The Merriam-Webster dictionary describes the word image as, "a mental picture or impression of something," but for the professional athlete this same word can be described as money.
Far beyond the stadium, arena, mat, and ring extends the athletes image. And for manufacturers and vendors, the further this image extends the more it is worth in potential endorsement deals. Case in point, U.S. Gold Medal Olympian, Michael Phelps, who in some reports has made approximately $5 million annually in endorsements. After a record breaking eight Gold Medals in Beijing in 2008, some speculators pushed this figure in excess of $40 million. "What is the value of eight gold medals in Beijing before a prime time audience," asked Phelps' agent, Peter Carlisle. "I'd say $100 million over the course of his lifetime," Carlisle added. But Phelps image has marred by posting of photo images since, drastically dropping his agent's projected value.
Endorsement deals exceed an athlete's professional sport income in some cases. Two who have solidified this fact include Tiger Woods and NBA phenom, LeBron James. With worldwide recognition, Woods possesses a reported $40 million deal with Nike while James boasts a $90 million deal with this same company, as well.
Hall of Fame baseball player, Cal Ripken, Jr. has warded off the idea of modeling underwear in favor of sporting a milk moustache. Today, he wards off hair replacement companies looking to play off his image.
Image is money.
So beyond the stadium, arena, mat, and ring it is imperative for a professional athlete to realize and tap into the value of their image. Pulling down a multi-million dollar endorsement deal may not be realistic for a second-string NFL quarterback, but $10,000 to shoot a car dealer ad in his hometown could be. And as we know, it all ads up. One endorsement can lead to yet another, as the exposure of your image gets put more and more out there.
Take advantage of this small window of opportunity while possessing your peak celebrity status and if you're lucky, it could linger past the glory days.
So you see....Image IS Everything!
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