Kadyn Proctor discussion on Washed Up Walkons

Feb 13, 2005
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A few notes on Kadyn Proctor's recruitment from the latest podcast of Washed Up Walkons:
  • David Eickholt was on (Hawkeye Insider on 247Sports), and said he thinks there's a 70-75% Proctor goes to Iowa. Says Iowa is the clear leader.
  • Tyler Kluver said he's heard from anonymous sources that Iowa's staff has told Proctor:
    • That Proctor should be able to make $1M+ during his Hawkeye career in NIL
    • That Proctor could get any car NIL sponsorship he wants, meaning that he could get a free monthly lease on whatever car he wants (Rolls Royce, Range Rover, BMW, etc.)
Interesting stuff, and good to hear that some insiders are bullish on Proctor coming to Iowa.
 

nbanflfactory

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A few notes on Kadyn Proctor's recruitment from the latest podcast of Washed Up Walkons:
  • David Eickholt was on (Hawkeye Insider on 247Sports), and said he thinks there's a 70-75% Proctor goes to Iowa. Says Iowa is the clear leader.
  • Tyler Kluver said he's heard from anonymous sources that Iowa's staff has told Proctor:
    • That Proctor should be able to make $1M+ during his Hawkeye career in NIL
    • That Proctor could get any car NIL sponsorship he wants, meaning that he could get a free monthly lease on whatever car he wants (Rolls Royce, Range Rover, BMW, etc.)
Interesting stuff, and good to hear that some insiders are bullish on Proctor coming to Iowa.
None of that matters, he goes to SEP so he's already balling out!! Lol
 

DodgerHawki

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Id rather spend this money on a proven transfer. Immediate impact and you know exactly what you are getting. You have to remember that when you develop a player you have to keep matching offers so that they dont leave.
Iowa isn't spending the money. His earning would be partly from the collective that Iowa fans are setting up (which from the sounds of it will focus on equal $ for all players) and the player's own marketability.

How about we make the opportunities available for both the 5-star recruit and transfers? Proctor is as close to a sure thing as Iowa will have. Yes, he has to be able to play. If he isn't good/great at Iowa, other schools are not going to be lining up to pay him more.

If he is great and he's making decent bank at Iowa, I don't see him leaving for another school.
 

IsaacHarrison

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Iowa isn't spending the money. His earning would be partly from the collective that Iowa fans are setting up (which from the sounds of it will focus on equal $ for all players) and the player's own marketability.

How about we make the opportunities available for both the 5-star recruit and transfers? Proctor is as close to a sure thing as Iowa will have. Yes, he has to be able to play. If he isn't good/great at Iowa, other schools are not going to be lining up to pay him more.

If he is great and he's making decent bank at Iowa, I don't see him leaving for another school.
Fully aware that "Iowa Football" isnt spending the money, but we all know that the coaches decide who they want on their team and how much they are worth. KF and co are deciding who and how much, the donor is coming up with the money and handing it to the player. IF some other school offered alot more than Iowa would match his soph year then he would be gone. Naïve to think otherwise.
 

Hawk_4shur

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Slightly off topic, but I am curious as to how the IRS with get their greedy hands on this NIL stuff?
Well, there is no doubt that it is taxable income.

It also seems clear to me that it will subject to Self-Employment Tax (SS & Medicare).

A free car? That will be taxable income and SE tax also. So, if the lease payments on a car are $900/mo, that's $10,800 of taxable income and the cash for the tax will have to come from his cash NIL.

Lots of tax - lots left over.
 

IsaacHarrison

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Well, there is no doubt that it is taxable income.

It also seems clear to me that it will subject to Self-Employment Tax (SS & Medicare).

A free car? That will be taxable income and SE tax also. So, if the lease payments on a car are $900/mo, that's $10,800 of taxable income and the cash for the tax will have to come from his cash NIL.

Lots of tax - lots left over.
The car might have some flexibility if you worked it like a "company car."
 
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WinOneThisCentury II

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Id rather spend this money on a proven transfer. Immediate impact and you know exactly what you are getting. You have to remember that when you develop a player you have to keep matching offers so that they dont leave.
You may want to watch Proctors film. He's a good investment. I'm kind of a buy and hold kind of guy. Proctor with KF's tutelag will be a Tristan Wirf's clone.
 

BBHawk

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Slightly off topic, but I am curious as to how the IRS with get their greedy hands on this NIL stuff?
The IRS enforces the laws they are told to enforce. They don't make any more or less salary regardless.
🙂
 
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IsaacHarrison

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You may want to watch Proctors film. He's a good investment. I'm kind of a buy and hold kind of guy. Proctor with KF's tutelag will be a Tristan Wirf's clone.
Not denying that...My thought is, in general, what does it take to lure away one of the top OL from last year that is returning to come play at Iowa? Are we talking the same amount of money? Same as a top QB. Would we be better off giving that sort of money to a plug and play elite QB that could instantly make us a much better team. I dont know but when you are talking this kind of money that option should be explored.
 
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It’s not good news to me when we are hearing stuff about NIL and Iowa.

