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New York Yankee Alex Rodriguez once said that if he could, he would be more than willing to trade in his MVP awards for a team championship. In other words, he would rather win a championship than receive an MVP award. Such claim, with all honesty, is really hard to believe.

No matter how much they deny it, every athlete's dream is to receive the Most Valuable Player award. In professional sports, it is the ultimate individual prize. Why? Because apart from all the glamour and fame, a huge and attractive trophy, and a permanent place in the history books, being recognized as the most valuable player almost always brings an enormous bonus. In other words, being an MVP is always followed by the guarantee of earning millions of dollars.

MVPs get gigantic salary raises

To maintain a career, professional athletes need to renew their contract all the time. Having an MVP award on one's resume is always the greatest bargaining chip. This holds true for Shaun Alexander, the Seattle Seahawk's running back, who signed an eight-year, $62 million deal after receiving the 2005 MVP award. Had he not won the award, he would probably still have a one-year contract of $6 million, which has to be renewed every year depending on his performance. Though earning $6 million a year is already remarkable, it's still nothing compared to what he earns now. Allen Iverson is another example of athletes who made out quite well after receiving an MVP award. In 2003, the on-court leader of the Philadelphia 76ers signed a four-year, $77 million contract extension.

MVPs get money-spinning endorsement deals

Since everyone wants to emulate the best of the best, people look up to MVPs as their idols. Marketers then capitalize on this by attaching their brands and products to these sports icons so that the products can easily reach their customers. For instance, even before he led his team to a Super Bowl victory, Indianapolis Colts gunslinger Peyton Manning was already making big bucks as a commercial pitchman for ad campaigns including Sprint, Nextel, Sony and Reebok. Apart from his annual player salary of $15 million, he reportedly earns more than $12 million a year in endorsements.

MVPs bring in money to the franchise as well

Having superstar players gives lots of earning potential for sports teams. Steve Nash, the NBA player who won two straight MVP trophies, put the Phoenix Suns back in the map as he helped build the image of the team as a strong force to reckon with. Although the Most Valuable Player award is an individual honor, team franchises can benefit a huge deal too through ticket sales and marketing campaigns. Due to Steve Nash's remarkable talent and leadership qualities, thousands of fans flocked to the US Airways Center to catch a glimpse of the two-time NBA MVP. Similarly, millions came out to the park night after night to watch Barry Bonds, the seven-time NL MVP, try to beat the all-time home run record. After that, the San Francisco Giants didn't think twice in offering him a one-year, $16 million contract extension. FP

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