THE GRID: Big 4 North American Sports League Operating Rules Spring 2016

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THE GRID: Big 4 North American Sports League Operating Rules Spring 2016LeagueSize/SeasonPlayoffsNFLMLBNBANHLRoster size32 teams, 8 divisions, 16 games.4 rounds, 12 teams 4 wild cards1- game knockouts with 4 1st round byes45 active / 53 total30 teams, 6 divisions, 162 games.4 rounds, 10 teams 4 wild cards (2012)WC play in, best of 5, best of 7, best of 725 active / 40 total30 teams, 6 divisions, 82 games.4 rounds, 16 teams, no reseedingAll rounds best of 7(2003)12 active / 15 total30 teams, 4 divisions, 82 games.4 rounds, 16 teams, top 3 in division 4wild cards; all rounds best of 7; no reseed20 active / 23 totalBargainingAgreementTen years. 2011-20. NFLPA is weak:decertified before 1993 free agency.Five years: 2012-16. MLBPA is strong:2002 CBA was first without stoppageTen years: 2011-20: Mutual option year in2017. Work stoppages 1998-99; 2011-12.Ten years: 2013-22, Double option. Lockout in 2004-05 and 2012-13seasonsFree AgencyConditionsUnrestricted free agency after 4 years.Restricted after 3 yearsUnrestricted free agency after 6 years.Arbitration 3-5 years. Reserve 0-2 yrs.Unrestricted after 1st contract with firstrefusal rights to team.Unrestricted age 27after 4 years NHL.Restricted under age 27.Mean Salary 1.9M in 2012 from 395K in 1990. 3.4M in 2014 from 579K in 1990. 5.3M in 2014 from 717K in 1990. 2.4M in 2012 from 221K in 1990.Payroll Cap/Luxury TaxHard cap since 1994: 47-48.5% of ARafter 2013; 143M in 2015.Minimum payroll 89% of cap.Luxury tax: 17.5% of payroll over 189M(2014-16); 30% - 40% for 2nd & 3rd breachand 50% for 4th breachSoft cap since 1984: 49-51% of BRI.2016 cap 70M, min 90% of cap. Lux tax53.5% of BRI, 2016 threshold 84.74M.Hard cap since 2005: 50% of hockeyrelated revenue HRR. Cap 71.4 in 2016Max/min payroll 15%/-15% of midpointLocalRevenueGate 18% of total and shared 66/34. Venue27% unshared. Local media insignificant.Gate 30%, venue 28%, local media 22% oftotal revenue. 34% of local revenue shared.Gate 27%, venue 15%, local media 13% oftotal revenue.50% of local revenue shared.Gate 40%, venue 25%, media 20% of total.5% of local revenue is shared.CentralRevenueNational media 55% of total, equal shares.Nine years, 2014-22 FOX, ABC/ESPN,CBS, DirecTV: 205M annually per club.National media 20% of total, equal shares.Eight-years 2014-21 FOX, TBS and ESPN: 51.7M annually per club.National media 27% of total, equal shares.Nine-year 2016-25 TNT and ABC/ESPN: 90.3M annually per club.National media 20% of total, equal shares.10-year 2012-21 NBC; 12 years RogersSportsnet 2014-26: 21M annual per club.Forbes’ MeanTeam ValueRevenue shareV/R 1,966M / 347M 5.672014 league revenue 11.1 billionLocal/National split 40%/60%V/R 1,200M / 262M 4.582014 league revenue 7.8 billionLocal/National split 50%/50%V/R 1,106M / 160M 6.932015 league revenue 4.8 billion.Local/National split 60%/40%V/R 505M / 133M 3.812015 league revenue 4 billionLocal/National split 80%/20%Source: John Vrooman, Vanderbilt University

