Let's pretend I'm a draft eligible football player next year that Mel Kiper and every talking head at ESPN agrees Im a top ten draft lock. (No Jim Harbrough, this is a hypothetical)
I want to buy insurance on my health so that I get something, if I had a career ending injury before the draft and my big NFL payday.
I'm poor and can't afford the insurance. I go to the banker and say, "hey banker man, I'm going to make millions in about 10 months but need to buy some insurance now, how bout a loan?"
He says, "that's great for you okra but I gotta have collateral."
I say, "the insurance is collateral."
What happens next? Has anyone broken NCAA rules?
Now let's take it another step, I say, " yo banker dude how bout instead of X just to cover my insurance premiums, you make that loan X + 50K$ where I can drive me a new SUV in style my last year of college?"
"Go ahead charge me whatever silly rates and fees you want cause this time next year it won't mean crap to me."
The banker isn't giving me any money to play. He doesn't care if I play or not because he is going to get his interest and fees either way. What rule did either of us break?
I want to buy insurance on my health so that I get something, if I had a career ending injury before the draft and my big NFL payday.
I'm poor and can't afford the insurance. I go to the banker and say, "hey banker man, I'm going to make millions in about 10 months but need to buy some insurance now, how bout a loan?"
He says, "that's great for you okra but I gotta have collateral."
I say, "the insurance is collateral."
What happens next? Has anyone broken NCAA rules?
Now let's take it another step, I say, " yo banker dude how bout instead of X just to cover my insurance premiums, you make that loan X + 50K$ where I can drive me a new SUV in style my last year of college?"
"Go ahead charge me whatever silly rates and fees you want cause this time next year it won't mean crap to me."
The banker isn't giving me any money to play. He doesn't care if I play or not because he is going to get his interest and fees either way. What rule did either of us break?
