While the NFL draft kicks off tonight in Detroit, Michigan, some draft picks have to consider how much they'll have to pay in taxes – depending on the state they are drafted to.
Former Baltimore Ravens head coach Brian Billick previewed this year's highly anticipated draft night, which is expected to generate an estimated $200 million for the city of Detroit.
"The draft itself is incredible. You think there's going to be probably close to 60 million people watching tonight. And this is a show about making a list. Probably on tonight's draft itself is going to be about 15 million. And that's going to out-draw an NBA playoff game, NHL playoff game. These are games. This is a show about making a list," the former Super Bowl-winning coach said during an appearance on "Mornings with Maria," Thursday.
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As noted by Billick, the NFL is a cash cow that continues to grow at an unprecedented rate. What once was a year-to-year gradual increase in salary has transformed into players receiving mind-boggling contracts right out of the gate – giving certain states an opportunity to snatch players' assets through state income tax.
This year's draft is "all about the quarterbacks," according to the coach.
Caleb Williams, the former quarterback for University of Southern California, has been the front-runner for the first overall draft pick for months now.
Ahead of draft night, Thursday, the FOX Business program reported that the Chicago Bears are expected to draft the potential star for a 4-year $40 million contract with about $25 million of it as a signing bonus – meaning that Williams will secure a first-year salary, which includes his bonus, of about $28.75 million before throwing a single NFL pass.
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If all goes according to plan, the future quarterback for the Chicago Bears could pay more than $1.5 million in state and local income taxes on just the first year of his contract.
Conversely, if Williams were to go to the San Francisco 49'ers – a team that he previously expressed interest in playing for – his state income tax burden would soar to $3.79 million.
Billick concluded by analyzing this year's alluring quarterback class, arguing that "half of them are going to fail."
"The amazing thing is, even with today's technology and all the metrics that we have, about half of them are going to fail, particularly when you take that many quarterbacks. So, you talked about Caleb Williams going to Chicago, and clearly he's going to go there. There's absolutely no reason why he shouldn't be a phenomenal pro," Billick said.
"The odds will tell you whether it's he or Drake Maye or [J.J.] McCarthy or [Michael] Penix or – all of them are great quarterbacks. There's no reason they should go. Half of them are going to fail."
