"It is possible to do, but seems like a very difficult task and that most 'investors' won't be doing their homework but rather rely on the luck of the draw here," Schwartz said.
Sterne Agee's chief economist Lindsey Piegza said that like for any investments, the best analysis takes a longer term view rather than a static snapshot.
"What's tricky is picking the investments or players that do have a longer cash flow potential," she said. "If a player is 'hot' at the moment, that might not be a good buy-and-hold investment, similarly if the brand is likely to be short-lived or a temporary fan/market infatuation. You want to make sure the player has staying power."
Byron Studdard of Studdard Financial in Sarasota, Fla., said it was an interesting idea, "but definitely has its share of risk."
Studdard said he is unsure he could be convinced to invest in the unknown future earnings of an athlete when he could buy global stocks that have paid consistent dividends for years.
"If I had a choice between that unknown and a corporation that has been around for 50 years, I would choose the established company, especially if they paid a consistent dividend," Studdard said.