Every athlete has to leave the stage at some point. Horses are no different, but the decision-making process that goes into their retirements certainly is.

There are two general career paths for thoroughbreds. The top ones in the sport will often be retired even when they are still capable of winning races; this is because their expected stud fees will grow so high that their owners won’t risk losing that windfall to injury. Any Given Saturday, for example, was retired to stud this month and will earn $40,000 for each effort. There will be thousands.

Thoroughbreds who fail to reach this lofty standard will simply be taken off the track once their owners decide the balance between earnings and expense is no longer to his or her liking. Their stories are like those of retired marginal pro athletes; some find good homes and families, others fall on hard times. And, yes, they shoot horses.