David Rosenthal

It's local money.

And I think the thing that keeps the competitive balance in place even as revenue diverges is the salary cap.

is a league-wide aggregate including all the local revenue from all of the teams.

Yes.

So this potentially could create a big imbalance.

Yeah.

It is a serious threat to this magical flywheel that has made the NFL succeed well beyond any other sport on a revenue basis in the world.

Even though football and the NFL is not the most popular sport in the world, it is by far the highest monetized and largest sport by revenue.

I think, actually, I don't know if we said this up front, I'm pretty sure the NFL is the largest single media business ever.

in the world not an aggregate diversified media business but like if you consider the league as a single property

then I think it is the largest individual single property in the world.

Yep.

I looked at that bigger than Marvel, bigger than Lucasfilm.

I believe Marvel's not anywhere near that.

Amazing.

And then there's more now, and let's catch us up to the present day.

There's revenue from the NFL Films Division.

I think it's probably a couple hundred million dollars I would expect at this point in time.

There's other licensing rights, particularly video games and Madden.

So I don't think it's public, but it was reported that the latest Madden licensing deal with EA was a total of $1.6 billion for a five-year rights.