As we see long-term contracts signed by athletes on a yearly basis, there comes a point where long-term contracts need to be restricted by major league sports.
We’ve seen Major League Baseball (MLB) players such as Alex Rodriguez, Albert Pujols and Robinson Cano all sign 10-year deals; they are all still under contract making close to $20 million a season. We also just recently saw Miami Marlins’ outfielder Giancarlo Stanton sign a record 13-year contract that is worth over $320 million.
Giving a player long-term contract is a high risk that can come with no reward.
Over time, players can lose interest playing for a team after several years and then begin to struggle due to lack of enthusiasm.
The player’s contract can suddenly be a burden on the team’s financial space as they cannot afford to spend much money on additions to the team with the contract of a player who is no longer performing up to par.
We’ve seen this struggle with the New York Yankees. The $275 million contract signed in 2007 has been a burden for the Bronx Bombers as of late as Rodriguez has been the center of the Biogenesis baseball scandal. Rodriguez was suspended for the 2014 MLB season for violating the league’s Performance Enhancing Drugs policy.
The Yankees’ franchise hasn’t been at its best as of late and has struggled to sign popular talent. Rodriguez still has three years remaining, a deal that has been controversial and has clearly hurt the Yankees’ franchise.
Performance and legal issues aren’t the only issues with long-term contracts; what if a player begins to be injury prone?
In 2006 the New York Islanders signed Goaltender Rick DiPietro to a 15-year contract. A year after signing his contract, DiPietro suffered two concussions and then needed surgery to fix a torn labrum in his hip. The following season, DiPietro missed time due knee problems stemming from 2008 until 2010. DiPietro’s would eventually have his contract bought on a compliance following sub-par performances and the NHL lockout.
Players are humans and not machines. Professional sports should put a stop to long-term contracts, especially 15-year contracts.
According to a report by the Ram Financial Group, a large financial services group that caters to professional athletes, the average career span for athlete is five years.
There are definitely a lot of issues that can occur during an athlete’s career, and signing them to a long-term contract is a high risk that can hurt the image of a franchise.
It seems as if every year, a longer contract is given to players. Major league sports owners need to find a way to save teams from these high-risk, no-reward contracts, before these potential financial burdens get worse.