24/7 Wall St. Insights

• Athletes were paid significantly less in the 1980s than they are today
• Many top-tier athletes made less than 1 million dollars per season

In the 1980s, the highest-paid athletes earned significantly less than today’s superstars, reflecting the era’s more modest approach to sports salaries. The highest-paid athletes rarely earned six-figure salaries, a marked contrast to the multi-million dollar contracts that top athletes command today. The relatively low pay of the 1980s highlights the era’s emerging sports marketing and media landscape, which had yet to capitalize on the commercial potential of athletic stardom fully. Continue reading to discover the highest-paid athletes of the ’80s and learn about their rather paltry salaries, presented chronologically

Why It Matters

 

Investors can benefit from knowing who the highest-paid athletes of the 1980s were by gaining insights into the evolution of sports economics and market valuation. This historical perspective can help them identify trends and patterns in how athlete endorsements, media rights, and sponsorships have evolved.

1980: Nolan Ryan

• Position: Baseball Pitcher
• 1980 salary: 1 million U.S. dollars

Highest Paid Pitcher

Nolan Ryan, one of baseball’s most legendary pitchers, is remembered for his amazing fast ball, often hitting or exceeding 100 miles per hour! In an extraordinary career that spanned 27 seasons, Ryan amassed  5,714 strikeouts and threw a record seven no-hitters, earning him the (unheard of at the time) salary of 1 million U.S. dollars in 1980. 

1981: Dave Winfield

• Position: Baseball Outfielder
• 1981 salary: 1.4 million U.S. dollars

Outfielders Rule

Over his 22-season career, Dave Winfield amassed 3,110 hits and 465 home runs, earning him a spot in the Baseball Hall of Fame in 2001. Winfield was among the most popular and highest-paid baseball players of the era.

1982 & 1983: Mike Schmidt 

• Position:  Baseball Third Baseman
• 1982 Salary: 1.5 million U.S. dollars/983 Salary: 1.65 million U.S. dollars

Third Baseman

Mike Schmidt was the highest-paid baseball player in 1982 and 1983. Widely regarded as one of the greatest third basemen in baseball history, Schmidt, who played for the Philadelphia Phillies from 1972 to 1989, hit 548 home runs and earned 10 Gold Gloves.

1984: Marvin Hagler

• Position: Boxer
• 1984 Salary (winnings): 3.3 million U.S. dollars

Marvelous Marvin

Marvelous Marvin Hagler was a middleweight boxing champion whose career spanned the 1970s-1980s. Hagler dominated the class division, maintaining the undisputed middleweight title from 1980 to 1987, defending it successfully 12 times. In 1983 he was the highest-paid athlete in the world, with earnings of over 3 million U.S. dollars

1985 & 1986: Magic Johnson

• Position: Basketball Point Guard
• 1985 Salary: 2.5 million U.S. dollars/1986 Salary: 2.5 million U.S. dollars

Pure Magic

Celebrated for his exceptional playmaking and versatility as a point guard, Magic Johnson led the Los Angeles Lakers to five NBA championships while earning three MVP awards. Johnson’s enthusiasm, even in the face of adversity has allowed him to maintain his status as a fan-favorite and basketball legend. 

1987, 1988, & 1989: Patrick Ewing 

• Position: Basketball Center/ Power Forward
• 1987 Salary: 2.75 million U.S. dollars/1988 Salary: 3.25 million U.S. dollars/ 1989 Salary: 3.75 million U.S. dollars

Basketball Legend

Standing 7 feet tall, Patrick Ewing was a formidable center who excelled in both offense and defense, earning 11 All-Star selections and leading the Knicks to the NBA Finals in 1994. In 1987 he was the highest-paid athlete in the world. These days, Ewing is better known as the men’s basketball coach at Georgetown University. 

Honorable Mention: 1980: Björn Borg

• Position: Tennis Player
• 1980 Salary (earnings): 100K U.S. dollars

Tennis Legend

Swedish tennis legend Björn Borg, remembered for his dominance on the court during the 1970-1980s  Borg won 11 Grand Slam singles titles, including five consecutive Wimbledon titles and six French Open titles. However, the most Borg ever won in a year was 100K U.S. dollars in 1980!

Honorable Mention 1984: Walter Payton 

• Position:  Football Running Back
• 1984 Salary: 2 million U.S. dollars

Sweetness

Coming off a salary of 700k U.S. dollars in 1983, a guaranteed base of 2 million U.S. dollars in 1984 placed Walter Payton at the top of the heap. Payton, who spent his entire 13-season career with the Chicago Bears is remembered for his uncanny ability to break tackles, rushing for over 16,700 yards, a record at the time of his retirement.

Honorable Mention: 1986: Jim Kelly 

• Position: Football Quarterback
• 1986 Salary: 1.4 million U.S. dollars

Quarterback Cool

Before legendary quarterback Jim Kelly led the Buffalo Bills to four consecutive Super Bowl appearances (1991-1994), he was the highest-paid player in the National Football League, earning a cool 1.4 million U.S. dollars for the 1986 season. Kelly’s contributions, pivotal to the team’s success, were bought on the cheap by today’s standards!

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