Ben Gilbert

Yeah.

I think so.

That's my best guess.

It's super different city to city.

This is probably the most variable.

10% comes from sponsorship and advertising.

And then about 9% is other, which I'm guessing is where NFL films and a lot of that stuff sort of lies.

Yeah.

So that's the shape of the NFL as a business today.

So before we kind of finish that out and get into analyzing the business, I mentioned the complicated relationship that people have with football.

In the 2000s, it became clear as day that CTE is very real and caused by playing football and causes shorter lifespans and immense physical harm to players.

And CTE, as many of you know, is chronic traumatic encephalopathy, which is a terrible brain condition that develops from the many repeated subconcussive hits to the head.

And the symptoms are devastating.

I mean, the NFL settled a billion-dollar lawsuit to pay out victims and families of CTE.

Yeah.

You know, it's even worse than that.

Certainly it affected it enough for LeBron James to say, I don't want my son playing football.

I mean, that was a huge cultural moment.

Interestingly, all youth sports are down.

I don't think football is down much more than other youth sports, but video games, social media, phones.