The next elephant in the room: Taxes.
We are talking about teenagers who have never paid taxes in their life, and if they did, it came out of their summer job checks automatically. This time with NIL deals, these students may be paid as W9 independent contractors. This means they will have to pay their taxes proactively.
Remember Wesley Snipes? He was convicted of three misdemeanor counts for not filing his federal taxes. I would imagine most teenagers won’t know they have to pay taxes, let alone set enough of their NIL checks aside to be able to pay what they owe.
