Friday, July 22, 2005

My new passion

. . .is hoping that Terrell Owens and his agent are stymied by the Eagles football team. The receiver making the third-highest scratch at his position in the NFL is holding out until he gets a "more fair deal." This Philly newspaper story gives the details. It seems that the team may fine him, considerably chipping into the signing bonus he was paid last year. And they may pay him $0 for the season if he holds out. I am extraordinarily hopeful that they do just that.

Owens chose at the start of last season to take the long-term 7-yr deal valued at $49. Apparently his value has fluctuated so much in one season that his former deal is fundamentally unfair. Mr. Owens chose his contract, which the above article mentions was a very good deal, giving him a large signing bonus, and large-up front values for the first three years of the contract. This allowed him to largely mitigate the risk of a season, or career-ending injury. Now after taking the sure deal, and getting the team to assume all his risk, he has re-thought his bargain. There is no alternative market in professional sports. Therefore, there is no such thing as an "efficient breach."

Owens is accordingly a loathsome individual, and deserves his "business" bluff to be called. He has more to lose than the team does, notably his livelihood. I hope that the team sends a message to the league that there is some legitimacy to the CONTRACTS to which one pens his name. Holmes said that "Every contract is an implied promise to perform or pay damages." I strongly suspect that Owens is not willing to pay the piper.