Recently, former NFL wide receiver Odell Beckham Jr. said that it'd be hard to make a five-year, $100 million contract last, and a fellow New York legend, former Knicks star Carmelo Anthony, understands what he's saying.
During a recent episode of his 7PM in Brooklyn podcast, which featured one of his Knicks teammates, JR Smith, Anthony discussed how taxes take a big chunk of your contract. Not to mention the other living costs, especially in big markets like New York.
“That's $100 million,” he conceded, “but it's not really $100 million over a five-year span. You [are] talking 58% to 60% or 48%, half [of] your check [for taxes], so that 10 goes to five over five years. Now, within that five, you've got other taxes that you've gotta pay. You've got taxes alone that's gonna hit you, boom, you can't do nothing about that.
“Then you [have] got to live. You [have] got to get a house, you're gonna take care of your moms, you [have] got your agency fee, so you've got all of this s**t that's happening within that $5 million,” he continued.
Anthony acknowledged that you still “have to change your lifestyle” when you get a contract of this magnitude. But still, “your lifestyle changes drastically and that drastic lifestyle change f***s you up mentally. That's the grey area that f***s a lot of athletes up.”
So, going forward, future star athletes should take Anthony and Beckham's warnings to heart when going to the pros. If you don't, you could end up blowing all of your money.
Odell Beckham Jr. signed big contracts during his NFL career
Throughout his NFL career, Beckham has a lot of money. He was a first-round draft pick in 2014, so he received a hefty contract upon entering the league.
He then signed a five-year, $95 million contract with the New York Giants during the 2018 offseason. Beckham was traded to the Cleveland Browns before being released during the 2021 season. He has since had stints with the Los Angeles Rams, Baltimore Ravens, and, most recently, the Miami Dolphins.
