Money in Sports: Lakers offer UConn Coach Dan Hurley $100 MM+ guaranteed contract

Question is what are the Lakers offering Asst Coach Luke Murray to join him, and will UConn offer Murray Head Coaching job as a counter offer?

intercst

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This truly $ucks.

I hate this. I mean I hate this. We were on a roll here on CT.

As college coach pay escalates, and, now, the players are to be paid, where is all the money supposed to come from? The states will not increase university funding. The states have been reducing funding for decades. The extra cost of athletics, for the majority of universities, who lose money on athletics, will probably be extracted from the students.

That would be an interesting test case: a student pushing back on the size of his student loan, because thousands per year went, not to his education, but athletic department subsidy.

Steve

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College football and basketball drive huge TV revenues for the universities.

College basketball is going to get more and more popular and profitable. People do not like the pros. It is boring. The women and men on the college level have a lot of access to the media.

Students do not pay the full freight of their education. MIT under charges undergrads by a few thousand dollars per year. The endowment and grants make up the difference.

Students are not going to pay each other for scholarships and pay.

Only foreign students pay full freight.

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The revenue appears to not be enough. I have posted before how much colleges profit, or lose, on athletics. U of M is one of only a handful that manages to be known for both academic and athletic excellence, and makes a profit on athletics.

The majority of universities lose millions per year on athletics. A while back, I posted an article that spoke of one student who ran some numbers, and showed that some $4000 of the tuition and fees she paid per year went to the athletic department, which she had zero interest in, not her education.

But if all the universities that lose month on athletics, shut athletics down, the few elite schools, would not have much of anyone to play, so their athletics revenue would plunge.

Steve

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Agreed that is a disaster.

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This is complete and utter BS. My kids are all very smart, and they all get very good grades in school, and they all have very high SAT scores. I’m pretty sure any of them could have attended MIT or an equivalent high-end school. But the price of those schools simply isn’t worth it. You may believe what you wrote above, but it is complete nonsense. Anyone who has parents that are upper middle class with a good income, or parents who have any appreciable assets at all (for example, older parents who have already saved for retirement and are nearly or already retired) will pay the full listed price. There are no merit scholarships at most places, including MIT (average annual total cost is $79,850 at MIT).

Here is an except of MIT Q&A from the Dean of Admissions.

Finally, we do not offer merit scholarships of any kind—the financial aid we offer to undergraduate students is based only on financial need.

Many schools have similar policies. While on a tour of Emory, they were very open about two things, one, they do not provide any merit aid, and two, they will accept very few transfer credits, they want students to take almost all their courses at Emory, and pay Emory prices (average annual total cost is $78,814 at Emory) for them.

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University Education might be becoming extremely vulnerable to alternatives that have no campus and use on-line "courses" combining
expert inspiring computer enhanced lectures
real local field “experiences”, with
local real person mutual support (think old fashioned fraternities and sororities), and counseling.

d fb

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So, we are in agreement that college athletics, overall, is a gigantic money sink.

Reality is college athletics are a heavily subsidized farm system for pro sports, particularly basketball and football, dressed up as “school spirit” rah rah.

If the schools who lose money withdraw, revenue for the few remaining programs will plunge due to a lack of competitors to play against. So, even powerhouses like U of M will lose money on athletics. The the NBA and NFL owners will howl, because they lost their free-to-them, farm system.

So, what is the solution? Drop the deafening hype about college sports? Deprive the mob of their circuses? Make the NFL and NBA owners pay for their farm system…oh don’t be silly, must not burden the “job creators”.

Steve

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In the end, looks like he didn’t go for the big money grab!

I listened to an interview between Dan Patrick and Dan Hurley a couple of weeks ago. Hurley is an East Coast guy, through and through, and his wife is of the same cloth. I hardly watch any college ball nowadays ( M and MSU are mediocre, so no local interest for me ), but I did watch UConn in the tourney the last couple of years, and they are head and shoulders better than anybody else I’ve seen. He’s getting great players, and he’s doing a great job coaching them up.

