• Matt Elam Saves $200k

    by
    Andy Freeland
    Published on 07-09-2013 04:51 PM
    5 Comments Comments

    Interesting post on PFT, Ravens rookie Matt Elam has decided not to sign with an agent for his rookie contract. Smart move, I'm surprised more players don't do this. As the PFT article states, under the new CBA rookie contracts are pretty well slotted. I'm sure there are some gotchas that teams can slip into the deal but for the most part a player knows how much they're going to make as soon as they're drafted.

    Of course very few of us have the ability to read and comprehend the legalese of an NFL contract and I'm sure that's what scares a lot of players into having an agent but there is a viable and much more cost effective option, just hire a lawyer. A lawyer specializing in contract law will be just as useful in this situation as an agent and can be paid by the hour instead of a percentage of the contract. As the PFT article and my headline state, Elam would be paying an agent $200k to 'negotiate' a slotted deal. You can pay for a whole lot of hours for $200k, even at lawyer's rates.

    There are other things that an agent does for a player (at least that's what agents claim) but that stuff can wait. He could very well go out and sign with an agent the day after signing his rookie deal with the understanding that the agent will only get a percentage of new business.

    Comments 5 Comments
    1. SpartaChris's Avatar
      I agree this is a very smart move on his part. I'm curious is this will begin a new trend for rookies.
      Reply
    1. mikesteelnation1's Avatar
      Great move for the guy. An agent gets him NOTHING in this arena. Pay a lawyer 5k to read and give you advice on the contract (and that figure is probably high, even if the lawyer chargers $500/hr). Hire an agent for future, and ONLY future business deals. Make them earn their 3%

      It's not like many players make great $$ off endorsement deals. No one outside the top 5 projected guys should hire an agent, IMO.
      Reply
    1. ScottDCP's Avatar
      Ray Allen did this in the NBA.
      Reply
    1. hobbes27's Avatar
      For the most part, this is smart. But a good agent can refer you to other professionals who can help manage your finances, etc. So you still need to have talented people around you. But yes, the agent can wait.
      Reply
    1. darvon's Avatar
      The union should publish a few standard NFL contracts that don't have gotchas in them and then a lawyer can pretty simply nail down a particular contract.

      I thought the typical agent earns 3%. Is Elam slotted for $7M?
      Reply