North American TV Market Size (million TV 84950515253545556575859Designated Market Area (DMA) TVHH NFL MLB NBA NHL TOTNew York7.461 22239Los Angeles5.666 02226Chicago3.534 12115Philadelphia2.964 11114Toronto2.957 01113Dallas-Ft. Worth2.655 11114San Francisco-Oakland-San Jose2.519 22116Boston2.433 11114Washington, DC2.412 11114Atlanta2.375 11103Houston2.289 11103Detroit1.856 11114Phoenix1.855 11114Seattle-Tacoma1.848 11002Tampa-St. Pete1.828 11013Minneapolis-St. Paul1.748 11114Miami-Ft. Lauderdale1.663 11114Denver1.575 11114Montreal/Quebec City1.526 00011Orlando-Daytona Beach1.490 00101Cleveland-Akron1.485 11103Sacramento1.388 00101Vancouver1.329 00011St. Louis1.255 11013Portland, OR1.185 00101Pittsburgh1.182 11013Raleigh-Durham1.165 00011Charlotte1.158 10102Indianapolis1.097 10102Baltimore1.095 11002San Diego1.081 11002Nashville1.043 10012Hartford & New Haven1.000 00000Kansas City0.942 11002Columbus, OH0.929 00011Salt Lake City0.921 00101Milwaukee0.917 11103Cincinnati0.908 11002San Antonio0.906 00101Greenvll-Spart-Asheville0.849 00000West Palm Beach-Ft. Pierce0.810 00000Grand Rapids-Kalmzoo-B.Crk0.734 00000Austin0.733 00000Oklahoma City0.730 00101Las Vegas0.726 00000Harrisburg0.725 00000Birmingham0.719 00000Norfolk0.719 00000Greensboro0.705 00000Albuquerque-Santa Fe0.691 00000Jacksonville0.676 10001Louisville0.675 00000Memphis0.672 00101New Orleans0.652 10102Buffalo0.634 10012Edmonton0.592 00011Calgary0.592 00011Ottawa0.592 00011Winnipeg0.592 00011TOTALS1.482 32 3030 30 122Source: Nielsen Research and John Vrooman

31Theory of the Perfect GameTable 11. Expansion, Relocation and ExtortionYear X/R League/ClubFee aLeague DMAb Venuea Public%National Football League1995 X Carolina Panthers (NFC)X Jacksonville Jaguars (AFC)R Los Angeles Raiders to OaklandR Los Angeles Rams to St. Louis1996 R Cleveland Browns to Baltimore RavensR Houston Oilers to Nashville1999 X Cleveland Browns (AFC)2002 X Houston Texans (AFC) e140140 .971.532.05Major League Baseball1993 X Colorado Rockies (NL)X Florida Marlins (NL)1998 X Arizona Diamondbacks (NL)X Tampa Bay Devil Rays (AL)2005 R Montreal Expos to Washington 31National Basketball Association g1995 X Toronto RaptorsX Vancouver Grizzlies2001 R Vancouver Grizzlies to Memphis2002 R Charlotte Hornets to New Orleans2004 X Charlotte 0120250c1222650.00.093.6100.091.3505050 5050 .081.887.3100.0d20.219.274.7National Hockey League1991 X San Jose Sharks1992 X Ottawa SenatorsX Tampa Bay Lightning1993 R Minnesota North Stars to Dallas StarsX Anaheim Mighty DucksX Florida Panthers1995 R Quebec Nordiques to Colorado Avalanche1996 R Winnipeg Jets to Phoenix Coyotes1997 R Hartford Whalers to Carolina Hurricanes1998 X Nashville Predators1999 X Atlanta Thrashers2000 X Columbus Blue JacketsX Minnesota 375.774.870.6231 35421861182.3 66.9100.0100.0ccddX Expansion R RelocationaVenue cost and expansion/relocation fees in millionsbDMA 2007-08 Nielsen Media Designated Market Area in million householdscRenovations; d Joint NBA-NHL arenaseSeattle Seahawks switched from AFC to NFC in 2002 realignment of eight divisions of 4 teams.fRelocation fee is share of PSL payments to Ravens ( 65 million), Titans ( 71 million) and Rams ( 78 million).gNBA added Charlotte Hornets, Miami Heat (1988); Minnesota T-Wolves, Orlando Magic (1989) fee of 37.5 million.The NFL retro-expanded into Cleveland in 1999 for 75 percent public fundingof the new Browns Stadium with 147 suites and 8,800 club seats.73 After several delaysbetween competing L.A. investment groups, the NFL decided instead to retro-fill theHouston market for 71 percent public funding of Reliant Stadium (191suites and 8,300club seats) in 2002. The new Cleveland Browns paid an expansion fee of 530 millionand Houston Texans paid a premium fee of 700 million. That left the second largestU.S. TV market L.A. without a NFL team. This was not a major problem for two reasons.73In litigation settlement the NFL promised the City of Cleveland a new Browns club by 1999 and allowed theold Browns to become the Baltimore Ravens. The League did not say whether the new Cleveland team wouldbe a relocation or expansion franchise until 1998 after stadium deals were completed in Tampa and Cincinnati.

