Dolphins CB Sam Madison signed a seven-year, $54M
contract extension with the team last week, the richest deal
in team history, and in an "unprecedented move," the team is
requiring Madison to put half of his $11M signing bonus into
"a trust fund the Dolphins and his management agency will
monitor for him," according to George Richards of the MIAMI
HERALD. Madison's agent Gene Burrough said that the trust
fund will be worth "roughly" $20M by the time Madison
retires, and "could be worth double that amount" if he adds
some of his annual salary to the trust. Burrough: "The team
is involved in making sure he invests. And, since he is
required to put money in from his bonus, it encourages him
to put part of his base salary into the fund as well."
Meanwhile, the team's "future interests are also covered by
the trust," because if Madison retires early or refuses to
report to the team, "he is obligated to return the pro-rated
amount of the signing bonus" that would be in the trust
(MIAMI HERALD, 6/22). In Boston, Nick Cafardo noted that
the Dolphins have "final approval on which money manager
Madison chooses." While the team doesn't "have a hand" in
picking Madison's actual investment funds, it "would
certainly be able to step in if the investments were too
risky." The Dolphins "will also receive monthly statements
on how Madison's money is doing." But since the deal may
eventually "change the way agents and football teams do
business," Cafardo noted that the NFLPA "isn't going to like
it," as Madison's deal may appear to be "taking away basic
rights the union has fought for" (BOSTON GLOBE, 6/25).
