March Madness Money Makers
Wednesday, March 25th, 2009It’s no secret that college basketball players do not get paid. What is a secret, however, is the net worth of the nation’s top squads, and what is being withheld from the players. In an economy like today’s, I was appalled to see what kind of cash these programs are generating for their schools. The richest of the rich, University of North Carolina, is again a favorite to reach the Final Four and cut down the nets. And if the players win it for the school, they won’t see a penny.
How can someone determine what a college team is worth? Well, figuring out the most valuable college basketball teams is based on the money that men’s basketball programs contribute to four important beneficiaries: their university (money generated by basketball that goes to the institution for academic purposes), the athletic department (the profit generated by the basketball program kept by the department), the conference (the distribution of post-season tournament revenue) and the surrounding communities (spending by visitors to the county that’s related to the team).
Based on those characteristics, North Carolina is valued at a whopping $25.9 million!! And guess what, the ones that are generating all that money by playing well don’t receive any compensation whatsoever. It’s outrageous that the star player, with his name on the back of the jerseys in the stands, won’t see a dime from those sales. He’s the one putting the butts in the arena, selling tickets and, ultimately, generating revenue.
Because the Tar Heels have been to two of the last four national semi-finals, play in one of the most competitive conferences in college hoops, and have recognizable colors, they rake in the dough. So shouldn’t the players, who actually win the games, be entitled to at least a portion of the $26 million bucks? Even if it’s just a few dollars a week for some pizza or a movie, these student-athletes work way too hard to be hassled with insanely strict NCAA rules and potential punishment.
I’m not saying the players should split $26 million bucks, I’m saying that they should get a stipend to live a regular college life; when they aren’t busy making millions for the university of course.
