Most overpaid athletes in professional sports

As this is the most popular search on my blog, I figured I would actually compile a list of the most overpaid athletes in professional sports. Now I really don't think these athletes are overpaid, as I don't think anyone is overpaid. These athletes signed contracts, and their employers were willing and often eager to give them these huge paydays. This is a list of athletes who, in my opinion, give their teams the least bang for their buck.

Shaquille O'Neal - I've written before how I feel about Shaq, how he is not the most dominant ever. He did get Miami one NBA ring, but he recently signed a contract extension worth $100 Million over 5 years. That buys you 16pts and 7 Rebounds a game. That is until he gets injured, which is inevitable. The last two years he has averaged 50 games a season.

Stephon Marbury - Guy walked out on his team but is under contract for a little more than $14.5 million. I should actually include the entire New York Knicks team and the idiot Isiah Thomas, but this one is good enough. That's all I have to say about that.

David Beckham - He signed a 5 year $250 Million contract to play in a league few people know about. At half that salary, it would be too much. I don't know a single person who follows MLS, so how on earth can you make him one of the highest paid players in all of professional sports? He isn't even close to the best player in the world anymore. It just doesn't make any sense.

Jason Giambi - Highest paid player last year in MLB earning $23,5 Million. For all that money, the Yankees got a player who only played in half the games and hit a pretty bad .236 with 14 homeruns. Guess he isn't quite the same player without the juice. I am tempted to add Alex Rodriguez onto the list, but while he can't win a championship, he at least is the league MVP.

Honorable Mention - Michael Vick. Should be on the list, since he had a ton of guaranteed money that the Falcons haven't recovered, but considering he isn't actually playing, I left him off the list.

I don't know Hockey well enough to pick one from that sport so that is my list. Did I leave anyone obvious off? What are your thoughts

How Does Isiah Thomas Keep His Job?

I thought Brian Cook must have dirty pictures on someone, but Isiah Thomas must have pictures of James Dolan killing someone because I have no idea how he keeps his job. Last night, the Knicks got killed by the Boston Celtics by almost fifty points, and it wasn't even that close. I don't know how much Isiah Thomas makes, but if he isn't paying the Knicks to be the coach and GM, he is being overpaid.

The Knicks seemed to forgive Thomas even though they lost a sexual harassment case earlier this year. This might be understandable if the Knicks were a good team since in sports, winning cures all. But they obviously suck. It might even make sense if the Knicks were just rebuilding because and had a bunch of young, cheap players. But the Knicks have the 2nd highest payroll in the league. This is the same guy who traded for Eddy Curry and who gave Jerome James a huge contract. So why oh why does Isiah get to keep his job?

Brian Cook Traded

Today is one of the happiest days on earth if you are a Laker fan. Today, the Lakers traded Brian Cook and Mo Evans for Trevor Ariza. Brian Cook was by far my least favorite Laker. He was horrible. The picture I put next to the post says it all. It is of Brian Cook "defending" another guy. I put "defending" in quotes because the next time Brian Cook defends someone, it will be his first time. You notice how the other player is going right by Cook and he seems to be jumping out of the way. You aren't imagining it, it is what he is doing.

The guy is horrible, and completely one dimensional, and he isn't even great in that one dimension. If the Lakers really wanted someone to just stand outside the three point line and occasionally hit one, I'm available. I may even be headed back to LA so it would be an easy transition.

They got back a Player in Trevor Ariza that is young, athletic, and a pretty decent defender. Not much of a scorer, but with Kobe Bryant (for now) do you really need someone who is a scorer. No, you need someone who can defend the other teams wing player, which is something I hope Ariza will bring. But for me, it really isn't the point. The Lakers could have traded Brian Cook for a bag of chips, yes a bag of chips, and I still think the Lakers would have gotten the better end of that deal. Talk about overpaid athletes, Cook is just stealing money from whichever team he is playing for.

The NBA Dress Code

This upcoming year, the NBA is instituting a dress code for its players. Players will be required to wear a suit for all team events which includes travelling with the team. Many NBA players have come out against the dress code. Some of the choicest quotes include:

"It sends a bad message to kids. If you don't have a suit when you go to school, is your teacher going to think you're a bad kid because you don't have a suit on?" - Allen Iverson

"I don't see it happening unless every NBA player is given a stipend to buy clothes," - Marcus Camby

I usually support NBA players and sports athletes in general. Remember, I'm the one who thinks athletes are not overpaid. But the NBA players make it very hard to defend them.

If Allen Iverson thinks that it sends a bad message to a kid because he WEARS a suit he has to get a clue. It's a fact of life. People judge you by the way you look but what kid is going to think to himself, "Gee I don't wear a suit to school. I suck." What? This kid doesn't see other people wearing suits on TV all the time? What is to prevent the kid from feeling bad because Iverson wears $100,000 earings. What about that huge diamond studded necklace he sports? Are kids going to feel bad because they don't wear THAT to school?

