Here’s a case study for making sure you don’t handle your own business dealings in a multi-billion dollar profession.
Former Seattle Seahawks Pro Bowler Russell Okung agreed to a five-year, $53 million contract with the Denver Broncos on Thursday.
A deal that was seemingly player-friendly, especially for someone that’s been injury plagued throughout his career, is now being seen in a completely different light:
Former Seahawks' OT Russell Okung's 5-year contract with the Denver Broncos contains not one dollar of guaranteed money.
— Adam Schefter (@AdamSchefter) March 18, 2016
You read that right, Okung’s $53 million contract guarantees him absolutely nothing. This means Denver could release the veteran should he continue to show injury-prone tendencies without having a pay a penny.
Okung made the interesting decision to represent himself once he became a free agent earlier this month. Instead of paying out a small share of his eventual contract to an agent, some of which would have likely been guaranteed, the former first-round pick went it alone.
While we have no idea how his free-agent deal would have looked if Okung was actually represented, someone of his ilk receiving nothing in guaranteed cash is pretty alarming.
More than this, Okung’s salary for the 2016 season is just $5 million, after which the Broncos can opt-in with larger annual salaries while keeping the left tackle off the market.
This limits his earning potential should he return to Pro Bowl form and remain healthy in 2016.