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Salaries of Professional Athletes - Literature review Example

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The paper "Salaries of Professional Athletes" is a discussion on the relevance of professional athletes' salaries. Some experts believe that a professionals' salary should be based on their status, awards, and level of competency. Others suggest that specialists must get much higher salaries commensurate with their real contribution to society…
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Salaries of Professional Athletes
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Download file to see previous pages Professional athletes are reportedly paid millions of dollars annually.  Salaries of professional athletes from the NBA, MLB, NHL, and the NFL seem to increase per year and for each athlete.  The latest figures from the 2007-2008 sports season reveal that Alex Rodriguez was paid $28 million; Jason Giambi, $24 million; Shaquille O’Neal, $21 million; Kevin Garnett, $23.8 million; Julius Peppers, $14.1 million; Carson Palmer, $13.5 million; Scott Gomez, $10 million; and Daniel Briere, $10 million.  Based on 2002 statistics, basketball players have an annual salary of $2.2 million, with 220,000 as minimum starting salary; baseball players register an annual salary of $1.37 million with $109,000 as minimum starting salary; hockey players have an annual salary of $892,000 and 125,000 as minimum starting salary; and finally football players register an annual salary of $795,000 and 131,000 starting salary.  The figures above seem to be lopsided when they are compared or set side by side with annual salaries of teachers, police officers, firefighters, or even doctors.  Many critics weigh in on this issue as they evaluate the factors which contribute to such high salaries and whether or not such salaries are deserved.  An article that dates back as far back as in the 1990s attempted to evaluate the issue by weighing on both sides of the argument.  On one hand, it contends that professional athletes are worth their high salaries because sports consumerism drives or dictates the terms of this market.  This article cites Larry Lundy, a sports marketing director at Walt Disney who contends that there is only a limited number of superstar athletes, however, the demand for them from fans is very high (Find Articles “Business Library’).  With increasing demand, the price of each athlete also rises.  Another sports agent also pointed out that such athletes are fairly paid when compared with salaries of other people in the entertainment industry; and since sports are also considered as entertainment, these athletes’ salaries should, therefore, be evaluated in a similar context. ...Download file to see next pagesRead More
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