Latest / The Gill Athletics Track and Field Connections Podcast / #167: Gill1918 presents Track Tribe LIVE: (Part 2) "Getting Paid to Run" with Tyrone Ross hosted by Kyle Jones

Transcript

#167: Gill1918 presents Track Tribe LIVE: (Part 2) "Getting Paid to Run" with Tyrone Ross hosted by Kyle Jones · The Gill Athletics Track and Field Connections Podcast

• 0:00
  Welcome to the Gill 1918 Project, a podcast series by
• 0:03
  coaches, for coaches, powered by Gill Athletics.
• 0:06
  Think of this as the Ted Talks of track and field coaching.
• 0:09
  Short, insightful, and packed with valuable strategies to help
• 0:12
  you grow as a coach. We're bringing the once a year
• 0:15
  track clinic straight to your ears daily.
• 0:17
  Interested in creating your own episode?
• 0:19
  Everyone's welcome to participate.
• 0:21
  Check out the show notes below For more information.
• 0:23
  Now let's get into today's topic.
• 0:27
  So anything over $600.00 has to be, and we'll get into the
• 0:31
  nuance of NAL because I think that's where a lot of that,
• 0:34
  there's a lot of things that need to be discussed from a,
• 0:36
  from a financial standpoint, which is near and dear to my
• 0:39
  heart. But I think what parents are
• 0:42
  just taking for granted now is not the same as when Coach Moon
• 0:45
  walked into my living room and he told my parents, Yep, got a
• 0:48
  full scholarship for him and that's all.
• 0:51
  But what does that mean? Right.
• 0:54
  Oh, grant and aid, OK. And a full scholarship was never
• 0:59
  every four years, which we all know now it has to be renewed.
• 1:03
  But what does that look like in the face of roster now?
• 1:07
  Now here's the first. Here's the thing that parents
• 1:10
  need to know. Prior to the 2526 year, it was
• 1:16
  if you were fully funded program, right?
• 1:18
  It was 12.6 scholarships. Right.
• 1:21
  Right now it's 45 for men's and women's 45.
• 1:28
  They can give up to 45. Very few are You know why?
• 1:33
  Because it's expensive. So OK, we know you have a roster
• 1:37
  of you can fill a roster of 45. How many full scholarships ask
• 1:42
  school full scholarship athletes do you have are you going to
• 1:46
  have on a roster? Like these are the questions
• 1:47
  that parents need to ask, right? In addition to, again, that
• 1:54
  grant and aid, in addition to the NIL, OK, I want to go run in
• 1:57
  Florida. How much of that 20.5 million it
• 2:01
  has to be that the school is paying, schools are paying the
• 2:05
  NIL name, image and likeness. How much of that money is going
• 2:09
  to the TRAP program? And what does that mean for my
• 2:12
  child, Right, You see what I'm saying?
• 2:14
  So it's it's a totally different conversation, man.
• 2:18
  And then if you're mid major or division two, you got to ask
• 2:21
  even more questions, you know, but hopefully yes, the school
• 2:27
  gets covered and then maybe there's some some conversation
• 2:30
  around what NIL looks like and and maybe putting a little money
• 2:33
  in the kids pockets. Right.
• 2:35
  So you got segments. Hey, hey, here's the money that
• 2:38
  comes to the school and only a portion of it's going to go to
• 2:41
  track and field. And that's getting reduced year
• 2:43
  by year because track and field is, is, is unfortunately a dying
• 2:48
  sport. And and we're all this.
• 2:51
  That's part of the reason why I started the track tribe is to
• 2:54
  try to, you know, resuscitate or bring life to track and field
• 2:58
  because in, in my opinion, not, you know, I could be incredibly
• 3:02
  biased here because of my love for track and field.
• 3:05
  Track and field is the foundation of most other sports
• 3:09
  and, and their success. And without track and field, I
• 3:12
  think every other sport will really suffer.
• 3:15
  That's, you know, my personal opinion here.
• 3:17
  So now we're looking at how, how do we help track thrive, not
• 3:23
  just survive, but thrive. But then we have athletes that
• 3:26
  are trying to figure out where do I go?
• 3:28
  How do I get this money? Who am I up against?
• 3:31
  Because to your point, you know, athletes are, are moving from
• 3:35
  school to school and getting more money, you know, and, and
• 3:38
  that I, I don't really blame them because it's, it's business
• 3:41
  on the next level. And if you're going to be,
• 3:42
  you're going to treat me like a number, I'm going to treat you
• 3:44
  like a number. And it's kind of like doggy
• 3:46
  world, right? Doggy dog.
