Ben Gilbert

You actually had people who were sort of like loyal to their schools, who would play for their schools for three or four years before going to the NFL, who would sort of build a reputation with that alumni fan base.

And with the transfer portal, every year people just decide willy-nilly to enter it.

I'm going to go where I'm going to either make the most money or have the best shot at NFL draft prospects by getting more playing time.

The interesting thing is next year is when the schools actually will start recruiting

being able to pay the players directly and there's like a salary cap of sorts

Uncoordinated, everybody just acting in their own short-term best interest, including the schools, the way that the super conference alignment happened and the Pac-12 completely blew up.

And it's just so sad to watch as someone that is a really big fan of college football.

One interesting take you and I both heard from separate people is that it's actually been good for the NFL because now that players can make money in college, there's not as much of an incentive to get thrust into the NFL before they're ready.

They can sort of develop longer mentally and physically before coming to the NFL.

So we may have sort of better rookie classes out of the draft in future years as you sort of see more mature players coming out.

Yes.

All right.

So our big ultimate thing here, team valuations have gone up way more than I would have predicted.

No, and we'll get to the real numbers, but at most that's probably what a quarter of what a team would cost.

Can they take fees and carry on their LPs?

Or is it a...

Permanent capital, individually held by highly motivated, passionate individuals, not thinking like a pool of capital would.

You needed an ownership change and suddenly you needed it fast.

And the most recent purchase was the year before

Yes.