Is a Scholarship Enough?: Boyce Watkins on NCAA Reform

I don’t think that we know all the answers to these questions, but one thing is true: The market knows ALL ANSWERS to ALL QUESTIONS.  In other words, if a player is the next Lebron James, then the schools know what he can do in terms of revenue generation.  I say let them bid it out and the highest bidder wins.  Seriously, who is to say that Rick Pitino is worth $3 million per year?  Nobody says it, there is a negotiation and the price that he gets is what he is worth.  The beauty about the free market is that when the market is fair, open, and efficient, no one gets more than what they are truly worth, since no one pays more than the value of the commodity.

What I love about the NCAA (who expends a tremendous amount of money on their propaganda machine) is that they do a good job of making it seem that paying the athletes would be excessively complicated and nearly impossible.  The problem is that they find a way to get around the complications when it’s time to bring in a coach for $4M dollars per year.  The market works out all complications, because you either get the deal done, or the game doesn’t happen.  They have a lot of PhDs working for them, and we are smart enough to help them work out the complications of their contracts.

The reality is that anyone who exploits someone else, whether it’s the NCAA or a pimp on the street, is always going to find a good excuse for keeping their money in their pocket.  I say this as a financial expert.  I am sure that when Billy Packer or Dick Vitale show up for their multi-million dollar paychecks, they wouldn’t want to hear any reasons that their money isn’t available.  For some reason, they expect athletes and their families to accept these excuses.

4) What should be done regarding sports that bring in very little revenue such as golf, tennis, and track? Would the contracts for these athletes be substantially less?

Yes, they would be.  That’s the way things work in the real world.  I am a professor, and some could argue that educating our youth is far more important than being a Hollywood actor.  However, I will always make less money than (and not be attractive enough to date) Angelina Jolie.  I accept that.

I find it most ironic that when individuals expect payment equity among young athletes, as well as gender equity, they almost never mention the necessity of such equity among the coaches.

Again, going back to a fair market, if an athlete brings revenue to the university, he/she should have the same rights of negotiation that coaches, administrators, corporate sponsors, and everyone else getting paid from his/her labor.  If you simply release the rules and let the market work, you will get the result you are looking for.

5) How would you like to reform the horrendous academic environment in college athletics?

I agree, the environment is horrific.  I’ve seen athletes admitted to college with no expectation that they are ever going to consider graduating.  Money is a drug, and a drug addiction can make any of us lower our standards.  Universities are no different, as many of them abandon their academic missions in exchange for the opportunity to earn a few million dollars off the next superstar from the ghetto.

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