I honestly think that the University of Iowa and the Hawkeye football program and our community are the best place for any young person to succeed, whether hes a third stringer on the football team or a five-star recruit.

Although I resigned to start a couple of businesses years ago, I taught many great Iowa student athletes including football players, including Shonne Greene, Ricky Stanzi, Brett Greenwood, and James Ferentz. I know a little bit about education and personal development, and keep in touch with former students and see their progress after graduation, and even after professional sports careers.

I just wish that young people would think about their education and their personal development first, rather than some of them, who seem pushed to consider short term dollars first.
 
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He will be another beastly left tackle in the same mold as Wirfs, Scherff, Bulaga, Reiff etc. rolling over helpless defenders along the way!
 
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kceasthawk

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Fully aware that "Iowa Football" isnt spending the money, but we all know that the coaches decide who they want on their team and how much they are worth. KF and co are deciding who and how much, the donor is coming up with the money and handing it to the player. IF some other school offered alot more than Iowa would match his soph year then he would be gone. Naïve to think otherwise.
Bull. Three years at Iowa and he'll make more $$$$ in the league then he could spend in five lifetimes. He can stuff his damn mattress with 100$ bills. Take a look at Scherrff contract as the highest paid lineman ever and then wait and see what Wirfs gets in his second contract. It will be the new standard for ALL NFL lineman EVER! Thats the trajectory KP is on IF he comes to Iowa and excels......
 

MepoDawg#

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Fully aware that "Iowa Football" isnt spending the money, but we all know that the coaches decide who they want on their team and how much they are worth. KF and co are deciding who and how much, the donor is coming up with the money and handing it to the player. IF some other school offered alot more than Iowa would match his soph year then he would be gone. Naïve to think otherwise.
Not happening at Iowa.
 
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bumpstock

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Well, there is no doubt that it is taxable income.

It also seems clear to me that it will subject to Self-Employment Tax (SS & Medicare).

A free car? That will be taxable income and SE tax also. So, if the lease payments on a car are $900/mo, that's $10,800 of taxable income and the cash for the tax will have to come from his cash NIL.

Lots of tax - lots left over.
They'll lease him the auto for $12.00 per year for the three years he's a Hawk, and he'll pay the $36.00 out-of-pocket. Problem solved.

BTW, how will the IRS & FederalLabor Laws apply when he files his taxes as an Independent Contractor?

Stand-by, the sh!t will soon hit the fan!
 
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Hawk fan in Minn

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Well, there is no doubt that it is taxable income.

It also seems clear to me that it will subject to Self-Employment Tax (SS & Medicare).

A free car? That will be taxable income and SE tax also. So, if the lease payments on a car are $900/mo, that's $10,800 of taxable income and the cash for the tax will have to come from his cash NIL.

Lots of tax - lots left over.
Really hoping for their sake they are hiring good accountants to assist with their taxes each year. Could be bad news for them if they are not accounting for things correctly
 

Hawk_4shur

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They'll lease him the auto for $12.00 per year for the three years he's a Hawk, and he'll pay the $36.00 out-of-pocket. Problem solved.

BTW, how will the IRS & FederalLabor Laws apply when he files his taxes as an Independent Contractor?

Stand-by, the sh!t will soon hit the fan!
You have to pay tax on the "fair value" of the car. The IRS even has tables for this sort of stuff.

I assume Independent Contractor status, which is why they will likely have to pay self-employment tax, which is both the employer and employee share of social security and Medicare.
 

SCHawkFan

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Learning about money management and taxes while in college might be the most important thing a big-time athlete like Proctor takes away from his time in Iowa City. Barring injury, he will make a lot of money in his professional life so start building a team to help manage that as an 18-year-old. Hopefully, he is getting the guidance needed to do this right.
 

MepoDawg#

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Learning about money management and taxes while in college might be the most important thing a big-time athlete like Proctor takes away from his time in Iowa City. Barring injury, he will make a lot of money in his professional life so start building a team to help manage that as an 18-year-old. Hopefully, he is getting the guidance needed to do this right.
It should be done at the high school level.
 

iahawkeyes17

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With Iowa going with the flow with the NIL stuff with Proctor this could be similar to pitch with Nwankpa. OSU and ND have a roster of 10 4-5* guys at his position from all over the country. Same with Bama every year they get a whole new batch of top 100 OL. But being the 5* in state guy the potential to earn more staying home is a high possibility. Plus with coaches talking up NIL I think it's important from the recruiting perspective to say look at X and Procter (if we can land him) about being able to get some 5* and do good by them. Yes it's rare to get these guys out of IA but who knows maybe can land a similar kid in the future from IL or some other Midwest state and only bodes well for the future in the recruiting game.
 

DogBoyRy

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A few notes on Kadyn Proctor's recruitment from the latest podcast of Washed Up Walkons:
  • David Eickholt was on (Hawkeye Insider on 247Sports), and said he thinks there's a 70-75% Proctor goes to Iowa. Says Iowa is the clear leader.
  • Tyler Kluver said he's heard from anonymous sources that Iowa's staff has told Proctor:
    • That Proctor should be able to make $1M+ during his Hawkeye career in NIL
    • That Proctor could get any car NIL sponsorship he wants, meaning that he could get a free monthly lease on whatever car he wants (Rolls Royce, Range Rover, BMW, etc.)
Interesting stuff, and good to hear that some insiders are bullish on Proctor coming to Iowa.
I like wuw but tyler is borderline dumb.
A few to many hits to the head possibly.
 

bumpstock

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You have to pay tax on the "fair value" of the car. The IRS even has tables for this sort of stuff.

