Steve Young's USFL contract

Originally posted by pd24:
Did you guys know he recieved a 40 million dollar guaranteed contract in 1984. He agreed to take his payment in the form of an annuity over 40 years. He is still gettong paid and his last payment of 3.137 million will be in 2027. Smart man, and 40 million is more guaranteed money than most players get today and that was 26 years ago. He only played 1 year, the team went bankrupt and Young was in the NFL in 1985 and got paid again.

Ummm. If the team went bankrupt, where is this 3.1367 million per year coming from? Are u making this up?

Originally posted by Young2Rice:

Originally posted by pd24:
Did you guys know he recieved a 40 million dollar guaranteed contract in 1984. He agreed to take his payment in the form of an annuity over 40 years. He is still gettong paid and his last payment of 3.137 million will be in 2027. Smart man, and 40 million is more guaranteed money than most players get today and that was 26 years ago. He only played 1 year, the team went bankrupt and Young was in the NFL in 1985 and got paid again.

Ummm. If the team went bankrupt, where is this 3.1367 million per year coming from? Are u making this up?

Young signed a record 10-year, $40 million contract with the Los Angeles Express of the now-defunct United States Football League in 1984. He agreed to take his payment in the form of an annuity to help the fledgling team; he would receive $1 million every year for 40 years.

The Express never was able to create a sustaining fan base in Los Angeles. In Young's second and final season with the USFL's Express, between their owner going bankrupt and playing in front of 5,000 to 8,000 spectators, things got so desperate that in one game late in the season, decimated by injuries at running back, Young was forced to play the game at running back while his backup took the snaps.

The league ceased operations in 1986 after losing most of its claims in an antitrust suit against the NFL. Young was still being paid his annuity as of 2008.

Originally posted by Young2Rice:

Originally posted by pd24:
Did you guys know he recieved a 40 million dollar guaranteed contract in 1984. He agreed to take his payment in the form of an annuity over 40 years. He is still gettong paid and his last payment of 3.137 million will be in 2027. Smart man, and 40 million is more guaranteed money than most players get today and that was 26 years ago. He only played 1 year, the team went bankrupt and Young was in the NFL in 1985 and got paid again.

Ummm. If the team went bankrupt, where is this 3.1367 million per year coming from? Are u making this up?

No, I read it:


http://ezinearticles.com/?Steve-Young---USFL-Pro-Football-Career-and-Brigham-Young-University-(BYU)-Cougars-Football-Career&id=4018711

Quote:
Even though the now defunct league officially shut down in 1986 litigation proved successful in eventually guaranteeing that Young be paid the annuity value he was promised.

http://en.wikipedia.org/wiki/Steve_Young_(American_football)

Quote:
The league ceased operations in 1986 after losing most of its claims in an antitrust suit against the NFL. As of 2010, Young continues to receive his annuity. Payments started at $200,000 per year in 1990 and will continue to increase annually. In 2027, the final year of the contract, Young will receive $3.173 million.[1]

Originally posted by pd24:

Originally posted by Young2Rice:

Originally posted by pd24:
Did you guys know he recieved a 40 million dollar guaranteed contract in 1984. He agreed to take his payment in the form of an annuity over 40 years. He is still gettong paid and his last payment of 3.137 million will be in 2027. Smart man, and 40 million is more guaranteed money than most players get today and that was 26 years ago. He only played 1 year, the team went bankrupt and Young was in the NFL in 1985 and got paid again.

Ummm. If the team went bankrupt, where is this 3.1367 million per year coming from? Are u making this up?

No, I read it:


http://ezinearticles.com/?Steve-Young---USFL-Pro-Football-Career-and-Brigham-Young-University-(BYU)-Cougars-Football-Career&id=4018711

Quote:
Even though the now defunct league officially shut down in 1986 litigation proved successful in eventually guaranteeing that Young be paid the annuity value he was promised.

http://en.wikipedia.org/wiki/Steve_Young_(American_football)

Quote:
The league ceased operations in 1986 after losing most of its claims in an antitrust suit against the NFL. As of 2010, Young continues to receive his annuity. Payments started at $200,000 per year in 1990 and will continue to increase annually. In 2027, the final year of the contract, Young will receive $3.173 million.[1]

That still doesn't answer who is paying him.

