The Los Angeles Lakers won the in-season tournament in its debut campaign by defeating the Indiana Pacers in Las Vegas. The endeavors of LeBron James and his teammates have helped the franchise secure the trophy alongside the prize money of the competition. Each player would receive a lucrative payment of $500,000 as the champion. Yet, over 50% of it might get lost upon reaching the City of Angels.
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Due to the taxation policy of the state of California, the Lakers’ stars would lose the majority of the cash. Because of earning half a million in a day, each player would need to pay over 50% of it in federal and state income tax. Including a few other charges on top of it, the prize money comes down to the region of slightly more than $230,000.
Despite the baffling contrast between earnings and net pay, the Lakers players seemed excited over winning a chunk of payment at once. The roster’s talisman, LeBron, indicated precisely that during his MVP speech after the final game. He mentioned, “The first question they asked me when I came off, they was like, ‘So, when do we get our money?’ I was like, ‘I don’t know'”.
Amidst the hefty tax rate, the prize money remains a significant one, especially for the newcomers in the league. A majority of the rookies and second-year players would earn more in this one night than they would in the next couple of seasons. Thus, there have not been any complaints over the policy from the champions following their 7-0 run in the tournament.
The motivation paid dividends for LeBron James and his team
Since the start of the tournament, the 38-year-old has been quite vocal about his intentions behind competing for the prize money. Soon after that, the rest of the squad followed as they publicly talked about the prospect of earning the $500,000 early into the season. Their aspirations paid off as the LA franchise won the inaugural edition of the competition.
The perks don’t end here for them as the two-way players may cash in a comparatively bigger amount. Such players on the Lakers squad would earn $250,000 more than others. It intriguingly marks a significant 45% increment in their base prize money. Not only the champions but also the knockout qualifying two-way players could earn $25,000 more compared to the rest of the team.
These numbers got the job done for the NBA as the first edition of the competition became a huge success. With a lengthy regular season ahead, the league would be attempting their best to keep up the buzz going. Undoubtedly, a tough task for the governing body.
