The Olympic men’s basketball tournament tipped off Saturday with a dozen teams chasing gold, and it will feature some of the world’s most famous and best-paid athletes. Thirteen NBA players rank among the 20 highest-paid athletes in Paris, with golfers and tennis players filling out the rest and the cutoff at $36 million.
You may be wondering, do these players get paid even more to represent their countries? No, the basketball players are not paid to play by the NBA, International Olympic Committee or U.S Olympic and Paralympic Committee, outside of a stipend to cover some expenses. However, they should all earn a bonus from their shoe contracts with Nike, Under Armour, Adidas and others.
The bonuses are relatively minor but escalate for mega-stars like LeBron James, Kevin Durant and Stephen Curry. The bonuses pale in comparison to their game checks—James, Durant and Curry earned roughly $600,000 per game in NBA playing salary last year and will likely play six games in Paris.
Sneaker companies have bonuses in their basketball player agreements because Olympic participation puts their brands on a global scale. Nike generates 58% of its revenue outside of North America, while Adidas is 76% and Under Armour is 39%. Players with signature sneakers also can benefit from increased sales, as they are entitled to royalties. Similarly, NBA sneaker deals also include bonuses for All-Star games, playoffs and individual awards.
NBA players were not eligible to compete in the Olympics until 1992, when the Dream Team took Barcelona by storm. Those first two U.S. Olympic basketball teams earned money from licensed merchandise, but the players donated the proceeds to charity, according to former longtime NBA international executive Terry Lyons, who helped promote the “Dream Team” moniker.
Several former star players, including Dwyane Wade and Ray Allen, previously voiced that NBA players should get a cut of the money generated by the Olympic basketball team when they were selected. Yet, the Olympics do ultimately provide a platform for increased global exposure, which can lead to bigger off-court paychecks through more valuable endorsement deals.
Nike is ubiquitous at the Games as the outfitter of the U.S. Olympic team and the longtime sponsor of USA Basketball. Its official role within the Olympics gives Nike more latitude in its ability to market its stars during the Games, and Swoosh executives travel with USA Basketball. The U.S. team includes nine Nike or Jordan Brand athletes, with Under Armour (Curry), Adidas (Anthony Edwards) and Skechers (Joel Embiid) filling out the shoe roster.
“[The Olympics is] one of the biggest moments where you have an opportunity where the whole world is kind of frozen, and let’s take advantage of the opportunity for the world to see, whether it’s a new shoe or new color,” Nana Dadzie, Curry Brand head of marketing, said in a phone interview. (The Curry Brand is part of the Under Armour family.)
Non-Nike brands are restricted in the marketing of Team USA basketball players right now, due to the Olympics’ Rule 40, which details the guidelines in place to protect the rights of top Olympic partners. But Under Armour ensured Curry had multiple “Team USA” colorways of the Curry 12 during Team USA training camp and for the Olympics. Those limited-edition colorways go on sale August 14 after the Olympics’ Closing Ceremony, and the Curry 12 will have a wider global launch in the fall.
The U.S. is the heavy favorite to win gold in basketball in Paris, with odds at -400, according to BetMGM. Canada (+900) has the next best odds, followed by Serbia (+1100) and France (+1400). Canada, making its first appearance since the 2000 Olympics, is led by the Oklahoma City Thunder’s Shai Gilgeous-Alexander, who was selected to the All-NBA First Team the past two seasons. He is also the face of Converse basketball, which is a Nike-owned brand. Converse just locked up Gilgeous-Alexander to a massive contract extension worth an estimated $15 million a year on average, and his first signature shoe is expected to be released in 2025.
SGA was voted as GQ’s Most Stylish Man of the Year for 2022, and he will be performing in the fashion capital of the world over the next two weeks and introduced to a new fan base, boosting his brand and the Converse brand. His style sense is part of why Converse named him its creative director as part of the deal.
“Shai knows the culture and knows what people want,” Joe Smith, Gilgeous-Alexander’s co-agent at Wasserman, said in a phone interview. Smith says that Gilgeous-Alexander’s deal is unique because it allows him to marketed across the Nike, Converse and Jordan brands.
Gilgeous-Alexander and other Olympic basketball players have another chance to earn cash in Paris via medal bonuses. Canada pays $14,400 to athletes for each gold medal won. The USOPC pays $37,500 for gold, with silver ($22,500) and bronze ($15,000) medals also worth five figures. Serbia, whose basketball team is led by three-time NBA MVP Nikola Jokic, has one of the largest gold medal bonuses at $215,000.
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