Originally posted by pd24:
Did you guys know he recieved a 40 million dollar guaranteed contract in 1984. He agreed to take his payment in the form of an annuity over 40 years. He is still gettong paid and his last payment of 3.137 million will be in 2027. Smart man, and 40 million is more guaranteed money than most players get today and that was 26 years ago. He only played 1 year, the team went bankrupt and Young was in the NFL in 1985 and got paid again.

Under what relevance does this post matter?

Young admitted this past year (on Ralph and Tom) that he ripped up his USFL contract in exchange for his early release to play in the NFL.

KNBR doesn't have an audio archive, so I can't verify the clip.

Originally posted by Joecool:

Originally posted by pd24:

Originally posted by Young2Rice:

Originally posted by pd24:
Did you guys know he recieved a 40 million dollar guaranteed contract in 1984. He agreed to take his payment in the form of an annuity over 40 years. He is still gettong paid and his last payment of 3.137 million will be in 2027. Smart man, and 40 million is more guaranteed money than most players get today and that was 26 years ago. He only played 1 year, the team went bankrupt and Young was in the NFL in 1985 and got paid again.

Ummm. If the team went bankrupt, where is this 3.1367 million per year coming from? Are u making this up?

No, I read it:


http://ezinearticles.com/?Steve-Young---USFL-Pro-Football-Career-and-Brigham-Young-University-(BYU)-Cougars-Football-Career&id=4018711

Quote:
Even though the now defunct league officially shut down in 1986 litigation proved successful in eventually guaranteeing that Young be paid the annuity value he was promised.

http://en.wikipedia.org/wiki/Steve_Young_(American_football)

Quote:
The league ceased operations in 1986 after losing most of its claims in an antitrust suit against the NFL. As of 2010, Young continues to receive his annuity. Payments started at $200,000 per year in 1990 and will continue to increase annually. In 2027, the final year of the contract, Young will receive $3.173 million.[1]

That still doesn't answer who is paying him.

Yes it does. An annuity was set up at the time the contract was set up and now he is recieving annuity payments. It's like a retirement plan. The court ruled that the USFL couldn't touch the annuity and the payments will still go to Young until the $40 million is paid.

Do you know how annuities or investment plans work?

Originally posted by pd24:

Originally posted by Joecool:

Originally posted by pd24:

Originally posted by Young2Rice:

Originally posted by pd24:
Did you guys know he recieved a 40 million dollar guaranteed contract in 1984. He agreed to take his payment in the form of an annuity over 40 years. He is still gettong paid and his last payment of 3.137 million will be in 2027. Smart man, and 40 million is more guaranteed money than most players get today and that was 26 years ago. He only played 1 year, the team went bankrupt and Young was in the NFL in 1985 and got paid again.

Ummm. If the team went bankrupt, where is this 3.1367 million per year coming from? Are u making this up?

No, I read it:


http://ezinearticles.com/?Steve-Young---USFL-Pro-Football-Career-and-Brigham-Young-University-(BYU)-Cougars-Football-Career&id=4018711

Quote:
Even though the now defunct league officially shut down in 1986 litigation proved successful in eventually guaranteeing that Young be paid the annuity value he was promised.

http://en.wikipedia.org/wiki/Steve_Young_(American_football)

Quote:
The league ceased operations in 1986 after losing most of its claims in an antitrust suit against the NFL. As of 2010, Young continues to receive his annuity. Payments started at $200,000 per year in 1990 and will continue to increase annually. In 2027, the final year of the contract, Young will receive $3.173 million.[1]

That still doesn't answer who is paying him.

Yes it does. An annuity was set up at the time the contract was set up and now he is recieving annuity payments. It's like a retirement plan. The court ruled that the USFL couldn't touch the annuity and the payments will still go to Young until the $40 million is paid.

Do you know how annuities or investment plans work?

Nope. So the USFL had 40 million dollars to put somewhere.

No wonder why Montana hates him.

