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Nit: Michael Jordan was still wildly underpaid by gregmorrissey
And, I would hardly call that pay for past performance since he did win championships in those years.
The Bobby Bonilla deal was a Madoff-related boneheaded decision only in retrospect. If Madoff wasn't running a Ponzi scheme and was truly a Buffett-like investor then it would have been a brilliant move.
And, NFL salaries have been trending in the direction of guaranteed money which the owners have been fighting against. But, it appears, for the moment, that the market is winning and the guarantees are trickling down beyond just the true superstars. I would predict that within the next 20 years nearly all NFL contracts (at least non-rookie contracts) will be 75%-80% guaranteed money if not fully guaranteed.