• 3:48
  So it's you know, there there isn't real.
• 3:51
  Nobody stays for hardly anybody stays for years unless, you
• 3:54
  know, not at the top tier level. Most of those guys GoPro in year
• 3:57
  2 or year 3 because you have a very short opportunity or the
• 4:04
  lifespan in the pro world. I don't I don't I don't know
• 4:08
  that it's I don't think it it might be less than football,
• 4:12
  might be less than the NFL, to be honest with you.
• 4:15
  You know, it's not an average NFL player plays for two years.
• 4:19
  Track athletes are here and they're gone because they can't
• 4:22
  afford to to continue to run on the pro circuit.
• 4:25
  That's a whole another story. But that makes.
• 4:28
  It 15% yeah in track. Yeah, insane, and it is.
• 4:35
  But that's a whole other ball game, right?
• 4:37
  We got. That's a.
• 4:37
  That's a separate. Line we ain't even going to
• 4:39
  talk. We we got so much to talk about
• 4:41
  with that. But so OK, so with the NIL,
• 4:43
  right, because I know that's like the big ticket item.
• 4:46
  That's the hot hot button with most people.
• 4:48
  And some say they understand it. Some have heard about it, some
• 4:51
  don't really understand it at all.
• 4:54
  You know, how do we fill in the blanks here to get people to get
• 4:58
  at least some awareness on what it is that you should know about
• 5:01
  nil because it does affect finances.
• 5:05
  It does have some stipulations behind it.
• 5:08
  What are some things that we could share now?
• 5:10
  There were at least the least direct individuals in the right
• 5:13
  play for the audience that may be listening in.
• 5:17
  That's really important for them to know right off the RIP.
• 5:21
  Yeah, First thing is, I think no matter what you hear, hear, go
• 5:24
  do your own research, that's the first thing as a, as a financial
• 5:27
  professional, we're trained to say that.
• 5:29
  But I think there's a lot of really good information out
• 5:31
  there. I tend to read a lot of the
• 5:34
  legal briefs and the financial stuff because that's just the
• 5:37
  business that I'm in. Because I, I think a lot of,
• 5:40
  there's, there's been a lot, what bothers me about this is
• 5:43
  there's been a lot of misinformation.
• 5:45
  And I think you, you're, you have to get this information
• 5:48
  from credible, reliable sources. So let's start here.
• 5:52
  Nim, name, image, likeness. This came to be because there
• 5:57
  was a time when we were in college where athletes would go
• 6:00
  to the bookstore and see their jersey and their name in the
• 6:04
  bookstore and sell it out and they can't make no money from
• 6:08
  it, right? Right.
• 6:09
  So there was been a few lawsuits along the way and O'bannon and
• 6:12
  the UCLA folks and, you know, along the way.
• 6:14
  And eventually it was like, you know what this is?
• 6:16
  This is the thing, right? 2021, I believe, or so, is when
• 6:20
  it really came to be. It was a whole thing where now
• 6:22
  athletes could get paid off their name, image and likeness.
• 6:28
  That's very important for everyone to understand because
• 6:31
  that then goes into, well, what is my name, image and likeness
• 6:38
  as far as your ability to get paid?
• 6:40
  It's not pay for play. It needs to be, It's not pay for
• 6:46
  play. So when you hear it all the
• 6:48
  time, they paid him $2,000,000 and he hit two shots and there
• 6:53
  they paid him because if he brought his behind to that
• 6:57
  school that they was going to make money off of his name,
• 7:02
  image and likeness. So they've given him 2 million.
• 7:05
  What do you think the school made?
• 7:08
  I'm thinking at least 10. Easy.
• 7:10
  Yeah. Right.
• 7:12
  It's a billion dollars generated, I think a billion
• 7:14
  plus generated every year plus for the NCAA tournament.
• 7:19
  How much you think these kids in relation to what these kids are
• 7:22
  going to get? It's not even close.
• 7:23
  So that's the first thing is not pay for play.
• 7:28
  I'm being paid for my name, image and likeness.
• 7:33
  My scholarship or grant in aid covers what used to what we
• 7:38
  again, it still could be covered.
• 7:39
  You know, called a full ride. Now, there's a couple of things
• 7:44
  here. Prior to again the 2526 year,
• 7:51
  there were collectives that came together to give kids NIL,
• 7:58
  basically saying we're going to sign a contract.