But Marcus Camby just takes the cake. This guy is going to make $7 Million this year and about $40 Million over the next 5 years. He thinks the NBA should give him more money to buy clothes? Hello! Get a real job and ask them to give you a stipend to buy some clothes.

Imagine not being able to wear whatever you want to work! In almost every place of work there is a dress code. I can't come to work in tattered clothes or open-toed shoes. I am required to look presentable. My company doesn't compensate me for these clothes. If you really don't like the new NBA policy I suggest you go find another job.

Are Athletes Paid Too Much?

I swear this is not a sports all the time blog but I wanted to briefly touch on the subject of if athletes are overpaid. Often you hear that sports athletes are paid way too much to play a child's game. To give you an idea of what I am talking about here are the salaries of the highest paid athletes in each of the major sports.

Kevin Garnett - $25,000,000
Alex Rodriguez - $25,000,000
Donovan McNabb - $15,000,000

So are these athletes overpaid. Absolutely not. How the heck can I say that? I don't think anybody in our society can really ever be overpaid. We live in a society where you are free to accept a job and someone is free to hire or not hire you (more or less but I won't get into the details here). This is especially true in sports where the ONLY thing that matters is how you perform and do your job. Obviously the owner of each of these clubs believes that each of these athletes is worth the money. Nobody put a gun to any of their heads and forced them to give the money to the players. Just to put into perspective you need to see what each of these teams are work and make

Team/ Value of Team/ Yearly Revenue

Minnesota Timberwolves $230 $85M
New York Yankees $849M $223M
Philadelphia Eagles $617M $134M

Now if the players don't get the money who will? The owners. A lot less people whine that they are making too much money. Some people complain that instead of making all this money that they should reduce ticket prices. Well if you ran a business and you could sell a product for $10 or $20 what would you do? I think most of you would probably charge what the market would bear.

What I don't understand is that many of the same people who complain that athletes make too much money are those clamoring to get more money for either themselves or working class America. If average Joe American has the right to make as much money as possible how come the same can't be said for athletes? I realize that $25,000 is quite different than $25,000,000 but the principle is the same.

Everyone should be paid what they are worth. Sports just happens to be very big business in America and it makes lots of money. How can you begrudge a man his money which he rightfully deserves. I mean a star athlete, more than any other employee, has a direct impact on the revenue of his company. He plays well, fans come to see games, fans buy more merchandise, etc.


If you like this post you may like these other post:
List of Overpaid Athletes
Athletes
Overpaid
sports

Are Teachers Underpaid?

A recent study suggest that teachers are paid better than the average american, even better than accountants and many engineers. The study is based on the fact that teachers make an average of $44,000 (I don't know how accurate that is but it is coming from a teacher's union) but work only 9 months in the year. Doing the Math you would see that that would be the equivilant of almost $60,000 a year which is a pretty good salary.

Now teachers will argue that they put in a lot of hours outside of their normal school hours. They have to grade papers and they often participate in after school programs. However, I am going to take a controversial stand (what's new) and agree with the study (I hope my teacher friends like Christina and Michelle forgive me). How can I say this?

Well first let me take the first point, working extra hours. Some teachers argue they work 3000 hours a year. Spread over 40 weeks that means 12 hours a day 6 days a week resting only on Sundays. My point is yeah? When I was a consultant I worked WAY more than that. 72 hour weeks were good weeks. Working 100 hour weeks were not unheard of. My Investment Banking friends AVERAGED 100 hour weeks sometimes "sleeping" (if you can call 2 hours sleep) at the office several days in a row. Even now, I probably work on average 60 hours a week. Its just part of the job. Additionally, teachers receive compensation outside of their actual pay. I know in California there is a box on tax forms that give teachers a tax break on mortgages and other consumer type loans. This could add thousands to a teachers income.

But none of this is my point. My point is that I believe people get paid what they are worth. We live in a free society. People are free to move jobs if they want to. Now do I think I should be paid more? Like every other American of course I do but if it is really the case I should go get a different job (and I probably will if I continue to get underpaid). If I'm worth more I could easily prove it to my company by getting an offer somewhere else. Teachers have the same freedom.

The real problem is Economics. It's simple suppy and demand. There is a strong demand for teachers but an even larger supply of capable teachers. The key word is capable. The reason I say that is because one of the underlying problems is that we have very low standards for teachers. We tend to think that anybody with a a pulse is capable of teaching. We as a society don't really care if they are capable of teaching as long as they stand in front of the students and watch them a few hours a day. The DEMAND is for anybody who is basically willing to babysit the students. Since a lot of people are qualified for this there is the large supply.

Now this creates a problem for teachers who actually teach. Since we as a society don't put a premium on actual teaching skills great teachers are dragged down by their less capable brethren. We as a society therefore refuse to pay more taxes to increase teacher salary because we don't feel that it is a difficult job and that anyone off the street can do it. Do I agree with this? NO. But it is the sad state of affairs. So given our expectations and criteria for teachers I do not beileve teachers are underpaid. I believe the actual problem is that our expectations and criteria for teachers is much too low.