NFL Draft - Jake Long, originally uploaded by Form Digital.

Imagine the following scene:

A top corporation with billions of dollars in revenue, a significantly bright future in terms of market stability, and a well-known brand name is in need of an entry level manager for one of their sub-brands. The position would guarantee an influence on the overall vision for the corporation, and a solid position for upward mobility.

The hiring committee settles on a candidate, one with a great upside, and mold-able talent. Before the candidate sets foot in his/her new office, he is offered an executive salary, comprehensive benefits better than those of his superiors, and stock options outnumbering all but those on the board-of-directors.

In the normal business world, a scenario like this would be met with government inquiries, accusation of insider treatment, and numerous front pages in the Wall Street Journal. It would be taboo, and as such, it is never seen.

Yet, take a look at the National Football League (NFL), and one is met with a school of economics that would make John Stuart Mill roll over in his grave. Last month, Jake Long signed with the Miami Dolphins as the first pick in the 2008 NFL Draft. His contract covered five years and $57.5 million, making him the highest paid offensive lineman in the league. Read the rest of this entry »