Originally posted by pd24:

Originally posted by Joecool:

Originally posted by pd24:

Originally posted by Young2Rice:

Originally posted by pd24:
Did you guys know he recieved a 40 million dollar guaranteed contract in 1984. He agreed to take his payment in the form of an annuity over 40 years. He is still gettong paid and his last payment of 3.137 million will be in 2027. Smart man, and 40 million is more guaranteed money than most players get today and that was 26 years ago. He only played 1 year, the team went bankrupt and Young was in the NFL in 1985 and got paid again.

Ummm. If the team went bankrupt, where is this 3.1367 million per year coming from? Are u making this up?

No, I read it:


http://ezinearticles.com/?Steve-Young---USFL-Pro-Football-Career-and-Brigham-Young-University-(BYU)-Cougars-Football-Career&id=4018711

Quote:
Even though the now defunct league officially shut down in 1986 litigation proved successful in eventually guaranteeing that Young be paid the annuity value he was promised.

http://en.wikipedia.org/wiki/Steve_Young_(American_football)

Quote:
The league ceased operations in 1986 after losing most of its claims in an antitrust suit against the NFL. As of 2010, Young continues to receive his annuity. Payments started at $200,000 per year in 1990 and will continue to increase annually. In 2027, the final year of the contract, Young will receive $3.173 million.[1]

That still doesn't answer who is paying him.

Yes it does. An annuity was set up at the time the contract was set up and now he is recieving annuity payments. It's like a retirement plan. The court ruled that the USFL couldn't touch the annuity and the payments will still go to Young until the $40 million is paid.

Do you know how annuities or investment plans work?

Damn, where is the money coming from?


Also, he would have been MUCH better off with a lump sum. Time value of money, a large portion at any given time is nearly ALWAYS worth more than the same amount paid over an annuity. Or, did my accounting professor lie to me when I was in college? (she WAS a b!tch)

Originally posted by OKC49erFan:

Originally posted by pd24:

Originally posted by Joecool:

Originally posted by pd24:

Originally posted by Young2Rice:

Originally posted by pd24:
Did you guys know he recieved a 40 million dollar guaranteed contract in 1984. He agreed to take his payment in the form of an annuity over 40 years. He is still gettong paid and his last payment of 3.137 million will be in 2027. Smart man, and 40 million is more guaranteed money than most players get today and that was 26 years ago. He only played 1 year, the team went bankrupt and Young was in the NFL in 1985 and got paid again.

Ummm. If the team went bankrupt, where is this 3.1367 million per year coming from? Are u making this up?

No, I read it:


http://ezinearticles.com/?Steve-Young---USFL-Pro-Football-Career-and-Brigham-Young-University-(BYU)-Cougars-Football-Career&id=4018711

Quote:
Even though the now defunct league officially shut down in 1986 litigation proved successful in eventually guaranteeing that Young be paid the annuity value he was promised.

http://en.wikipedia.org/wiki/Steve_Young_(American_football)

Quote:
The league ceased operations in 1986 after losing most of its claims in an antitrust suit against the NFL. As of 2010, Young continues to receive his annuity. Payments started at $200,000 per year in 1990 and will continue to increase annually. In 2027, the final year of the contract, Young will receive $3.173 million.[1]

That still doesn't answer who is paying him.

Yes it does. An annuity was set up at the time the contract was set up and now he is recieving annuity payments. It's like a retirement plan. The court ruled that the USFL couldn't touch the annuity and the payments will still go to Young until the $40 million is paid.

Do you know how annuities or investment plans work?

Damn, where is the money coming from?


Also, he would have been MUCH better off with a lump sum. Time value of money, a large portion at any given time is nearly ALWAYS worth more than the same amount paid over an annuity. Or, did my accounting professor lie to me when I was in college? (she WAS a b!tch)

No, you're right. The 1 million he got his first year was worth more than the 1 million he gets this year because of inflation. That money wasn't being invested in anything and there was no interest earned on it so it kept losing value in comparison to the value of a million dollars then and now.

Now, he can only by one nice house with that million while then, he could have bought 2 or 3.

