Just a few tidbits about draft and combine process

[purplemonster]

If any of you have some questions about the draft or combine, I am no expert myself but a good friend has a son being drafted out of college. I was picking his brain about it last night, apparently his son moved to Florida as part of this Lifetime Fitness "GameFace" preparatory service in Boca Raton. He went down there at the end of his college season and just trained for the combine down there for 4 months. The interview process with teams largely dealt with asking questions on game scenarios and testing the football mind. Without any off field issues and coming from a relatively prestigious school there weren't a lot of personal history questions for him. His agent pursued him and the family went with a somewhat 'greener' agent who charges less in fees. Something like 5% of the initial $1M and something like 1% thereafter. The agent gives the player a $3,000 stipend/mo and housing and other amenities that do not need to be repaid. He is projected to be a maybe 5th rounder, maybe more likely the 6th. Obviously the attention and money will go up from there if you are a higher pick. 

The whole process was just interesting to me. Unsurprisingly they said every interaction they had with teams you are being evaluated, so a bit stressful. He had interviews with all 32 teams even at that lowish a draft pick. 

Edited March 26, 2023 by purplemonster

[Riffraff]

3 hours ago, purplemonster said:

His agent pursued him and the family went with a somewhat 'greener' agent who charges less in fees. Something like 5% of the initial $1M and something like 1% thereafter.

 

More info NFLPA doctrine:

 

https://nflpaweb.blob.core.windows.net/media/Default/PDFs/Agents/RegulationsAmendedAugust2016.pdf

 

12
S E C T I O N 4 : A G R E E M E N T S B E T W E E N
C O N T R A C T A D V I S O R S A N D P L AY E R S ; M A X I M U M F E E S
A. Standard Form
Any agreement between a Contract Advisor and a player entered into after the effective date of
these Regulations, which is not in writing in the pre-printed form attached hereto as Appendix
D or which does not meet the requirements of these Regulations, shall not be enforceable against
any player, and no Contract Advisor shall have the right to assert any claim against the player for
compensation on the basis of such a purported contract.
B. Contract Advisor’s Compensation
(1) The maximum fee which may be charged or collected by a Contract Advisor shall be three
percent (3%) of the “compensation” (as defined within this Section) received by the player in
each playing season covered by the contract negotiated by the Contract Advisor, except as fol-
lows:
(a) The maximum fee which may be charged or collected by a Contract Advisor shall be:
(i) Two percent (2%) for a player who signs a one (1) year tender while subject to a
Franchise or Transition designation, or as a Restricted Free Agent;
(ii) One-and-one-half percent (1.5%) for a player who signs a one (1) year tender
while subject to a Franchise or Transition designation for the second time he is
tagged; and
(iii) One percent (1%) for a player who signs a one (1) year tender while subject to a
Franchise or Transition designation for the third time he is tagged.
(2) The Contract Advisor and player may agree to any fee which is less than the maximum fee
set forth in (1) above.

[1fastdoc]

I swear, every profession pays better than medicine these days.  Mental note, become an agent.  

It is interesting to hear about the contracts though.  I know someone that used to be in that realm in basketball.  He's high up in the medical device industry now.  He loves to wine and dine and he'll convince you he's your best friend.  Until something doesn't go quite right.  Then you find out how ironclad those contracts are and how ugly agents and lawyers can be.  In watching him work I'll say this - never, ever trust an agent.  

[stevegrab]

7 minutes ago, 1fastdoc said:

I swear, every profession pays better than medicine these days.  Mental note, become an agent.  

It is interesting to hear about the contracts though.  I know someone that used to be in that realm in basketball.  He's high up in the medical device industry now.  He loves to wine and dine and he'll convince you he's your best friend.  Until something doesn't go quite right.  Then you find out how ironclad those contracts are and how ugly agents and lawyers can be.  In watching him work I'll say this - never, ever trust an agent.  

I know you've posted before that you're struggling with a new practice and some other issues, but really what professions pay more than those in medicine?  Maybe they don't count these agents and others as a profession, but a list I found of the top 10 all but one are in health care.

https://www.cnbc.com/2023/02/01/the-10-best-paying-jobs-of-2023-according-to-new-research.html

[1fastdoc]

On 4/3/2023 at 3:56 PM, stevegrab said:

I know you've posted before that you're struggling with a new practice and some other issues, but really what professions pay more than those in medicine?  Maybe they don't count these agents and others as a profession, but a list I found of the top 10 all but one are in health care.

https://www.cnbc.com/2023/02/01/the-10-best-paying-jobs-of-2023-according-to-new-research.html

I don't want to start a huge tangent, but just looking at a "salary" fails to put it in context.  $208k may sound like a lot but remember, unlike the average college grad, the physician continues on for 4 more years at an average cost of $250k or more.  Then residency +/- fellowship, 6 more years of training.  During that time I made $38k/yr and deferred all of my loans, which kept gaining interest. That interesit at this tax bracket is not tax deductible btw.  Then when others have had 10 years of accumulating money, the new MD starts out with the need to buy in to a practice already deeply in debt, with no 401k, no emergency fund, etc.  But it's ok, because banks will gladly loan money to someone with an MD.  More debt.  Here's the real rub: name one profession that makes less today than in 1997 (NOT counting for inflation, if we account for that then MD's make half of what they did then for the same procedures).  Here's an example: if I take out your thyroid you'll pay around $8k. Most of it goes to the hospital.  It takes me 90 minutes and you go home from recovery.  With my turn over time to the next case that burns 2.5 hours total.  My overhead is around $300/hour.  I get paid $650 for that surgery and your postop visit is included.  Do the math real quick.  This is not sustainable.  

How many here have a primary care provider who is actually an MD?  Lot's of people now see NP's, who have 2 years of training beyond nursing (not medical) school.  Or they do a 3rd year and they get their doctorate in nursing.  Now they are addressed as doctor.  Most patients have no idea. I'm grateful I'm an MD, because it means many of my friends are.  So when the US healthcare system completely falls apart at least I have people I can call when I'm sick.  It's sad when a patient balks at their $120 bill for my experience and expertise, which didn't even cover the cost of a single concert ticket.  

I won't go any further, there isn't any point. But if any of you have kids who want to become a doctor, make damn sure they have no illusions about the money.  The next wave of major reimbursement reductions is due in 2025.  Our young doctors with $300k+ of undergrand and med school debt are screwed.   FWIW, I have a lot of friends in various industries including med sales, music and corporate real estate, development and corporate healthcare.  None carry the debt of a doc and  most make more than the average MD. But you're not going to see those types of jobs on that link as they're too hard to quantify. 

Edited April 4, 2023 by 1fastdoc