• 8:00
  You're going to sign a contract with us and you're going to,
• 8:04
  we're going to pay you X amount of money to come by the
• 8:06
  dealership and do this and do this commercial or whatever
• 8:10
  else. That deal was with the
• 8:12
  collective and these powerful collectives were able to give
• 8:16
  these kids money. So what happened now is the
• 8:20
  schools that opted in to this new deal where there's twenty
• 8:25
  and a half, $1,000,000 to pay the athletes, the schools are
• 8:29
  saying now we're going to pay the NIL to the student athlete.
• 8:35
  Why does that? Why is that so important?
• 8:38
  If it is the case, one, where the school is going to pay you
• 8:42
  NIL, that is an agreement that is signed with certain
• 8:47
  stipulations. One, get a lawyer, get ACPA, get
• 8:51
  a financial advisor to look that over because there's IP things
• 8:56
  there. If the school says yeah, I mean
• 8:58
  I go through this all the time. I'm going through it now with a
• 9:00
  I'm I'm working out a a contract with the massive financial
• 9:04
  provider for news and I'm going to provide a service as a
• 9:08
  contractor. My name, image and likeness is
• 9:10
  actually in the contract they want in perpetuity so that my
• 9:16
  great, great, great, great kids, right grandkids, kids, kids
• 9:20
  won't be able to access any of the IP that I created.
• 9:24
  And just for the record, IP is intellectual.
• 9:26
  Property. Yeah.
• 9:27
  Intellectual property, Yep. So anything I put my name on,
• 9:30
  any video that I produce, they can continue to use that.
• 9:33
  There's taxes involved, right? Everything is taxable.
• 9:37
  If it's over $600.00, it has to be reported to the NCAA.
• 9:42
  But to me, the most part, important part of this that
• 9:46
  people are leaving out that agreement for the NIL payment,
• 9:52
  the name, image and likeness payment is an agreement.
• 9:55
  Now again, if the school is out there, then to pay it between
• 10:00
  the athlete and the school. That does not stop the kid from
• 10:04
  transferring. It does not stop the kid from
• 10:06
  signing another deal with other. It doesn't stop that.
• 10:10
  Everyone thinks it does. It does not.
• 10:12
  I didn't sign and This is why they want collective bargaining
• 10:15
  and all these other things. Here's the other thing their
• 10:19
  parents should know. 30% of all athletes to sign the NIL deal
• 10:24
  last year did not get paid. Really. 1/3 did not get paid.
• 10:30
  Yes. But why?
• 10:32
  Because there's multiple reasons, but mainly because
• 10:37
  there was no one reading the contracts, right.
• 10:40
  Uncle Willy, who always getting drunk at the family cookout is
• 10:43
  the 8th right. So yeah, it is big.
• 10:47
  You know, he going run 44 two right.
• 10:50
  And they this whole thing. So they're not really looking
• 10:52
  over the contracts and then based on the disputes of
• 10:56
  disbursement of payments and all these other things.
• 10:59
  So there's multiple reasons why, but they're so it is, it is the
• 11:04
  wild, Wild West right now and you have to be clear on what is
• 11:07
  happening. Here's the other thing that a
• 11:09
  lot of folks don't know. I think North Carolina did it
• 11:12
  and a few other schools are registering their athletic
• 11:15
  departments as LLC's. Oh, my service is getting a
• 11:20
  little crazy here. But that's alright, we can still
• 11:22
  hear you. Yeah, so.
• 11:24
  Popping it, locking. So the athletic departments are
• 11:32
  registering as LLC. So what does that mean to me?
• 11:36
  If I'm as a business person, I'll go huh, OK, well I'm going
• 11:39
  to register it as an LLC too, right, Right.
• 11:42
  Contract. So you as the LLC pay my LLC and
• 11:48
  then all of the IP that I create are things that I own is a part
• 11:52
  of this LLC. So that's the other thing.
• 11:56
  Is my kid going to a school where the athletic department
• 12:01
  has registered as an LLC? A lot of, so you've seen a lot
• 12:05
  of bad business and you're seeing a lot of people who don't
• 12:09
  understand business, who don't understand law, who don't
• 12:12
  understand ownership, all these different things.
• 12:15
  Taxes, there's a lot here, but simply that name, image and
• 12:20
  likeness is not pay for play and it is not a contract with the
• 12:25
  school to be tied to doing that sport at that school.
• 12:31
  Like even the transfer portal window?
• 12:34
  What is that? That's like a negotiation
• 12:37
  window. You could transfer whatever you
• 12:39
  want. Right.
