Ben Gilbert

Completely agree with that.

There is a very interesting one, which is on a revenue basis, you know, it's an $18 billion a year revenue business.

The NFL actually owns way more mindshare than its revenue would illustrate.

A strange statement to make is the NFL is an oddly small business for how large a role it plays in our lives.

And to contextualize who else makes $18 billion in revenue, General Mills, Adobe, and Halliburton.

The NFL's share of lips is way higher than any of those companies' products.

I continue to think that networks are just on this treadmill where they're just going to keep paying more and more and more for NFL rights until it is actually non-economic for them to do so.

But then they'll be in so deep that it's pretty hard to recover from that.

By the way, just to add some numbers to it, the average NFL team value, 1.2 billion in 2012.

So that's a decade ago, average 1.2 billion.

And today is about 4.5 billion for the average NFL team.

We're not talking Cowboys.

We're not talking Giants if those were to change hands.

The owning an NFL team, it's like a grown-up NFT, right?

If you are a gajillionaire and you want to flex on other gajillionaires, this is a way that at least is very likely to have a lot of durable value for you to get to keep doing that, regardless of its underlying cash flows.

But I will say, when you have something that increases in value because of social signaling and desirability and not tied to underlying cash flows, that is a potential sign of a valuation bubble.

No.

Not always.

There's luxury watches that have kept their value for centuries, but it should make you wonder.

I mean, team values have ballooned to the point where there are very, very few people who can buy one today.