I don't feel too sorry for pro-athletes, but peaking early and having to re-invent yourself after the party is over can't be easy. So what if he wants to become a VC, at least he is thinking ahead. Certainly better than hookers and coke (at least you can sell Ferarris).
I don't watch sports or even know who Carmelo is, but there has been some energy around getting pro-athletes to invest more prudently than they have in the past. An asset allocation for one with a $10mm+ portfolio might include 5-10% for VC type investment deals just to satisfy these guy's need for the big "win". As long as they can walk away when they lose, chasing a few 10,000% ideas with 5% of their portfolio isn't the end of the world. The good news is that he is reading lots of pitches, instead of just saying yes to anything and everything that comes along.
In many ways, their financial planning should be much like the FIRE crowd, 10-15 years or so of high earnings and high savings until they have saved enough to last them the rest of their lives. Sounds familiar, doesn't it? But in most cases, probably not nearly "flashy" enough for someone who has made a living in entertainment.