Andrew Wiggins became the first overall pick since Derrick Rose in 2008 to sign a shoe contract with Adidas, according to ESPN business reporter Darren Rovell. The contract is slightly short of the speculated $14-18 million projected last year.
Rovell cites a source who said the contract is a multiyear deal that “comes with a guarantee of at least $2 million annually.”
Rose’s NBA future uncertainty left Adidas desperate to add another high-profile athlete, according to Rovell:
“Adidas was pressured to try to secure its future even further with Wiggins in part because Rose, the company’s highest-paid NBA spokesman, has missed nearly two seasons with injury.”
Wiggins wore Adidas during his only year at Kansas, and joins a Cavs’ roster featuring one of Nike’s most prominent clients–Kyrie Irving.
Wiggins also took to Instagram to show off his new allegiance.
Of course, if LeBron James returns to the Cavs, Nike will have the most recognized player on the planet on the Cavs’ roster. And if you’re wondering, Nike doesn’t care where the King plays.
Remember, James signed a $90 million deal with Nike after graduating from Akron St. Vincent-St. Mary. Those contracts are a thing of the past, as Rovell tweeted that it’s not worth it for shoe companies to shell out big money for rookies. The corporations are better off overpaying a guy on a second contract if he turns out to be a great player.
Even with the Wiggins’ addition, Nike still commands the market when it comes to selling basketball shoes.
Marketing works on me, how about you? Where’s your loyalty lean?