Even though it’s likely the Celtics win the NBA title this year, if i was their head coach I’d be making contingency plans. They won’t fire him the year after winning the title, but as soon as the Celtics don’t win the title I think they’ll be making a push for Dan Hurley. So Hurley gets to go for 3 straight college titles, and at the same time he has let the rest of the NBA know that he is very interested in coaching in the pro’s. Plus I’m sure he’ll get a big raise from UConn. Shrewd moves by Hurley, he’s 1 step ahead of the game. I personally think it’s easier to build a dynasty in college than the pro’s, and Hurley is by far the best coach in college now. In the NBA you’re stuck with the roster that’s handed to you, in college Hurley is going into homes of the top HS players and transfer-portal college players, and these guys want to play for him real bad. He legit could become Wooden-like if he stays at UConn. But I’m sure the pro’s will make him an offer he can’t refuse, sooner rather than later.

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Over on quora there was a post from an MIT alum whose kid got accepted to MIT. He’s a successful software engineer, Mom’s a practicing doctor, annual family income over $1 MM/yr. MIT wanted him to pay full tuition.

Kid got “free ride” merit scholarships from excellent non-MIT schools. Mom said “take the free ride”, Dad wrote the $300,000 check for MIT.

I would have put the $300,000 in a trust fund and invested it in the S&P 500. If you’re smart enough to get into MIT, you’ll do just about as well in life if you go to Carnegie-Mellon, or RPI.

University of Florida is a good school and it’s close to free for state residents. The tuition is only $6,300/yr. That’s half of the in-state tuition at the University of Washington – and I think UW is a bargain.

intercst

He’s in negotiations with UConn to rewrite the 6-year contract he signed for $32 MM in 2023. I don’t think there’s enough money in college basketball to pay him $70 million, but he might get $50 million.

If I was a Connecticut taxpayer I’d be worried. {{ LOL }}

intercst

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The university’s ability to pay is only limited by the amount of student loans the people who are there to learn something qualify for.

Steve

It’s an excellent school, so far I have one Gator in my family. And they not only got a full scholarship, they even get refunded a few thousand in cash each year because of earning two nearly full scholarships (Florida Bright Futures and National Merit Finalist)! Basically all I pay is rent at a fancy apartment near campus and general living expenses.

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Just saw this:

intercst

You know nothing about the topic. My sister was in HR in admissions with MIT. She is now managing HR in part in the larger HR offices for the school.

You can spit all you want. It makes no difference.

BTW when trying to get admitted the SAT is not really enough. The ACTs help. My nephew received a 34.5 on the ACT. The university undergrad is too competitive not to take the ACT exams.

average composite score on the ACT is 19.5 .

My oldest nephew went for free to MIT. Only cost was room and board along with books. My sister, his mom, works there.

The pension is also the best in academia.

The actual cost of an MIT education is about twice the annual tuition . Even those students who pay full tuition do not pay the total cost. MIT is committed to the research-university model where all students have the opportunity to engage in cutting-edge work with faculty who are leaders in their field.

Cost versus price | MIT Student Financial Services.

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Only if his parent’s income was less than about $200,000/yr.

And at that income, MIT still expects you to pay for living costs, which in Cambridge ain’t cheap.

I had a cousin who was an Electrical Engineer working at Pratt & Whitney years ago. He took a pay cut and became a professor at the University of Hartford. That allowed all four of his kids free tuition at U of H, so I guess it penciled out.

intercst

Children’s College Scholarship Plan hr.mit.edu/benefits/ccs Children of MIT employees are eligible for full tuition for four years of undergraduate study at MIT, if they are admitted .

Room and board costs are about $19k annually. It was about $17k five years ago.

Yes, most colleges give free tuition to employee’s kids.

That’s an easy employee benefit for MIT to fund since the bar for acceptance is so high.

U of H is a lot easier to get into. {{ LOL }}

intercst