 at 7:24:
"For most rookies there is not much to invest and they should just find a safe and risk-free place to put it......"
That's true, BUT look at the worst case scenario for a low round draft choice who saves/nets $50,000 from a first-year salary.
A smart saver will get 6% fixed on a CD with the $50,000 and in ten years, a non-callable fixed CD accumulates plenty.
A higher draft choice could live for the rest of his life on $500,000 invested at 6% fixed.
Ultimately, if rookies get good financial advice and heed it, then they are well on their way to financial freedom.
Unfortunately, as Andrew implied, the vast majority a penny wise and pound foolish.
Most blow it $$ all away, I imagine, then have to take (low-paying) jobs immediately after leaving the NFL after 3-5 years.
Behind that façade of the “Next Question” Drew, there’s a fairly interesting guy there.
Praise indeed!
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Jul 01, 2009
09:43 PM
I don't know what caused Jackson's death @ only 50. I, at first, suspected drugs since that contributed to many young stars' deaths. But now i assume it was the result of the "too much too soon" syndrome. As with Presley, we'll never know how much over-indulgence of everything they could afford contributes to early demise. I doubt that either one practiced moderation since they felt no reason to, and their adoring fans would not let up. The Lord has now sorted out their lives.