• 12:41
  Like it just so happens that they make a big deal of it, but
• 12:44
  you can transfer whenever you want.
• 12:46
  So and, and the, and the, the kid from Wisconsin, you saw it
• 12:51
  with the kid from Miami. There's a lot of issues here.
• 12:53
  What that looks like state law you got to think about again,
• 12:56
  what does the state laws look like?
• 12:58
  What is the NCAA saying? What is the agreement with the
• 13:01
  school? When am I going to get the
• 13:03
  money? How much, based on what?
• 13:05
  What is? Are there incentives?
• 13:07
  All these other things? But I think the most important
• 13:10
  part for folks to understand, it's not pay for play.
• 13:13
  And that agreement is separate from anything that I do.
• 13:16
  Run, throw, jump, hurdle, throw a football, dunk a basketball.
• 13:20
  Those things are totally separate.
• 13:22
  Wow. But you're dropping Nuggets
• 13:24
  here. I, I did not know that, but
• 13:27
  first of all, 1/3 of the individuals who were on NIL
• 13:30
  didn't get paid. I'm, I'm, I'm interested to
• 13:32
  learn more of why that happened. But you said it, you know,
• 13:35
  people aren't reading the contracts and not from my
• 13:37
  experience, again, dealing with some of my athletes is like,
• 13:40
  hey, if you don't fulfill certain things, you could also
• 13:43
  be in a position to have to pay some of that money back if you
• 13:45
  do get paid. So you do need to be careful
• 13:47
  about that as well, which is why Tyrone's saying, hey guys,
• 13:50
  you're out here, you better make sure you have somebody legal,
• 13:54
  some real legal representation, not Uncle Willie in the back,
• 13:56
  right? Somebody that really knows what
• 13:59
  they're doing, somebody a financial advisor that can
• 14:01
  really kind of give you some ideas of, hey, these are some
• 14:04
  options for you. But I always, you know, choose
• 14:08
  your financial advisors very carefully, right?
• 14:11
  You know, just like you choose your doctor, you shouldn't trust
• 14:15
  an accountant to give you a diagnosis about your health.
• 14:18
  Why would you choose a mortician to give you advice about your
• 14:22
  finances, right? It doesn't make any sense.
• 14:24
  So make sure that somebody, if they can't show you a successful
• 14:27
  portfolio, you should probably dismiss them.
• 14:29
  Let's start there. I'm going to stop because I'm
• 14:31
  not a financial advisor. I'm not going to leave that
• 14:33
  alone. But as we're diving into this
• 14:36
  again, pushing into the NIL scene and understanding that,
• 14:42
  hey, we're being paid separately for my name, image and likeness,
• 14:45
  but also I have a set of talented skills over here.
• 14:48
  Here's my grant and aid that pays for school over here.
• 14:50
  So it seems like there's money in one puck bucket over here,
• 14:54
  There's money in another bucket over here.
• 14:56
  We need to understand both A&B otherwise we lose out on, you
• 15:00
  know, the, the transfer from one to another or how they interact
• 15:04
  or operate and how the school operates.
• 15:07
  So ladies and gentlemen here, the biggest take away I'm
• 15:09
  hearing is you got to know what questions to ask here because
• 15:14
  it's incredibly important. If not, then you're going to
• 15:16
  find out we might find ourselves in a position to either owe
• 15:20
  money or lose money, right? So as we, as we continue along
• 15:25
  the NIL space and just thinking about finances in general, what
• 15:30
  are some of your suggestions in order to get prepared as
• 15:32
  students and parents start to get ready for their children to
• 15:35
  transition into that scene or that space?
• 15:39
  And maybe even some questions about, hey, what you know, what
• 15:42
  are the top three questions that I might want to ask as I'm
• 15:45
  moving into this next phase outside of, hey, are you guys in
• 15:50
  the LLC right? Yeah, I'd sum it up this way.
• 15:53
  I think to just put the ribbon on what you were saying, what
• 15:57
  parents need to realize now, and I know it's going to be hard for
• 16:01
  most, you're negotiating a business deal now.
• 16:08
  It's business. College sports is business.
• 16:11
  From rugby all the way up to football, it's business.
• 16:15
  It's a business. They have to find a way to cut
• 16:18
  expenses, which has gone up for them and increase revenues.
• 16:23
  And they're having a problem doing that because of how much
• 16:28
  they have to spend on the revenue or what they call
• 16:31
  essential revenue generating sports.
