How Much Money Do Professional Athletes Really Make?

Professional sports are big businesses, and the athletes at the top of their professions make big money. In the NBA, Stephen Curry earns an average of nearly $54 million per year. Reigning NFL MVP Patrick Mahomes averages $45 million per year.

That doesn't mean they took home that much money, though. They still need to file taxes, like everyone else. Professional athletes also have other expenses that most people don't need to worry about -- things like agent's fees and jock taxes. And they don't all earn superstar salaries, either. Most players earn much smaller, but still impressive salaries.

So, what kind of money do professional athletes at the highest levels really make? Here's the answer.

How much professional athletes really make

To find out how much professional athletes take home, we need to know what gets taken out of their salaries. These are the typical deductions:

• Federal income taxes: Federal income tax rates range from 10% to 37% as of 2023. For athletes making millions per year, most of their income will fall into the highest tax bracket.
• State income taxes: State tax rates range from 0% in states with no income tax to as high as 13.3% in California.
• Jock taxes: Professional athletes must pay taxes in every state where they play a game.
• FICA taxes: Employees pay 6.2% for Social Security on up to $160,200 in earnings, as of 2023. They also pay 1.45% on all wages for Medicare.
• Agent fees: NFL agents charge 1.5% to 3% (the maximum allowed), and NBA agents charge 2% to 4% (the maximum allowed). MLB agents generally charge 3% to 5%, but there is no fixed maximum.

Professional athletes generally take home about 50% to 60% of their reported salaries. The exact amount depends on where they live, the states where they play jock taxes, and how much their agent charges. Taxes and agent fees normally cost 40% to 50% in total.

Now, let's look at typical salaries, and how much those athletes would take home, in the biggest sports leagues.

How much NFL players make

NFL salaries range from $750,000 (the minimum salary in 2023) to $52 million per year for Lamar Jackson. An NFL player on a minimum contract will take home about $382,000 to $467,000, after taxes and a 3% agent's fee.

On the high end, Lamar Jackson will likely take home about $28.6 million after taxes. He doesn't need to pay 3% to an agent, because he negotiated his own contract. While he received plenty of criticism for his decision to represent himself, it ended up saving him as much as $1.56 million per year.

How much NBA players make

NBA salaries range from $1.12 million (the minimum salary in 2023) to $51.92 million, the 2023 salary for Stephen Curry. An NBA player on a minimum contract will take home about $545,000 to $680,000, after taxes and a 3% agent's fee.

Stephen Curry will likely take home about $23 million after taxes and a 3% agent's fee. Like other pro athletes in California, Curry ends up paying quite a bit in taxes.

How much MLB players make

MLB salaries range from $720,000 (the minimum salary in 2023) to $43.33 million, the 2023 salary for both Max Scherzer and Justin Verlander. An MLB player on a minimum contract will take home about $362,000 to $442,000, after taxes and a 4% agent's fee.

Max Scherzer and Justin Verlander will each likely take home about $21.4 million after taxes and a 4% agent's fee. They both play for the New York Mets, so there shouldn't be much difference between their tax rates.

Not all professional athletes are big earners

When we think of professional sports, the first thing that comes to mind is usually the largest sports leagues. Players in these leagues earn very high salaries because they're the best of the best. The NFL, NBA, and MLB also all have unions representing players and ensuring that they're guaranteed minimum salaries, as well as other benefits.

These only make up a small portion of professional athletes, though. There are smaller leagues where players earn salaries more in line with the average U.S. income. For example, in the XFL, the average player is estimated to earn about $60,000 per season. The NBA G League has a minimum salary of $40,500 per season.

Athletes can earn quite a bit of money. But being a professional athlete doesn't guarantee a massive salary. And a massive salary alone doesn't mean a player is set for life -- some of the most successful athletes have ended up going bankrupt. Even when someone's income is much higher than the norm, the fundamentals of personal finance don't change.