Thursday, August 18, 2022

No, Trevor Lawrence didn’t lose $15M by playing his rookie bonus on crypto

There’s been numerous confusion about Trevor Lawrence’s rookie signing bonus, and whether or not the No. 1 general decide in 2021 may need misplaced a spectacular sum of money by risking it on cryptocurrency, which as we all know, has crashed in latest months.

This week there have been huge stories that Lawrence misplaced virtually $15M because of his deal. Full disclosure, right here at SB Nation we did as properly — however the fact is that Lawrence probably didn’t lose his NFL cash. The confusion arises from a pre-draft endorsement deal Lawrence signed with “Blockfolio,” and the wording the corporate used after they inked Lawrence in April of 2021.

When Lawrence joined Blockfolio they introduced the endorsement deal in a press launch. In it they referred to the cash they have been paying Lawrence as a “signing bonus,” probably as a shorthand manner of making an attempt to sound sporty, saying they have been depositing the bonus right into a crypto pockets for the QB.

“This partnership marks the primary endorsement deal ever by which a major signing bonus has been paid solely in cryptocurrency. The bonus was deposited straight into Lawrence’s Blockfolio account and included Bitcoin, Ethereum and Solana.”

There’s no such factor as a “signing bonus” in terms of an endorsement deal. It’s merely the endorsement contract. You signal the deal, you receives a commission cash — or in Lawrence’s case, you get crypto. Whereas utilizing this sports activities time period is pretty innocuous, it’s right here the place issues took a soar. Following the Blockfolio press launch, USA Right this moment aggregated the information and it’s right here the confusion started.

The story conflated the phrase “signing bonus” which was given within the Blockfolio press launch, and blended it with Lawrence’s precise NFL signing bonus from the Jaguars — reporting it being $24.1M, and utilizing Spotrac as a supply.

“The presumptive No. 1 general decide within the 2021 NFL draft, virtually certainly headed to the Jacksonville Jaguars, has partnered with a worldwide cryptocurrency funding app referred to as Blockfolio and can place his signing bonus into an account with the corporate.”

“In keeping with Spotrac, the signing bonus for this 12 months’s No. 1 decide is an estimated $22,630,055.”

So now we now have an endorsement deal from Blockfolio, presumably pretty small within the scheme of issues, which was paid straight in crypto — and now it has been linked to Lawrence’s big NFL signing bonus from the league, and misreported that cash was positioned into crypto. Whether or not an sincere mistake, or an try and make a narrative slightly sexier, we’re left on the similar place: An endorsement cope with a crypto firm was paid in crypto, and nothing extra.

Then, on Tuesday, a author for the Solar Sentinel took info revealed by Coinjournal, and made a tweet poking enjoyable on the Jaguars QB.

In fact, we all know that is solely inaccurate — as a result of there’s no proof that Lawrence put his $24M into crypto. Nevertheless this was cited in quite a few tales writing up that Lawrence had fumbled the bag, regardless of it not being the case.

That is all excellent news. No one ought to root for anybody dropping their cash, whilst schadenfreude. Trevor Lawrence is a very nice dude, and it sucks to assume he botched the most important payday of his soccer profession — however as an alternative he in all probability solely misplaced a piece out of that authentic endorsement deal. It sucks, nevertheless it’s removed from devastating.

SB has reached out to Trevor Lawrence’s sports activities company for remark, however has not obtained a response at the moment.



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