• 16:35
  I think there's three for women and I think there's four or five
• 16:39
  for men, which they consider revenue generating sports, which
• 16:42
  they dominate and they spend all that money on.
• 16:44
  So it's a business. So that's the first thing.
• 16:47
  Your mindset has to be we're negotiating a business deal here
• 16:51
  is no longer especially if you're you have the type of
• 16:53
  child that is in position for NIM.
• 16:57
  So that's the first thing. Second thing is I would ask that
• 17:03
  question that you had mentioned outside and you I know you
• 17:05
  mentioned outside of that. So I'll take that off the plate
• 17:07
  but find out how the athletic department is registered one
• 17:12
  which you never had to ask before, but I think you should
• 17:14
  ask what is the financial condition of the athletic
• 17:18
  department and and the track team.
• 17:24
  This is public information, but I would ask them are y'all in
• 17:27
  the red ruckers right? And what is it is, is there
• 17:34
  going to be a sustainable amount of revenue to continue to run
• 17:38
  the time when the team for the next 4 years?
• 17:40
  That's all I care about where my child is going to be here.
• 17:43
  What does that look like? And I know this is going to be
• 17:46
  hard for some people to ask, but if I have, if I have a child
• 17:49
  right now, I'm asking these questions and I know I'm
• 17:52
  privileged to know what these things mean and, and look them
• 17:55
  up or whatever, but you have to ask these questions.
• 17:58
  What is the financial condition of the athletic department and
• 18:01
  what is the the financial condition of the TRAC program?
• 18:06
  Is there money being invested into the program over the next
• 18:10
  four years to travel? That's the other thing that
• 18:12
  folks don't talk about with the conference realignment.
• 18:16
  Now schools are having to travel coast to coast.
• 18:20
  Yeah. So what is the schedule look
• 18:23
  like? Am I going to be able to see my
• 18:25
  child run or not because y'all flying over here or this that,
• 18:29
  whatever. Like local, many folks used to
• 18:32
  ask all the time, local meets, all these other things.
• 18:34
  And coaches, member coaches used to kind of make sure, Oh yeah,
• 18:37
  let's run a meet up in Jersey. So or coast to Jersey so
• 18:40
  Tyrone's parents can see him run pen relays and whatever else,
• 18:44
  right. And we saw this at track and
• 18:45
  field a couple years ago when the SEC school said we ain't
• 18:48
  coming up there done right. So this is the the seeds of this
• 18:53
  had been in the mix. Oh, we'll run our own meet,
• 18:56
  right. And I think they did.
• 18:57
  LSU had it and then they all the SEC schools went.
• 19:00
  So that's the second thing. The last thing that I would ask
• 19:05
  is what percentage of that 20.5 million is being allocated to
• 19:16
  track for NIL deals? Mr. and Misses Wilson, My name
• 19:21
  is Tyrone Ross. I represent Georgia Tech track
• 19:23
  and field. Your son Quincy is phenomenal.
• 19:27
  Let's get that off the table. Full scholarship.
• 19:29
  It's not even I don't even talk about that.
• 19:33
  You know, we we have, you know, new AD as you know, there's
• 19:36
  twenty and a half million dollars that is allocated.
• 19:41
  We only got $50,000 when it's all said and done for an IO
• 19:46
  probably show me the door, you know what I'm saying?
• 19:49
  Because he already got a New Balance deal.
• 19:51
  Like no, we can't. That's not going to work.
• 19:54
  So you need to know how much of that 20 and a half million is
• 19:57
  going to trickle down for the track athletes to be able to get
• 20:01
  paid. And that is going to be across
• 20:04
  both sports. So that's going to is there any
• 20:07
  opportunity fan Iowa whatsoever know And out here it's just it's
• 20:10
  just going to get a full ride. Oh, that's good to know.
• 20:13
  All right, you know. That, but that, that's a very,
• 20:16
  very good point that you're making there because you got to
• 20:18
  distinguish between, hey, here's my book and class money, but how
• 20:23
  do I live, right? Because as track athletes, we
• 20:26
  just had to figure out how to eat and how to live.
• 20:28
  We had to beg our parents for money.
• 20:30
  You know, I became a gourmet chef with a hot plate real
• 20:33
  quick. Oh, no.
• 20:34
  Right there. It is, man.
• 20:36
  You know, we got that refund, man.
• 20:37
  He was happy. Like, man, I got some money.
• 20:39
  I can go to McDonald's. I can go go to Ryan.
• 20:42
  'S right that per diem, that per diem used to come through.
