Ben Gilbert

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.

And the pandemic too.

From a revenue perspective, the NFL today makes twice as much as basketball.

But that's a pretty damning trend, looking at where Gen Z's interests lie.

How do you deny the existence of these things when people in your organization have been hired to commission this research and then you're burying it for decades?

And it's your players.

It is your product on the field.