I assume Independent Contractor status, which is why they will likely have to pay self-employment tax, which is both the employer and employee share of social security and Medicare.
Let's assume he doesn't go the Independent Contractor route, and is an employee of the car company (I understand they'd withhold the SS/Medicare), or the employee of several other NIL businesses. Taxes are taxes; he'll pay one way or another.

Either way (I/C, Sole Proprietor, or Employee) he's subject to the Labor laws of the U.S. & Iowa. and entitled to all the rights that go with such workman's status, correct?

These guys (and, a few gals) are well on their way to establishing themselves as employees of the college per NCAA vs. Alston. The nexus is crystal clear ~ no football, no job.
 

Hawk_4shur

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Let's assume he doesn't go the Independent Contractor route, and is an employee of the car company (I understand they'd withhold the SS/Medicare), or the employee of several other NIL businesses. Taxes are taxes; he'll pay one way or another.

Either way (I/C, Sole Proprietor, or Employee) he's subject to the Labor laws of the U.S. & Iowa. and entitled to all the rights that go with such workman's status, correct?

These guys (and, a few gals) are well on their way to establishing themselves as employees of the college per NCAA vs. Alston. The nexus is crystal clear ~ no football, no job.
Well, interesting question.

First, I'm not sure if any of these guys will be considered employees - I don't think the businesses will want them as employees. Health insurance, workers compensation, 401k, etc. I suppose they could be considered "part-time" employees which may get the employer off the hook for some of that.

I think they will mostly be Independent Contractors - their job won't be football, it will be "marketing" or "public relations". Remember they are not being paid to play football (wink), they are being paid for their NIL.

Some clever accountant or lawyer may try to claim that they have "sold their NIL", which is an intangible asset and should be treated as a capital gain and not subject to self-employment tax.

I'm not buying it, and I don't think the IRS will either. That doesn't mean it won't get litigated.

I also don't think they will be employees of the school. If they are it would be a tax disaster. The scholarship would be taxable and the athletic program would likely lose their tax exempt status.

It's going to be interesting ....... at least for those of us that are tax nerds.
 
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MepoDawg#

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Let's assume he doesn't go the Independent Contractor route, and is an employee of the car company (I understand they'd withhold the SS/Medicare), or the employee of several other NIL businesses. Taxes are taxes; he'll pay one way or another.

Either way (I/C, Sole Proprietor, or Employee) he's subject to the Labor laws of the U.S. & Iowa. and entitled to all the rights that go with such workman's status, correct?

These guys (and, a few gals) are well on their way to establishing themselves as employees of the college per NCAA vs. Alston. The nexus is crystal clear ~ no football, no job.
It’ll all be self-employment income. Businesses are not taking them on as employees and I’m not sure that’s kosher anyways.
 

Gonzo Bloor

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It’ll all be self-employment income. Businesses are not taking them on as employees and I’m not sure that’s kosher anyways.
Agree, I'd think it'd be schedule C income and I hope they're smart about tucking away at least 35% of whatever they're bringing in for the IRS.
 

bumpstock

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Well, interesting question.

First, I'm not sure if any of these guys will be considered employees - I don't think the businesses will want them as employees. Health insurance, workers compensation, 401k, etc. I suppose they could be considered "part-time" employees which may get the employer off the hook for some of that.

I think they will mostly be Independent Contractors - their job won't be football, it will be "marketing" or "public relations". Remember they are not being paid to play football (wink), they are being paid for their NIL.

Some clever accountant or lawyer may try to claim that they have "sold their NIL", which is an intangible asset and should be treated as a capital gain and not subject to self-employment tax.

I'm not buying it, and I don't think the IRS will either. That doesn't mean it won't get litigated.

I also don't think they will be employees of the school. If they are it would be a tax disaster. The scholarship would be taxable and the athletic program would likely lose their tax exempt status.

It's going to be interesting ....... at least for those of us that are tax nerds.
I agree with you. However, that "wink" is the Catch 22.

Alston suggests that they are already an employee of the school (if they choose to pursue that claim in court). Adding NIL deals that are contingent upon making the roster just adds to the evidence that they are, in fact, employees of the school.
 

bumpstock

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It’ll all be self-employment income. Businesses are not taking them on as employees and I’m not sure that’s kosher anyways.
Well, since nobody's leaked one of these NIL contracts, we really don't know. Some may, some may not. It's kosher either way.
 
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Fully aware that "Iowa Football" isnt spending the money, but we all know that the coaches decide who they want on their team and how much they are worth. KF and co are deciding who and how much, the donor is coming up with the money and handing it to the player. IF some other school offered alot more than Iowa would match his soph year then he would be gone. Naïve to think otherwise.

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