• 20:45
  Listen, let me tell you, I was AG with the per diem, man I, I
• 20:48
  would take take the money and then I would go to the grocery
• 20:50
  store and buy sandwich stuff, eat the sandwich and pocket the
• 20:53
  rest of it. Man, I I got smart with it.
• 20:55
  Yeah, no, I, I just tricked it off.
• 20:57
  I tricked it off. I found a way.
• 21:02
  I not only did I trick off my, my, my per diem, but I found a
• 21:08
  way. Crazy story.
• 21:10
  I we, we yeah, you got to go to the athletic department
• 21:13
  obviously to re up your card and all this other stuff.
• 21:15
  And we there used to be this window at Georgia Tech where you
• 21:18
  would go when they would read re up your card.
• 21:21
  So me and my boy go and you know, I come from never had
• 21:25
  none. I so the woman goes, do you want
• 21:28
  that on your card or do you want to check?
• 21:32
  I said, I'm sorry. She's like, do you want to
• 21:34
  check? She's like, you can get your
• 21:35
  meal plan money in the in the check.
• 21:37
  I said, how much is that? She was like 303 thousand, 3300
• 21:41
  dollars. I said give me a check for that.
• 21:44
  Give me, give me a check for that.
• 21:46
  Yeah. I looked over at my boy.
• 21:49
  I said take me to the bank, take me to the bank.
• 21:53
  I went to the bank, put it in the bank.
• 21:56
  I said ask the lady. I said could you give me $1000
• 21:59
  in all hundreds please? Lord.
• 22:02
  So she gives me a yes, it gets worse.
• 22:06
  She gives me $1000 right in the envelope.
• 22:10
  I take it out. I RIP up the envelope.
• 22:12
  I got the dots. My boy had a truck with a system
• 22:18
  in it. I said all right, we going to
• 22:19
  ride around campus and at that time been around the world with
• 22:24
  Mason. Puff, was it the remix?
• 22:27
  I said. Put the remix on sweet.
• 22:30
  I'm hanging out the window. I've been around, been around.
• 22:35
  I'm out the window. We riding around.
• 22:37
  I'm rich. Theory.
• 22:38
  I am Rich went to Lenox Mall. That's it.
• 22:48
  Now I know why you didn't make it in Atlanta.
• 22:50
  You had wild it out. Man, that's funny.
• 22:54
  We laugh about that to this day. He did it too.
• 22:57
  I'm hanging out the window. Like you could tell me I wasn't
• 23:00
  in a bad boy video. That we know it, man, that that
• 23:04
  story is so Atlanta right there. That that is such an Atlanta
• 23:09
  story, man. Atlanta's not a real place.
• 23:10
  I'm just convinced not and I live here and I know it's not a
• 23:13
  real. Place it is not a real place,
• 23:15
  but to get back on track, to get back on track, it's really
• 23:20
  important to know how much of that money is going to be
• 23:23
  allocated to the track program. Yeah, that, that's a great
• 23:26
  question. And by the way, ladies and
• 23:28
  gentlemen, as you're, as you're watching here, if, if you have
• 23:31
  questions, please feel free to throw them in the chat.
• 23:34
  Well, I'll, I'll, I'll spit them out and then I'll see we can
• 23:36
  answer them. So if you got some ideas or you
• 23:38
  got some thoughts or you got some comments or you got
• 23:40
  questions, feel free to throw them in the chat.
• 23:42
  We'll get to them as soon as we can.
• 23:44
  So we can get you very specific answers because sometimes we
• 23:47
  have very specific situations that we need to address.
• 23:50
  And we'll, you know, Tyrone, a very excellent financial
• 23:55
  advisor. And so he's, he's really got a
• 23:57
  well, a wealth of knowledge. I want to make sure that we get
• 24:00
  your questions answered as best as possible.
• 24:02
  Even though he was a bad boy. I was.
• 24:08
  I won't hide from that. That is hilarious, man.
• 24:11
  That was like one of the funniest stories I've heard.
• 24:13
  So you know, I don't want to hold this too long because I
• 24:17
  know we got to wrap up. We might have to do a Part 2
• 24:20
  about this at some point. We can we can kind of break this
• 24:23
  up into the 2 three-part series. But so as we kind of move, we've
• 24:27
  got a little bit of understanding about the NIL and
• 24:31
  making sure that we read in our contracts and we ask very
• 24:34
  poignant questions with the athletic facilities and the, and
• 24:37
  the athletic department, as well as the staff, as well as the
• 24:41
  program, the university and how they're set up, the athletic
• 24:44
  departments and things of that nature.
