Leo Manzano felt confident in his position following the London Olympics in 2012.  

Having just won the silver medal over 1,500 meters -- where he became the first American in 44 years to secure a spot on the Olympic podium -- the former University of Texas star and multiple-time NCAA champion felt like he was in a great negotiating situation when it came to renewing his contract with his sponsor Nike. 

But what followed was anything but. Nike returned with a blow that unsettled what had been a glorious year for the 27-year-old Manzano, who felt like he was in the prime of his running career.

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"They were reducing me 45-50 percent," said the 39-year-old Manzano recently. "And that was kind of it. It was painful. Normally in any other sport they either keep you at the same level or bump you up ... for me, I thought that was unfair."

Manzano ultimately declined Nike's offer and remained unattached for the better part of the next two years, hoping to prove his worth to the next company. He later signed with HOKA One One (the brand known simply as HOKA today), where he continued his career through retirement. Twelve years later, now as a licensed athlete representative and coach, Manzano says he would do things differently. 

"Sponsorships are nice to have," he said, "but if you can do your own thing (create multiple business opportunities beyond a sponsor), that's where it's at." 

In the weeks ahead following the Paris Olympics, Olympians from around the globe and their agents will enter into career-defining discussions with business partners and form base salary terms over their next contracts, many of them planning ahead for the 2028 Olympics in Los Angeles. 

But a few important distinctions will form: Unlike other major sports, track and field contracts are shrouded in secrecy, which can leave even the most experienced agents with a bit of unease. Olympians fresh off career accomplishments might enter into the 2025 year with reductions in their salaries. While some of the most well-known Olympians could double earnings with marketing contracts and brand deals, those on the fringes might be fighting for what's left.

FloTrack spoke to multiple sources with knowledge of contract discussions to better understand the landscape of commercial viability, renegotiation talks and contract renewals. 

What we learned was fundamental in determining the scope of how agreements operate. 

Understanding Track And Field Contracts

Agents are almost never in a position to renegotiate contracts for track and field athletes. That's because deals are often designed to end at the conclusion of major championships. Most are curated to be short, the longest typically at four years, though in some cases they might extend well beyond that and others may have an option year, which is a tactic brands employ to prevent an athlete from jumping after a successful year. Some contracts have distinctions to match competing offers, too. 

"At the end of the day, companies care about the bottom line," he said. "When it comes to the athletes, if you're not performing, or if you're not at the top, then it might not be working for them."

In 2015, in fact, Nike jumped at the chance to sign an emerging star in Boris Berian, inking him through the year. But the company would later sue the runner after he signed a competing contract with New Balance in 2016 -- a total of $405,000 over three years -- arguing that they had the right to match. 

Contracts are built with bonus structures in mind. All sorts of add-ons could mean additional commercial success. World records. Qualifying for a major championship. Securing a coveted Olympic medal. An agent's ability to fully scope a contract's lifespan and bake in incentives may be just as important as understanding their athlete's true ceiling. That importance also remains in the follow-up discussion after the previous agreement ends. 

"In the case their contracts are ending, they will be in a stronger negotiating position for their next contract," one agent told us.

Important Incentives

One big value-add? Roll-overs. Roll-overs work both to supply a bonus to an athlete for a significant achievement, while also creating added leverage for future years -- that bonus will then "roll-over" on to the contract, bumping a base salary up by the amount of the bonus. 

In practice, an athlete who was making $500,000 in base salary may make $800,000 the following calendar year based on a $300,000 bonus earned. 

Athletes who are proven winners and record-setters make their bones on performances. Sydney McLaughlin-Levrone, Noah Lyles and Grant Holloway are a few choice examples. 

But reductions are also part of the game, as most seasoned track and field fans may have already guessed. For as easy as it might be to earn a roll-over from a bonus, it might be just as easy for a company to bake in a reduction clause if a performance year doesn't meet their standards. Didn't make a team? Didn't make a select number of appearances? Didn't perform well? 

Even legends aren't immune to the business of money. In a high-profile contract dispute in 2018, Allyson Felix said she was presented with a 70-percent reduction clause in her contract with Nike, adding that the company would not honor a maternity protection. Felix had just gone through one of the most traumatic moments of her life, delivering her child via emergency C-section due to an a diagnosis of preeclampsia during pregnancy. Her story became national news. 

Brands certainly look at age, too. A teenager with elite times and championship experience who is looking to jump into the professional ranks may invite a bidding war to develop, taking away from the general allocation a company may have over the next four-year planning cycle -- including potential salary for a track and field veteran. But an Olympian in their 30s may only have one contract left, and it might be short-term and heavy on incentives. 

The Lay Of The Land

In today's market, companies are operating at a more human level. "Companies are being a little more caring now," one agent told us. 

But money is money, and most brands are careful to protect their business interests. Instead of paying a bevy of athletes over one specific discipline -- say, a host of 1,500m runners -- an agent told us a company may instead focus on specific individuals with marketable appeal -- think NIL, and social media clout. 

In today's track economy, primetime stars may also earn significantly more than their counterparts, which "takes away budget from the middle-class," we were told. 

Companies ultimately have to determine the value of an athlete based on data seen and unseen. A surprise medalist at the Olympics? A huge contract may not be so assured. A brand has the right to make a judgement call. 

Manzano says he remains grateful for all of his experiences in track and field, and he will no doubt go down as the most successful Mexican-American track and field athlete of all-time. 

But there's still an itch he hasn't quite scratched. What led to such a tenuous situation after his Olympic success? 

After all, didn't he just win a silver medal? 

"They told me at 27 athletes usually hit their peak," Manzano said. "Though that's not true." 

Indeed, Manzano's career was not over following 2012. 

He made two more U.S. teams in 2013 and 2015, won a U.S. championship in 2014 and ran a career best time of 3:30.98 at the age of 30. In 2016, he was one spot shy of qualifying for his third Olympic team in the 1,500m.

Four years later, he retired in 2019 at the age of 34. 

Today, Manzano is giving back to the sport across all levels. 

"At the end of the day, companies care about the bottom line," he said. "When it comes to the athletes, if you're not performing, or if you're not at the top, then it might not be working for them." 

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