NHL great Mario Lemieux took ownership in the Pittsburgh Penguins to help rescue the team from bankruptcy. In late 2000 Lemieux returned to the ice and played parts of five seasons as a player-owner, having struck an agreement with the league and its union.

"The kinds of contracts that are so enormous put the player in the position to earn a lot of income that is taxed at a high rate," former commissioner Fay Vincent said Thursday. "No other business pays people like that. I came from the movie business, and the movie stars learned that they didn't want everything in salary. They wanted to get a piece of the film. With Pujols, if he signs with the Cardinals what he is really doing is increasing the value of the franchise. I think it's inevitable that some of these players will have to take a portion of their salaries in ownership. ... When it happens, it's a totally new era in sports."

One way to skirt the conflicts of interest for a player would be for a contract to award the player equity in the team after he retires. This could take the form of deferred payment, or it could be the salary in a "personal services contract" that triggers at retirement.