• 24:46
  You know, we've gotten some advice on networking, right?
• 24:52
  Making sure that we're getting in front of people.
• 24:54
  And I think we need to do a better job of that as as parents
• 24:57
  and, and athletes, but also coaches that are out there.
• 25:01
  We should be vetting programs because we know our kids better
• 25:04
  than those coaches ever could, because we spend years with
• 25:07
  them. And we should be protecting them
• 25:09
  from programs that we know are not a great fit, even though
• 25:12
  they may have great success. Not every program is right for
• 25:16
  our kids. And I've told my kids no several
• 25:19
  times that I don't want you to go to this program because of XY
• 25:23
  and Z. You know, it's just not a great
• 25:25
  fit for my my purview. And some kids have gone against
• 25:29
  what I said and went there and then they found out the hard
• 25:31
  way. It was faffo season when they
• 25:33
  found out. And I told, I told you don't go
• 25:36
  there, but you went there anyway.
• 25:38
  But you know, nobody knows more than a teenager on the face of
• 25:40
  the earth. So there's that.
• 25:42
  So as we kind of wrap up here again, guys, if you have some
• 25:48
  questions, please throw them in the chat.
• 25:50
  What are what are some things that we probably want to address
• 25:53
  as we begin to wrap up here and we can do a Part 2, But what are
• 25:56
  some gotta like must knows outside of anything that we've
• 26:00
  already said thus far, especially within your expertise
• 26:04
  and your experiences? A really big one is ownership.
• 26:11
  I was on the NIO panel last year in Alabama, which has some
• 26:15
  really good folks on it. And one of my clients does a lot
• 26:18
  in the South. He's he's done some NRL stuff at
• 26:22
  University of Georgia. And another gentleman, Jim
• 26:26
  Carval, few folks. But one of the things I wanted
• 26:30
  to, I tried to express to the parents in the room is ownership
• 26:35
  and own you. This is where I tell people all
• 26:37
  the time we talk about, and again, I'm in the business of
• 26:39
  owning stocks and bonds and all this other stuff.
• 26:41
  But do you own you? Do you own your name?
• 26:44
  Like Google your name, like do you own it?
• 26:47
  Do you own your name? Do you own your brand?
• 26:49
  Do you own your likeness? Do you own your image?
• 26:54
  You should own that. So if you have a particular
• 26:57
  saying that you, that you say or something that's been stored
• 27:04
  upon a child, you got T-shirts made to use it.
• 27:06
  Like brand that trademark that put the TM on it.
• 27:09
  If you put the TM on it, you trademark that.
• 27:12
  That's a whole that's a placeholder until you can
• 27:14
  actually register that right. So, as I told you before, the
• 27:18
  name of my firm is 4 O One Financial The the the that, and
• 27:23
  I own that name. But then that's a registered C
• 27:26
  Corp. But the whole point of that is 4
• 27:28
  O one came from my high school coach before me, the Champions
• 27:31
  my junior year was like everyone is coming to this race today to
• 27:33
  run 400. You going to run four O 1.
• 27:36
  So I've been living my life by that mantra ever since.
• 27:39
  And I won the race on the lean, me and my teammate with 1-2 me
• 27:43
  the Champions my junior year. And I don't have any here, but I
• 27:47
  got I got jackets, I got bags, I got everything.
• 27:50
  I got four O 1 merch. One of my team mates that I ran
• 27:53
  with at Georgia Tech has his own apparel company.
• 27:57
  And so I own that. And the the whole of that
• 28:02
  ownership means everything from beginning to end.
• 28:04
  I control where it goes, how it goes there, how much I make from
• 28:07
  it, so on and so forth. So if your child has a cool
• 28:10
  slogan or they are in this ad, or they're being interviewed by
• 28:17
  this entity or whatever else, don't just quickly sign away
• 28:20
  just because you want your kid to be on.
• 28:22
  Read the contract. Read it.
• 28:25
  How do you plan to use this? Where can we repurpose it as
• 28:30
  much as you repurpose it? Who owns it after it's right?
• 28:34
  So this is really important for people to understand, right?
• 28:37
  Parents really, really need to understand this.
• 28:39
  Own you, own the brand and own the name imaging like this of
• 28:43
  your child before it goes to a university, because they're
• 28:46
  going to find a way to capitalize on that.
• 28:49
  So that's the first thing. Ownership is important.
• 28:51
  Own everything, everything. Own everything.
• 28:54
  Own the name, own the colors, own everything that you create.
