Ben Gilbert

And I don't think the NFL will start trying to sign earlier college players.

So I don't think they'll be competing directly or in the same order of magnitude.

the revenue that big colleges make and that these conferences make isn't NFL size, but these are huge deals.

So the NFL, for comparison, has a $12 billion aggregate set of media rights that it sells.

The Big Ten deal is a billion dollars a year.

They just signed a seven-year deal at a billion dollars a year, which is twice their previous deal from 2016.

All this to say, the business of college football is still much, much smaller than the NFL, but it'll be really interesting to see sort of how it

As players start to get paid more, where it finds its footing in the landscape, and if it changes at all from where it is today.

Yep.

A thing in Playbook here that I think is interesting to talk about is the relationship that the NFL has...

with its players as a supplier and with the networks as a customer.

So it got itself into this trap for a while where it was negotiating with the networks.

And so it would sign a big deal to get a bunch of revenue and then would quickly have a negotiation coming up with the players.

And they seem to have switched to this thing now where they sign a collective bargaining agreement for a decade with the players.

I think they did that in 2020.

That lasts through 2030.

And then in 2022, that's when they renegotiated the 10-year rights for media.

So they seem to have switched to this, which is a good business decision.

Before anyone knows what the big new revenue contract looks like, they go and they lock in all the pricing on their suppliers.

Now, granted, it's a rev share.