Say you’re one of the world’s best athletes at your team position - as good as Lionel Messi, Tom Brady or LeBron James.
You’ve just become an unrestricted free agent and numerous teams are vying for your services. Your favorite team wants you, too, but cannot offer as much as the others.
Would you give your favorite team a discount? If so, how much is the maximum amount you’d be willing to give up?
Bonus question: Would you ever play for the team you hate the most?
Isn’t that exactly what LeBron did when he played for the heat? Take a pay cut to play with his friends for a few years?
In any case, even in my current job I’ve turned down offers from companies that would be a substantial raise so I don’t leave for a less enjoyable workplace. I have no reason to think it’s different with athletes.
But then, money doesn’t really motivate me after a certain point (I mean, I would like more sure, but that’s not what’s going to be the thing that causes me to move), so I’m probably not the typical person on this matter. But yea, if playing for a certain team was worth it to me, I could see taking a 20% pay cut to do so, especially when I’m still making $10MM a year.
As for bonus question: in the free agent scenario, no, why bother? If I was drafted to it I’d suck it up though.
Another thing to consider here is that top players only make a portion of their income from their direct team salary. Someone like LeBron makes so much elsewhere that it’s worth taking less on a contact if that will somehow give even a marginal improvement in his endorsement value.
For someone like Steph Curry, it might be logical to take a huge pay cut in order to keep the Warriors together. Winning some more titles, and the good PR of appearing loyal might be worth more in endorsements than what he’d get in a big contract.
Cardinal baseball fans have a True Belief in the “hometown discount” where a veteran free agent will take less to stay in St. Louis, because the fans worship the team and its players.
This belief was sorely tested when the-closest-thing-to-Stan-Musial star Albert Pujols jumped to the Angels for a 10-year guaranteed contract worth a quarter-billion dollars and all the endorsements he could ever want.
Still, we believe. Just not $250 million worth.
In your situation, though, a powerful union wouldn’t be leaning heavily on you to accept the highest offer. This often happens in pro sports leagues; they will say to their members “many players fought for higher salaries so you could make more, and you owe it to the future members as well”. Hell, Alex Rodriguez would have been a Red Sox except the union nixed his agreement to take a reduced salary in a trade.
Yes, I’d absolutely give up salary to live in a place I want to, play with a coach and teammates I enjoy, and have a better position to cement my legacy.
If I’m the caliber of player as those guys, I’m richer than I know what to do with anyway. I’d take a pretty steep paycut I think, as long as it wasn’t insultingly low.
Depending on my personal and professional situations:
I’m a diehard Cubs fan. If I’m in my prime, and coming off of a superstar contract, playing for my dream team? If I’m financially secure, more money than I know what to do with?
I’ll resign for league minimum, though the player’s union will have kittens
Hasn’t Tim Duncan being doing this for the Spurs for the last five years or so?
That is exactly how I would feel about it but I am sure that a vast number of professional athletes don’t think that way. In English football it has been common for top sides to buy great players in positions they have covered to prevent opponents having use of them. Obviously in these situations the player and his management are just chasing the money. In Australian sport it is common to see players going to clubs that have little to offer but large wallets. It must be very difficult for players though. They work in an environment where they are constantly reminded how fragile their careers can be and it is hard to guarantee any non-tangible benefits that you may be hoping for in taking a smaller salary.
Any top-league pro athlete is doing a job that’s so fun that most of the population does it for free, and is getting paid so well in the process that they can live a life of luxury and retire early. Really, what is there beyond that?
Yes, but most stars take less money at some point in there career. There are numerous example: Peyton Manning, Tom Brady, Michael Jordan, Lebron James, Chris Bosh, etc. The exceptions are more notable (eg. Kobe Bryant, many baseball players).
Most athletes want to play for a team that has a good chance of winning championships; many of them come right out and say so. I’m sure the reasons for this include (but are not limited to) the financial advantages you mention.