A day after nearly everyone quickly reported that Bears quarterback Caleb Williams had signed a four-year rookie contract, the deal has finally come to fruition.
The process also reportedly included some creative efforts by Williams’ camp regarding tax issues.
For example, multiple sources told PFT there was an attempt to pay Williams as an LLC. The collective bargaining agreement doesn’t appear to prohibit that approach on its face, but the league decided to go ahead with it. The Bears were told by the NFL that player money can’t go to non-player entities.
Another approach came from the concept of forgiveness, which would have resulted in Williams receiving the money tax-free until it was forgiven — up to 10 years into the future. The Bears, through the NFL, have also denied this possibility.
Unconventional ideas aren’t far-fetched. Caleb’s father worked in commercial real estate for many years, and the idea he brought to the table had the potential to be revolutionary. Unfortunately, the idea never came to fruition.
We have yet to see the final contract, and reports suggest Williams is expected to receive his full bonus shortly. Other questions include language that voids future guarantees and whether the Bears would be entitled to an offset if they waived Williams with any remaining guaranteed money and he signs with a new team.