• 28:58
  Own it. If you can't own it, you're not
• 29:00
  interested. So that's the first part.
• 29:03
  And this is not only attractive, is it life.
• 29:05
  Second thing is make sure again to reiterate, you are doing
• 29:10
  business with this school. You're doing business.
• 29:14
  Now if there is a bigger picture and you said something I think
• 29:18
  to hit on, we know so many athletes that go into the wrong
• 29:20
  program and didn't develop. That hasn't changed.
• 29:24
  Go to the program that is going to develop you, not the one
• 29:29
  that's just going to you going to be running with people and
• 29:31
  the coach only cares about a server.
• 29:33
  Go to the one that is going to develop you.
• 29:36
  I do think academics still play a key role here for track
• 29:40
  athletes. More than likely you are going
• 29:41
  to stay as I have a private higher probability you're going
• 29:44
  to stay at Texas A&M for those, you know, 3-4 years and it isn't
• 29:49
  football, right? You're probably going to move
• 29:51
  around a lot, but go that is going to a program that is going
• 29:55
  to develop you and then lastly with the economic side if, and I
• 30:03
  hate to I hate to use this analogy, but I don't want to say
• 30:06
  I hate to use it, but I don't want to.
• 30:08
  I grew up in the Pentecostal home.
• 30:09
  My mother still sets the table every day for Jesus to come back
• 30:12
  and eat. But I was listening to a sermon
• 30:15
  yesterday. She said she do.
• 30:18
  My mother, my mother is like I tell you, my mother's
• 30:20
  Pentecostal Jesus coming back any day now he will have a.
• 30:27
  I was trying not to laugh man. I shouldn't be laughing at Jesus
• 30:30
  plate. Jesus going to have a plate when
• 30:34
  you come back. Kyle Ross is going to make sure
• 30:36
  Jesus eat. I promise you.
• 30:42
  My my mother is like OG gang gang Pentecostal.
• 30:47
  Do you hear me like she is gang gang.
• 30:50
  So she she is I was just saying I was just that's to come.
• 30:57
  That's the clock. I come from my mother's.
• 31:00
  She's a different type of Pentecostal.
• 31:03
  So anyway, no, not Cheryl had to say the pastor was saying that
• 31:11
  even, you know, Jesus admitted to his disciples like, Hey, I
• 31:17
  feel the way I need you all to help me out because I need you
• 31:19
  to help me with some understanding of certain things,
• 31:22
  right? And that's why you had certain
• 31:23
  disciples that you had Peter Paul in the whole game.
• 31:26
  So what do I mean by that? In the areas where you lack
• 31:30
  understanding, invite the right people into the room to be your
• 31:36
  Peter Paul to help you understand that.
• 31:39
  OK, we need a tax person, we need a financial advisor.
• 31:42
  We need a what with injuries? Let's go see 3-4 physios,
• 31:46
  whatever the case may be. So and, and I think the same
• 31:49
  thing with coaches, but I would invite, it's a very important
• 31:52
  time now to invite expertise into the conversation and not
• 31:55
  feel as though you have all the answers.
• 31:58
  And I think if you do that, you're doing what's best for the
• 32:01
  child and what's best for their development in the long term.
• 32:06
  Because it's just a totally different game now.
• 32:08
  It's not as simple as just, Oh yeah, I'm going to get a full
• 32:10
  ride and I'm going to go to a school.
• 32:11
  So the education, will they be developed?
• 32:15
  What is the opportunity from an economic standpoint?
• 32:17
  Will the program be around? What does your coaching staff
• 32:22
  look like? You know, all these things I
• 32:24
  think are important as we get into the next five years of
• 32:27
  collegiate track and field in colleges in general.
• 32:29
  It's just going to be like nothing we've ever seen.
• 32:33
  Hey gang, Mike Cunningham here. Hey, I hope you enjoyed this
• 32:37
  episode of the Guild 1918 Project series.
• 32:40
  It's really my mission, my passion to bring you massive
• 32:44
  amounts of value and I hope this one hit the mark.
• 32:47
  The Gill 1918 Project is really dependent on you if for you to
• 32:52
  build your own episode, to hear your voice, to have your voice
• 32:55
  heard you have something to say and teach other coaches out
• 32:59
  there. So please get a hold of me,
• 33:01
  e-mail, text message, Twitter, smoke signals, get a hold of me
• 33:06
  and let's help create your episode of the Guild 1918
• 33:09
  Project. Hope you enjoy today and we'll
• 33:11
  see you tomorrow.