Originally posted by Joecool:

Originally posted by pd24:

Originally posted by Joecool:

Originally posted by pd24:

Originally posted by Young2Rice:

Originally posted by pd24:
Did you guys know he recieved a 40 million dollar guaranteed contract in 1984. He agreed to take his payment in the form of an annuity over 40 years. He is still gettong paid and his last payment of 3.137 million will be in 2027. Smart man, and 40 million is more guaranteed money than most players get today and that was 26 years ago. He only played 1 year, the team went bankrupt and Young was in the NFL in 1985 and got paid again.

Ummm. If the team went bankrupt, where is this 3.1367 million per year coming from? Are u making this up?

No, I read it:


http://ezinearticles.com/?Steve-Young---USFL-Pro-Football-Career-and-Brigham-Young-University-(BYU)-Cougars-Football-Career&id=4018711

Quote:
Even though the now defunct league officially shut down in 1986 litigation proved successful in eventually guaranteeing that Young be paid the annuity value he was promised.

http://en.wikipedia.org/wiki/Steve_Young_(American_football)

Quote:
The league ceased operations in 1986 after losing most of its claims in an antitrust suit against the NFL. As of 2010, Young continues to receive his annuity. Payments started at $200,000 per year in 1990 and will continue to increase annually. In 2027, the final year of the contract, Young will receive $3.173 million.[1]

That still doesn't answer who is paying him.

Yes it does. An annuity was set up at the time the contract was set up and now he is recieving annuity payments. It's like a retirement plan. The court ruled that the USFL couldn't touch the annuity and the payments will still go to Young until the $40 million is paid.

Do you know how annuities or investment plans work?

Nope. So the USFL had 40 million dollars to put somewhere.
No wonder why Montana hates him.

No, the team only had to put about 2 million in the annunity and the payments started in 1990. It is like a retirement plan, a long term investment.

Originally posted by pd24:

Originally posted by Joecool:

Originally posted by pd24:

Originally posted by Joecool:

Originally posted by pd24:

Originally posted by Young2Rice:

Originally posted by pd24:
Did you guys know he recieved a 40 million dollar guaranteed contract in 1984. He agreed to take his payment in the form of an annuity over 40 years. He is still gettong paid and his last payment of 3.137 million will be in 2027. Smart man, and 40 million is more guaranteed money than most players get today and that was 26 years ago. He only played 1 year, the team went bankrupt and Young was in the NFL in 1985 and got paid again.

Ummm. If the team went bankrupt, where is this 3.1367 million per year coming from? Are u making this up?

No, I read it:


http://ezinearticles.com/?Steve-Young---USFL-Pro-Football-Career-and-Brigham-Young-University-(BYU)-Cougars-Football-Career&id=4018711

Quote:
Even though the now defunct league officially shut down in 1986 litigation proved successful in eventually guaranteeing that Young be paid the annuity value he was promised.

http://en.wikipedia.org/wiki/Steve_Young_(American_football)

Quote:
The league ceased operations in 1986 after losing most of its claims in an antitrust suit against the NFL. As of 2010, Young continues to receive his annuity. Payments started at $200,000 per year in 1990 and will continue to increase annually. In 2027, the final year of the contract, Young will receive $3.173 million.[1]

That still doesn't answer who is paying him.

Yes it does. An annuity was set up at the time the contract was set up and now he is recieving annuity payments. It's like a retirement plan. The court ruled that the USFL couldn't touch the annuity and the payments will still go to Young until the $40 million is paid.

Do you know how annuities or investment plans work?

Nope. So the USFL had 40 million dollars to put somewhere.
No wonder why Montana hates him.

No, the team only had to put about 2 million in the annunity and the payments started in 1990. It is like a retirement plan, a long term investment.

I don't understand. So there's only 2 million that he can get?

Originally posted by Joecool:

Originally posted by OKC49erFan:

Originally posted by pd24:

Originally posted by Joecool:

Originally posted by pd24:

Originally posted by Young2Rice:

Originally posted by pd24:
Did you guys know he recieved a 40 million dollar guaranteed contract in 1984. He agreed to take his payment in the form of an annuity over 40 years. He is still gettong paid and his last payment of 3.137 million will be in 2027. Smart man, and 40 million is more guaranteed money than most players get today and that was 26 years ago. He only played 1 year, the team went bankrupt and Young was in the NFL in 1985 and got paid again.

Ummm. If the team went bankrupt, where is this 3.1367 million per year coming from? Are u making this up?

