Notre Dame legend Manti Te'o issues blunt reality check to NCAA before giving athletes access to millions of dollars after historic settlement

Former Notre Dame Fighting Irish legend Manti Te'o believes the NCAA needs to set up financial learning for athletes, especially now that the school is set to pay players.

The House ruled that the schools are allowed to pay players, which Te'o believes is a good thing. He believes that with players now making a ton of money as teenagers, the NCAA needs to set up financial learning so these players don't go broke as we see in the NFL.

"I really think there needs to be a level of ownership here," Te'o said on Friday's "Good Morning Football." "If you look at a team like Oklahoma or Ohio State, they definitely have more money than UMass or UTEP. There has to be some regulation to the amount of money you can pay.

"What I am not buying is this, I remember I was coming out, and I was going through my college career, and everybody was saying this guy and that guy went pro.

"What I am not buying is you paying these young kids and not giving them the financial literacy to know how to spend it, how not to spend it, what's good credit, bad credit, what's good debt, bad debt, a good investment, bad investment. All you are doing is taking those guys who went broke in the first three years in the NFL and make them younger."

Te'o made a fair point, as we have seen several NFL and NBA players go bankrupt after receiving millions of dollars.

So, Te'o is hopeful that the NCAA and the schools will help the players learn about how to make their money last so these teenagers don't go broke.

Manti Te'o urges schools to help players out with financial literacy

Manti Te'o believes most athletes and their families haven't seen that much money in their lives when they get it, which is why many don't know how to spend it.

Te'o believes the NCAA should make a class mandatory for all athletes, which will teach the athletes how to budget and manage money.

"I'm tired of this narrative that these athletes get all this money and they lose it because they don't know how to spend it," Te'o added. "Ladies and gentlemen, keep in mind these are athletes who went to school and they didn't play school, they played football... Teach these young kids on what it means to budget and what it means to make smart financial decisions."

Te'o played for the Fighting Irish from 2008 until 2012. He recorded 437 tackles and 8.5 sacks in his college career.