How to make college football worse

• Tennessee Sen. Marsha Blackburn has proposed the HUSTLE Act to create tax-deferred savings accounts for college athletes’ NIL income.
• The need for congressional intervention is questionable, given that other wealthy groups, like NFL players, do not receive similar legislative protection.

If the hollowness of the bowl season or the irrationality of the playoff system has you saddened by the state of college football, it could always be worse. Congress could get involved.

It’s already bad enough that NCAA apologists want Congress to grant college athletics an antitrust exemption. Now Tennessee Senator (and gubernatorial candidate) Marsha Blackburn, in a timely act of pandering, wants to give college athletes special tax-advantaged savings accounts – “for their own protection.”

Blackburn’s comically named “Helping Undergraduate Students Thrive with Long Term Earnings (HUSTLE Act) would allow certain college athletes to create tax-deferred accounts for their Name Image and Likeness (NIL) income.

Don’t get me wrong; I’m a big fan of saving and investing, especially in a tax-deferred vehicle. But the aim of this act ‒ somehow protecting young people from squandering their NIL riches ‒ raises an obvious question: Where exactly is the constitutional mandate (or even suggestion) for Congress to pass laws discouraging 19-year-old millionaires from buying expensive cars and jewelry?

If Blackburn is genuinely concerned about young, wealthy athletes squandering their money, why didn’t she start with the NFL? A widely cited 2009 Sports Illustrated article claimed that 78% of NFL players “face financial stress or bankruptcy” within two years of retirement. This figure was likely exaggerated, but a statistically sound study by the National Bureau of Economic Research found that 15.7% of NFL players file for bankruptcy within 12 years of retiring. Yet this hasn’t prompted any urgent Congressional push to save professional athletes from themselves.

If age is really the determining factor in financial responsibility, why is the fastest growing demographic of bankruptcy filers over 65? Why is the median age of someone filing for bankruptcy 49 and not 29?

Blackburn could, of course, propose legislation allowing college athletes to participate in the existing tax-deferred retirement accounts at their respective universities, but that would concede that the players are employees ‒ something universities want to avoid at practically all costs.

Not to be outdone by the Senate, the House of Representatives proposed the SCORE Act, which would grant NCAA institutions exemptions from antitrust laws – essentially codifying the illegal wage collusion the schools practiced for decades ‒ while also legally declaring that players are not employees of the universities that pay for their athletic services. Too many old timers simply can’t accept the end of decades of illegal (and in my opinion, immoral) athletic department business practices, so they are begging Congress to protect them.

Even if you concede the premise that 20-year-olds are incapable of making wise financial decisions and require assistance, why would Congress be the entity to turn to for financial wisdom?

David Moon, president of Moon Capital Management, may be reached atdavid@mooncap.com.