Truth & Rumors > NFL

Buyer's remorse with CJ2K?

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08:08 AM ET 08.17 | The Titans' running game, specifically Chris Johnson, bears watching after CJ2K's five-carry, eight-yard performance a week ago. On his Twitter feed, Johnson posted: Lol preseason. I'm glad someone is laughing out loud. Sometimes you wonder if Johnson is taking this as seriously as he should. ... It would be easier to discount the performance at Seattle if Johnson were not coming off the worst of his four NFL seasons. He managed 1,047 rushing yards in 2011, which comes down to about 65 yards per game. There were seven games where he averaged under 3.0 yards per carry and he was below 2.0 three times. All that came after he signed a blockbuster six-year, $56 million contract that now looks like a bad investment.

The Tennessean

Chris Johnson, Getty Images Chris Johnson, Getty Images
August 17, 2012  08:20 AM ET

I had buyer's remorse when I drafted him in my fantasy league last year.

August 17, 2012  08:20 AM ET

Bad investments: Kevin Kolb, Chris Johnson, Facebook.

August 17, 2012  08:32 AM ET
QUOTE(#2):

Bad investments: Kevin Kolb, Chris Johnson, Facebook.

MySpace, Albert Haynesworth, Greek government bonds, the Lottery.

August 17, 2012  08:38 AM ET

What exactly is the news flash here? They used a small running back like he was a 240 bruiser for a couple years and he racked up some 300 carry years, now he doesn't seem as effective as he used to be. Very few running backs can withstand that sort of pounding for very long.

August 17, 2012  08:43 AM ET

Compared to the five year, $58 million they threw at Vince Young, the guy is a bargain.

August 17, 2012  08:45 AM ET

I am starting to think that all NFL pay should be withheld until retirement....poor players won't lose their hunger by suddenly finding themselves loaded, players can't waste their career earnings in the first couple of seasons by racking up debt for cars, homes, jewelry, or a possee....no strip clubs....ALL of the trouble players get into is caused by their income and inability to handle it responsibly...

August 17, 2012  08:46 AM ET
QUOTE(#6):

I am starting to think that all NFL pay should be withheld until retirement....poor players won't lose their hunger by suddenly finding themselves loaded, players can't waste their career earnings in the first couple of seasons by racking up debt for cars, homes, jewelry, or a possee....no strip clubs....ALL of the trouble players get into is caused by their income and inability to handle it responsibly...

or maybe 50% now and the remainder gets held til retirement....then they can't complain that they are too broke to pay medical bills after they retire...

August 17, 2012  08:48 AM ET

Good Morning Folks! It's only Preseason!!

August 17, 2012  08:52 AM ET
QUOTE(#7):

or maybe 50% now and the remainder gets held til retirement....then they can't complain that they are too broke to pay medical bills after they retire...

It should be done like Social Security. Put the money into a trust fund, which is then immediately raided to buy new stadiums for billionaires.

August 17, 2012  08:55 AM ET

It's really just human nature and it happens all the time. Work your tail off to get to the top and you make it and get paid. It's natural to slack off. Unfourtunately NFL owners seem to miss that. They need a more incentive based pay system with fewer sighing bonuses and more rewards after the fact.

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August 17, 2012  09:22 AM ET
QUOTE(#5):

Compared to the five year, $58 million they threw at Vince Young, the guy is a bargain.

Speaking of young Vincent...

Quarterback Vince Young has been ordered to pay a loan company nearly $1.7 million after missing a payment in late May, shortly after signing with the Buffalo Bills.

The ruling against Young was made in New York State Supreme Court in Manhattan on July 2, according to court documents.

Young took out a high-risk loan from Pro Player Funding for $1.877 million during the NFL lockout in May 2011, while he was still under contract with the Tennessee Titans. The loan - plus $619,000 in interest - was due to be paid back in January 2013 at an annual interest rate of 20 percent. That rate jumped another 10 percent if Young missed a payment.

PFF filed a complaint on June 6, saying that Young missed a payment that was supposed to be deposited into an escrow account by the Bills between May 22-31.Young had signed a one-year contract worth potentially $3 million with Buffalo on May 15.

Young had already paid more than $180,000 in interest that was due on the loan before defaulting.

This is the latest financial blow for Young, who gained national attention in 2006. In June, the quarterback filed a lawsuit in Houston accusing his former agent, Major Adams II, and ex-financial adviser, Ronnie T. Peoples, of cheating him out of at least $5.5 million.

Young alleges the two conspired to commit fraud and misappropriate money he was supposed to have earned from his five-year, $54 million rookie contract and through endorsement deals.

Adams and Peoples have both denied the allegations.

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August 17, 2012  09:28 AM ET
QUOTE(#13):

Speaking of young Vincent... Quarterback Vince Young has been ordered to pay a loan company nearly $1.7 million after missing a payment in late May, shortly after signing with the Buffalo Bills.The ruling against Young was made in New York State Supreme Court in Manhattan on July 2, according to court documents.Young took out a high-risk loan from Pro Player Funding for $1.877 million during the NFL lockout in May 2011, while he was still under contract with the Tennessee Titans. The loan - plus $619,000 in interest - was due to be paid back in January 2013 at an annual interest rate of 20 percent. That rate jumped another 10 percent if Young missed a payment.PFF filed a complaint on June 6, saying that Young missed a payment that was supposed to be deposited into an escrow account by the Bills between May 22-31.Young had signed a one-year contract worth potentially $3 million with Buffalo on May 15.Young had already paid more than $180,000 in interest that was due on the loan before defaulting.This is the latest financial blow for Young, who gained national attention in 2006. In June, the quarterback filed a lawsuit in Houston accusing his former agent, Major Adams II, and ex-financial adviser, Ronnie T. Peoples, of cheating him out of at least $5.5 million.Young alleges the two conspired to commit fraud and misappropriate money he was supposed to have earned from his five-year, $54 million rookie contract and through endorsement deals.Adams and Peoples have both denied the allegations.

Moral of the story - nobody is going to take better care of YOUR money than YOU!

Comment #18 has been removed
August 17, 2012  09:35 AM ET
QUOTE(#13):

Young took out a high-risk loan from Pro Player Funding for $1.877 million during the NFL lockout in May 2011, while he was still under contract with the Tennessee Titans. The loan - plus $619,000 in interest - was due to be paid back in January 2013 at an annual interest rate of 20 percent. That rate jumped another 10 percent if Young missed a payment.

Wow, what did he do with the money he borrowed? Was he paying off other loans, or just financing an extravagant celebrity lifestyle? 20%, jumping to 30%?

Used to be, the country had laws against usury, but Congress basically overrode all of those state-by-state laws in 1980, when they effectively removed limits on loan rates because inflation was so high, thanks to Jimmy Carter.

 
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