No one outside the Cavs front office thought that was a good contract when they inked it, so I doubt anyone is feeling sorry for them (or Love).
I don’t get why Griffin did it either. To win a single playoff series? I would personally never give up tens of millions of dollars for a mere “chance” to win a title. Darko and Adam Morrison have rings. Your playing career is relatively short. I’d want to make as much money as possible before retiring. If I can help the team I’m on win, great. If not, I did my best and fulfilled my contract. This is life!
Yeah, Blake's reported net worth is 110M and he reportedly left over 13M on the table in Detriot. I know taxes play into it but that at least 5% of his personal net worth. It's just horrible horrible business. The only way these buyouts would ever make sense to me is if the remainder of the guaranteed money went to a charity of the player's choosing. The team gets a tax break, both get good PR and the player gets to move on without just giving money back to billion dollar organizations senselessly.
Here is one thing that seems weird to me? Kevin love has made over 200 million but his net worth is only about 50 million. How do you spend that much money and not have any value back? If you are buying houses you make money? If you are buying businesses? you make money (Hopefully). What is he spending on?
Kevin grew up in Lake O, his dad played in the NBA, and his uncle is a beach boy, so this probably doesn't apply to him. However, I'd imagine a lot of these guys are seen as piggy banks to help all their family and friends.
I would guess that his total "net worth" is more than that, but also take into account a lot of the net worth athletes have is conjecture. But also, the "big names" have their hands in many cookie jars. Endorsements, businesses, etc. Not saying that explains why his # is so low, I suspect it's because that # is outdated/inaccurate. Why do I say that # is probably oudated/inaccurate? The same website implies Damians net worth is 70 million. Considering Nate Jones stated that Damian kept his entire stipend his first year or two and invoices every dollar coming in and out, I don't think it's that low.
Though taxes take a huge chunk, and agents take their share, that seems way low. It's probably more in the 150 to 200 range. To date i saw where it was close to 300 gross with all the indorsements.
Offshore tax shelter accounts? Bank of Cypress...Caymans...shell companies that are a post office box in Maine? His dad probably took a lot of it...I read Mike Love's auto biography and sounds like Stan had a dark side
Can Love’s deal be restructured and take the buyout for $10mil over 6 years guaranteed from Cleveland and then sign a vet min with another team? Sorry I’m not a CBA guru.
They could buy him out for the full 60M and stretch it over 5 seasons for cap purposes but that's not really what's being discussed. They are on the hook in one way or another for all of that money on their cap... it comes down to how much of that money they actually pay Love and I don't think they're trying to pay him anything close to 60M, now or over the next several years.
I’ve had a couple times in my life including very recently I opted for a lower paying job because it offered a better quality of life. If I had tens of millions it would make that decision even easier. We only have so many years in this life, that’s worth something to me. I am thrilled with my choice. I know plenty of pathetic, unhappy greedy people. It doesn’t mean be a fool, but live a good life first.