Posted by Kevan Lee :: April 17, 2008 @ 3:35 pm

A bunch of big, strong 22-year-olds are about to become very rich.

The NFL draft, the annual meat market that fits college football players with NFL squads, will take place at the end of April, and for the hundreds of prospects eligible for the draft, big changes are afoot. Not only will these young athletes (kids, really) be going from amateur sports to the big-time spotlight, but they will also be rolling in cash the likes of which they have only dreamed about.

Last year’s number one pick was Louisiana State quarterback Jamarcus Russell, who went to the Oakland Raiders. He signed a contract worth a maximum of $68 million over six years—$11.3 million per season. Russell’s deal was one of the richest contracts ever for a draft pick, and it was significantly better than the contract for the previous number one choice, defensive end Mario Williams. Russell repaid the Raiders for their generosity by throwing for two touchdowns and four interceptions in limited playing time.

The contracts for NFL draftees are expected to rise again for the 2008 draft. The Miami Dolphins hold the top pick, and they are considering a number of candidates to fill needs on their team. Whoever earns the right to be drafted first overall will be in for a serious payday, but even his colleagues who go below him will be multi-millionaires before the day is through.

Though these athletes will certainly be tested by the physicality of the NFL, their toughest task might just be managing their newfound riches. They will still be college kids at heart, but they will have to grow up fast once they put their name on the dotted line. Their spending habits, their lifestyles, and their savings behavior will all need to change once they go from earning minimum wage to banking tens of thousands.

Of course, change is not easy, especially for these big kids. The lure of money and youth is often a pitfall for NFL draft picks, which is why the league has set up counseling services and mentors to help these players transition from a life of wont to a life of wealth. College is a time of frivolity and freedom, and transitioning to the real world of hard knocks and financial responsibility can be a tough lesson.

Here are four changes that these college studs will need to make:

No more two-dollar pizza-by-the-slice

College students love their pizza, and having carte blanche on menu options would be a coed’s dream. However, NFL players can’t afford to load up on the greasy fare found in the local pizzeria, no matter how good it might taste. So while these future pros might be able to afford their own pizza oven and the professional services of Chef Boyardee himself, they would be wise to settle for healthier options.

All that money could buy an excellent personal chef—one who can create nourishing, wholesome meals. Eating the right things can mean the difference between a starting spot and a place on the bench, so a steady diet of healthy proteins, veggies, and carbs might be just what the coach ordered.

No more betting on milk-chugging contests

There are a variety of ways to invest money in college, but most of them involve dares and eating contests. This is no way for an NFL player to plan for his family, so while it might be tempting to wager five grand on a game of Halo, the portfolio options of peers should show there is a better way for these athletes to save.

Stocks, bonds and real estate are just a few of the wonderful solutions for young, forward-thinking richies. Saving money shouldn’t depend on who can fit the most marshmallows in their mouth...at least not for a college grad.

No more sharing a two bedroom apartment with five guys

One of the great parts of college is having roommates and friends nearby, but the life of a professional football player makes cozy living arrangements taboo. Star athletes need their space, and they need to be away from the bad influence of greedy, misbehaving friends.

Fortunately, having loads of money makes this transition rather easy. Almost all draft picks will get a signing bonus, which is a guaranteed sum of money just for joining the team. For first round picks, this money can be millions of dollars (six years ago the top pick in the draft received a $10 million bonus), and millions of dollars can buy a very nice home.

Some athletes choose to buy a condo with a teammate, especially if their new team is far away from their hometown. Either way, investing in real estate is a much better alternative to investing in toga parties with four frat brothers. The distraction from a college atmosphere shouldn’t have to carry over to the life of an NFL draft pick.

No more saying “Yes”

For many players, the hardest part of having money is feeling a need to share it with friends and family. In college, students live in squalor with their best friends, sharing everything that they have in the spirit of community and necessity. Millions of dollars later, athletes will have a hard time reconciling a change in viewpoint from sharing to shafting.

When an NFL draft pick signs for millions of dollars, he will find out that he had family members and long-lost friends that never existed before. So many people will want a piece of the silver spoon, and it can be hard to say “no.”
This is one reason why the posses of pro athletes are so large. Rather than saying “no” to friends, many athletes choose to give their buddies a job like a barber or bodyguard or personal shopper. Having a few close confidants is a good thing, but having a small community of hangers-on is a financial mess waiting to happen.