No, I read it:


http://ezinearticles.com/?Steve-Young---USFL-Pro-Football-Career-and-Brigham-Young-University-(BYU)-Cougars-Football-Career&id=4018711

Quote:
Even though the now defunct league officially shut down in 1986 litigation proved successful in eventually guaranteeing that Young be paid the annuity value he was promised.

http://en.wikipedia.org/wiki/Steve_Young_(American_football)

Quote:
The league ceased operations in 1986 after losing most of its claims in an antitrust suit against the NFL. As of 2010, Young continues to receive his annuity. Payments started at $200,000 per year in 1990 and will continue to increase annually. In 2027, the final year of the contract, Young will receive $3.173 million.[1]

That still doesn't answer who is paying him.

Yes it does. An annuity was set up at the time the contract was set up and now he is recieving annuity payments. It's like a retirement plan. The court ruled that the USFL couldn't touch the annuity and the payments will still go to Young until the $40 million is paid.

Do you know how annuities or investment plans work?

Damn, where is the money coming from?


Also, he would have been MUCH better off with a lump sum. Time value of money, a large portion at any given time is nearly ALWAYS worth more than the same amount paid over an annuity. Or, did my accounting professor lie to me when I was in college? (she WAS a b!tch)

No, you're right. The 1 million he got his first year was worth more than the 1 million he gets this year because of inflation. That money wasn't being invested in anything and there was no interest earned on it so it kept losing value in comparison to the value of a million dollars then and now.

Now, he can only by one nice house with that million while then, he could have bought 2 or 3.

But the team put the money in the annuity because they didn't have 40 million to give to Young at that time. They mad a long term investment that is going to total 40 million by 2027, but they only put in like 2 or 3 million in 1984.

Originally posted by pd24:

Originally posted by Joecool:

Originally posted by pd24:

Originally posted by Joecool:

Originally posted by pd24:

Originally posted by Young2Rice:

Originally posted by pd24:
Did you guys know he recieved a 40 million dollar guaranteed contract in 1984. He agreed to take his payment in the form of an annuity over 40 years. He is still gettong paid and his last payment of 3.137 million will be in 2027. Smart man, and 40 million is more guaranteed money than most players get today and that was 26 years ago. He only played 1 year, the team went bankrupt and Young was in the NFL in 1985 and got paid again.

Ummm. If the team went bankrupt, where is this 3.1367 million per year coming from? Are u making this up?

No, I read it:


http://ezinearticles.com/?Steve-Young---USFL-Pro-Football-Career-and-Brigham-Young-University-(BYU)-Cougars-Football-Career&id=4018711

Quote:
Even though the now defunct league officially shut down in 1986 litigation proved successful in eventually guaranteeing that Young be paid the annuity value he was promised.

http://en.wikipedia.org/wiki/Steve_Young_(American_football)

Quote:
The league ceased operations in 1986 after losing most of its claims in an antitrust suit against the NFL. As of 2010, Young continues to receive his annuity. Payments started at $200,000 per year in 1990 and will continue to increase annually. In 2027, the final year of the contract, Young will receive $3.173 million.[1]

That still doesn't answer who is paying him.

Yes it does. An annuity was set up at the time the contract was set up and now he is recieving annuity payments. It's like a retirement plan. The court ruled that the USFL couldn't touch the annuity and the payments will still go to Young until the $40 million is paid.

Do you know how annuities or investment plans work?

Nope. So the USFL had 40 million dollars to put somewhere.
No wonder why Montana hates him.

No, the team only had to put about 2 million in the annunity and the payments started in 1990. It is like a retirement plan, a long term investment.

So it was 2 million in an annuity, bearing interest over time to total 40 million?

Clever way for them to do it, really.

Originally posted by pd24:
Did you guys know he recieved a 40 million dollar guaranteed contract in 1984. He agreed to take his payment in the form of an annuity over 40 years. He is still gettong paid and his last payment of 3.137 million will be in 2027. Smart man, and 40 million is more guaranteed money than most players get today and that was 26 years ago. He only played 1 year, the team went bankrupt and Young was in the NFL in 1985 and got paid again.

some people have all the luck