David Rosenthal

And I don't know if this is directly related, but I think so much of...

the 70s and the 80s and the 90s were also about just like the continued growth trajectory of the incredible marriage of the NFL and television.

And the money just keeps getting bigger and the stage keeps getting larger and the viewership goes up and you know, all the things.

So probably the biggest decision that happens during the time, the league first mentality kind of gets diluted with the stadiums that you referred to, because as all the teams change,

start moving into the bigger stadiums, they start building amenities into the stadiums, and the stadium experience totally changes, which it needed to as television became primacy.

There had to be a reason to go to the stadium.

Stadiums become all about the luxury boxes, the suites, the experiences, the corporate partners, the advertising, the drink sponsors, all of this stuff.

And that becomes huge money for the NFL, but it's not shared money.

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.