Can Agents Help Prevent Use of Prohibited Substances?

With over a dozen MLB players being suspended and the recent 6-game suspension of the Denver Bronco’s Von Miller for substance abuse, I still find it difficult to not see agents being proactive in discouraging their players from using banned substances. Not only do players lose out financially, agents also fail to earn commissions on lost income due to a player’s suspension. Shouldn’t the financial gain be enough of an incentive for agents to at least attempt to discourage their clients from using these substances?

The NFLPA recently released an alert on a supplement that has likely been taken by several NFL players. The alert insists that a banned substance was found in the supplement and that all players should immediately discontinue use and dispose of any remaining product. This once again reveals how easily a player can unknowingly and unintentionally take a banned substance. Under the NFL/NFLPA drug policy, the lack of knowledge of a banned substance in a product does not excuse a player from using the prohibited substance. A player will still face suspension whether or not they have knowledge of consuming a prohibited substance.

Players need to take every precaution to avoid these substances. Often times, players choose supplements they have been taking since high school or college, what their teammates use, randomly choose a supplement at a local GNC store, or blindly endorse a product without checking the ingredients of the product or the NFL’s prohibited substances list.

Agents deal with many players, have read the collective bargaining agreement and know what substances are banned.  Agents should consider helping players pick out supplements and research any prescription drugs they may be prescribed by doctors to prevent their clients from being suspended by the league. Agents often have the time and knowledge to prevent their clients from getting into trouble, so why are they not taking a proactive approach? Can agents be effective in preventing their clients from taking these substances?

Going Broke

Over the last several years, former (and sometimes current) NFL players’ sob stories hit the newswire about bankruptcies and extreme financial difficulties. According to Sports Illustrated, 78% of NFL players are broke within two years of retiring from the NFL. This alarming rate of players going broke should catch the attention of agents. While agents often don’t have financial backgrounds (or incentives to care about their clients future success after retirement), they do know how money works and how to manage their finances. Often times, agents introduce their clients to knowledgeable financial advisers. However, these young athletes find it difficult to relate to or understand the appointed financial advisers.

Agents need to take note of this dangerous trend and be more proactive in helping their clients learn enough about personal finance to avoid disaster. Since most college athletes are not allowed to work while under scholarship, they are not used to having money to manage. After graduating college, some of these athletes sign multi-million dollar contracts with large signing bonuses. With no real financial management knowledge, these athletes can go from millionaires to being broke within a few months or years.

There are numerous reasons players go broke from overspending, not saving/investing, poor investments, premature retirement (injuries), divorces or not planning for their lives after football. Some athletes do plan for their futures but because contracts are not guaranteed, they find themselves unemployed and not cashing in on their contracts. These athletes need agents to step up and provide them with a financial education as well as post-career planning to ease them into new jobs after retiring from football. Some players become analysts, coaches, or work in the front office of a football team. Others find themselves clueless on what they will be doing upon retirement. If agents had a financial incentive to manage their clients’ lives after they retire from football, we might not have this dangerous trend in bankruptcies. The NFLPA has taken action by proving a financial management education but agents have the ability and responsibility to at least encourage their clients to think about their futures. Will the NFLPA be effective enough or will agents have to get more involved?