One Year Left to Play-Chapter 100 - 32: Study Mode

It’s pretty nice to have a floating shot too; at worst, they’d say it’s a soft playing style...

This morning a representative and lawyer from the Players’ Union are coming to meet with the Brooklyn Nets.

Worked out at the gym until 7:20, went back to the room to take a shower, and Pierce was already cleaned up, waiting in his room so they could go to the restaurant for breakfast together.

Around 8:30, the NBA Players Association’s person in charge of rookie negotiations and a lawyer arrived at the hotel, and Zhang Hao went to the coffee shop with the two.

Zhang Hao found out that every year there are always a few draft picks like him without agents, and some players simply don’t want agents, which is why this department exists in the Players’ Union.

Before Zhang Hao applied to join the draft, the NBA, following regulations, submitted his basic information to the Players’ Union for registration. Today, his first order of business was to supplement his detailed information with this representative, meaning he needed to submit more detailed personal information to the Players’ Union. Once he successfully signed with an NBA team, the Players’ Union would cooperate with the signing team to help Zhang Hao with necessary tasks like handling a long-term work visa.

Sometime after 9:00, Bobby Marx, the Brooklyn Nets general manager, and head coach Butch Baird arrived.

Zhang Hao had already met the two yesterday; it was this general manager who sent a car to bring him to this star-rated hotel. But he was in a clueless state then, so they didn’t chat much, but he knew them.

After some quick pleasantries, Bobby Marx bluntly said, "Aix, we have absolute confidence in your talents, so you don’t need to worry about getting traded. We regard you as an important part of the team’s future; this is the contract we are offering you."

On hearing Bobby Marx’s first sentence, Zhang Hao wanted to retort, "If you can find a team that offers the value equivalent to the 9th pick in trading me, I’ll wash my hair while doing a handstand!"

That’s the kind of confidence I have!

But hearing the latter part and seeing the contract Bobby Marx took out... Zhang Hao was a bit dumbfounded.

So straightforward? No formalities, like seeing how I perform in the summer league first?

Zhang Hao took the contract, a 3-year rookie contract, first year $1.13 million, second year $1.35 million, third year team option $1.52 million... marked as a salary of up to 110% of the rookie’s 9th pick standard salary based on the salary cap drafted in December 1994. Despite the short length, Zhang Hao didn’t have aspirations for a lengthy multimillion-dollar annual salary like Pippen; he knew even if he lingered in the NBA at a base salary, after some years, it would still surpass this 9th pick’s salary, possibly even higher.

But now, what’s going on?

Zhang Hao looked at the two People’s Union representatives here; they didn’t seem surprised at all. Zhang Hao showed the contract to the lawyer, who carefully checked it and said, "Aix, no problem, it’s the 110% rookie contract, their highest offer possible, image rights, privacy rights... all standard terms."

"So should I sign it?"

"You can sign it."

"..."

And so, Zhang Hao simply signed the contract...

After signing four copies of the contract, Bobby Marx handed the Players’ Union and Zhang Hao’s copies to them, while returning those for submission to the league and Brooklyn Nets to his briefcase, then said, "Aix, here’s the agreement for the advance part of the salary. We can pay you up to 30% of your first season’s salary in advance.I think that should be enough for your use during the offseason, and if needed, I can give you the check now."

"..." Zhang Hao paused for a moment and nodded, "Okay, I need it."

Another agreement was signed, and as per the regulation, with the help of the Players’ Union lawyer, he estimated the total tax of his rookie season’s $1.13 million USD salary, then he had to, according to the rules, set aside a portion of his salary in escrow with the Players’ Union as a precaution against any tax violations.

This is a very important component within the U.S. professional league system; often in Europe, player tax issues affect their image, prompting North America’s four major leagues and their Players’ Union to jointly establish this tax escrow rule, where every time players receive their salary, a portion is proportionally set aside under Players’ Union custody.

So even if those players went bankrupt, partying daily without a penny left, they haven’t faced tax violation problems.

Zhang Hao received a check of over $214,000 USD, and the Players’ Union issued a tax escrow proof receipt to Zhang Hao, taking a check of $125,000 USD.

This proportion is the base rate; every payment includes some allocation into Players’ Union escrow to wait for the due tax payment years later.

In the end, there’s reimbursement for any shortfall or excess; even if one needs to make supplementary payments later, the amount wouldn’t be substantial.

Having paid so much, no player would foolishly evade the minimal less-than-10% supplementary tax payment triggering tax violations, and when players really have no money, most have already been paid off, leaving the tiny remainder with the Players’ Union to arrange emergency funds to cover, later debt claims handled by the Players’ Union.

Money placed with the Players’ Union, they’ll definitely find ways for it to grow, and of course, the league and U.S. tax authorities oversee this aspect.

It’s just, seeing the Players’ Union even prepared this... Zhang Hao looked at the $214,000 USD check in hand, and then at the $125,000 USD check Brooklyn Nets prepared for the Players’ Union, the more he thought, the more it felt off!