Thanks to a $2 million donation, MBB players can now receive close to 6,000 a year. More info below
This is a massive boost to the MBB program. Probably the largest single gift to them in years (maybe ever). Credit to the staff and admin here!
I will eat at Chipotle today to celebrate. Interesting quote:
“We see what our kids are drawn to and their friends are drawn to it,” Jennifer said. “I think it would make the applications go up if Miami athletics had a greater presence on the national stage.”
This is AWESOME! Great start to the development of an athlete compensation fund (whether you agree with one or not). It seems to be a well thought out plan that rewards the athlete for his / her allegiance to Miami and for getting a degree. Well done!
Smart move to only give half to the student each year, with the other half tied to graduation.
I hope there is no further payment if the student/athlete transfers away from Miami. I would imagine it’s structured that way.
Pretty confident Miami isn’t going to continue paying athletes who transfer, they don’t continue to pay their scholarship.
This was how I was hoping how NIL would be structured (some type of an annuity)….but the ncaa completely screwed that one up
This is Alston $ - pretty much every school gives it out. Essentially this endowed what most schools pay out via operational budgets - like a scholarship. It’s great, but this did nothing to build a facility or increase basketball’s budget. Don’t mean to be a negative nelly, but some comments here indicate the thought it may do more than it will. $2M @ 5% spending ratio will equate to about 16 kids Alston pmts/yr.
Don’t think that’s true for non-P5 schools, especially fully funding it like this plan.
Ex: Akron has them for MBB and WBB but between 500-2000 a year based on GPA and undergrad/grad status:
What it can do if it’s fully leveraged, is inject some life into the basketball program. Students may be surprised that the CEO of Chipotle is a closet basketball fan. And hopefully it will lead to additional donations.
Now make some free throws.
And one important point is that the money will likely be available in perpetuity (earmarked donation) at Miami. Even if Miami faces budget problems, the 6K (which is the max any school can pay) will still be available. I can picture coaches recruiting kids and saying “Unlike other universities, your money is a sure thing at Miami”
Absolutely- and I’m sure this was happily accepted by Coach Steele and was probably outlined as a priority (if MU wasn’t giving any out this could be in lieu of NIL$). Hopefully others will jump in and say now that Alston $ is taken care of I’ll give to a BB facility project (I would think next on CS list). Having ~$25K is a nice way to start out life after MU.
A loss, but there’s plenty of life in the pipeline and at some point the massively wealthy Miami alumni base will contribute (once it’s made easy). Not worried.
Another thread perhaps?
Was my mistake. I’d meant to put it in the other, willl delete.
You just sent shudders down the spine of every 1st year law student who takes Property using the word “perpetuity”! Rule of Perpetuities! I have a green hornbook on this and still don’t know what the hell it is. Nor have I ever used it in now 34 years of practice!!
Let’s then just say the money will be available for a very long time (sorry, not a legal person here)