How College Athletes Can Cash In on Medal Wins
Ever wonder how athletes can maintain their eligibility for college sports while still collecting large paydays from their country when they snag a gold medal?
As it turns out, it’s not that complicated, thanks to a new NCAA guideline allowing Olympic athletes to keep their prize while retaining eligibility. Many Bay Area athletes and experts have weighed in, saying it’s about time that officials made the change.
“It’s a lot of work – you put in four years of training for three hours work,” said George Lamptey, who played soccer for Guana during the 1972 Munich games. “And in the Olympics, when you’re out, you’re out. They’re always looking for new people coming up.” He never had the chance to earn the medal, but his country did offer prize money more than 40 years ago.
For athletes likeJoseph Schooling from Singapore, that payday is huge. After beating Michael Phelps and taking home the gold, his country will award him with more than $750,000 -- and he'll get to keep it, even when he swims for University of Texas when school resumes.
Lamptey agrees with allowing athletes to keep their prizes, suggesting that the winnings would help them stay in school andreduce the temptation of going pro before graduation.
