Ben Gilbert

As we talked about, these NFL teams are valued more like scarce beachfront property, more so than cash-flowing businesses.

I'd be curious to hear anyone's thought on if the NFL generates more value than $18 billion a year.

Interestingly, the NFL today is less about sort of what it was in the 40s, 50s and 60s.

This team of guys who really hates another team and wants to destroy them at all costs.

And they're led by this fearless leader who's probably also their owner and maybe a player on the team.

At this point, the players seem to recognize that they're all basically employees and the players are more in it together as coworkers than they are against each other.

Even for players who were on opposite teams, the way that before and after a game, they'll come and hug each other or rekindle a relationship with another player.

At the end of the day, they all work for the owners.

And so it's probably a good thing for them to recognize that.

now, the real reality on the field.

And at least it means they're going to be better at arguing what's fair for them from a business that demands an immense amount and maybe even years off their lives for a lot of people.

So let's not end on that note.

Let's close with what's the bear case and what's the bull case for the NFL going forward?

We've talked about a lot of the bears.

The cooperative armor that has got them here begins to shatter.

Youth not playing, player safety issues.

the failure of international expansion.

But I'm curious to hear your thoughts on a bull case for the NFL.

I completely agree with you.

And it's funny, all the negative stuff we've talked about, the NFL will continue to be a ginormous, successful, and growing business for a long time, is my opinion.