Alternative Futures for St. Louis Rams ( millions)Ed Jones 100 200 300 220 75 1,470Local revenue (Venue revenue home gate)National revenue (Media Visitor gate)Total RevenueTotal Operating expensesOperating ProfitPresent Value of Net Cash Flow 30 years @3%Stadium FundingRams ( 150 million PSLs 250 million Kroenke)NFL G-4 loan (LA relocation not eligible for G-4)Private Share Rams NFL): 55% in St. Louis and 100% in LAPublic Share: 45% in St. Louis and 0% in LAFranchise value PV of cash flow - club share of venue costValue/Revenue multipleNet value gain from relocation to LA over new venue in St. LouisNFL relocation indemnity fee (50/50 split of 800m LA relocation gain)Net Franchise ValueStadium Cost: LA 1.8 billion; St. Louis 1.1 billionSource: John Vrooman, Vanderbilt UniversityRiverfront LA Relocation 150 300 200 200 350 500 240 278 110 222 2,150 4,350 0 0 0 0 1,4704.90 0 0 1,470 400 200 600 500 1,7505.00 0 0 1,750 1,800 0 1,800 0 2,5505.10 800 400 2,150NFL Team Values 6272829303132TeamValue % ChgDallas Cowboys 4,00025%New England Patriots 3,20023%Washington Redskins 2,85019%New York Giants 2,80033%San Francisco 49ers 2,70069%New York Jets 2,60044%Houston Texans 2,50035%Chicago Bears 2,45044%Philadelphia Eagles 2,40037%Green Bay Packers 1,95042%Denver Broncos 1,94034%Baltimore Ravens 1,93029%Pittsburgh Steelers 1,90041%Indianapolis Colts 1,88034%Seattle Seahawks 1,87041%Miami Dolphins 1,85042%Atlanta Falcons 1,67048%Minnesota Vikings 1,59038%Carolina Panthers 1,56025%Arizona Cardinals 1,54054%Kansas City Chiefs 1,53039%San Diego Chargers 1,53053%New Orleans Saints 1,52036%Tampa Bay Buccaneers 1,51023%Cleveland Browns 1,50034%Tennessee Titans 1,49028%Jacksonville Jaguars 1,48053%St Louis Rams 1,45056%Cincinnati Bengals 1,45046%Detroit Lions 1,44050%Oakland Raiders 1,43047%Buffalo Bills 1,40050%NFL 32 Team Average 1,965.940%Source: Forbes and John %31%4%10%5%7%5%12%13%10%7%8%7%19%14%14%12%Revenue 620 494 439 400 427 383 383 352 370 347 346 345 334 321 334 322 303 281 325 308 307 304 322 313 313 318 315 290 296 298 285 296 346.6Income 270.0 195.0 124.9 105.2 123.7 118.4 114.6 85.7 88.7 63.3 65.8 59.8 54.0 90.1 43.6 41.5 25.4 34.5 77.8 57.2 48.6 64.8 70.0 55.2 34.7 50.5 67.0 34.0 55.5 36.1 39.0 44.2 42.626.139.936.731.725.8

NFL Venue Revolution since 1995 ExpansionFranchiseStadiumYear Total LuxuryClubPSLOpen Seats Suites Seats nville JaguarsSt. Louis RamsOakland RaidersCarolina PanthersSan Diego ChargersWashington RedskinsBaltimore RavensTampa Bay BucsTennessee TitansCleveland BrownsCincinnati BengalsPittsburgh SteelersHouston TexansExtortion TotalsG-3/4 Loan ProgramDenver BroncosNew England PatriotsDetroit LionsSeattle SeahawksPhiladelphia EaglesChicago BearsGreen Bay PackersArizona CardinalsIndianapolis ColtsDallas CowboysKansas City ChiefsNew York Giants/JetsSan Francisco 49ersMinnesota VikingsAtlanta FalconsG-3/4 TotalsEverBank Field†Edward Jones DomeO.co ColiseumBank of America StadiumQualcomm Stadium†FedEx StadiumM&T Bank StadiumRaymond James StadiumLP FieldFirst Energy StadiumPaul Brown StadiumHeinz FieldNRG Stadium13 2 53.539.062.5 60.2 58.257.058.045.044.053.0 0 78 68 122 65 71 25 26 37 50 542 141 299 128 248 78 251 229 169 292 314 458 284 449 3,340 20 0 0 187 18 180 29 15 71 79 44 113 132 888Sports Authority FieldGillette StadiumFord FieldCenturyLink FieldLincoln Financial FieldNew Soldier FieldLambeau Field†University of PhoenixLucas Oil StadiumAT&T StadiumArrowhead Stadium†MetLife StadiumLevis Stadium (G-4)US Bank Stadium (G-4)Mercedes Benz Stadium (G-4)15 .57.115.010.010.09.08.07.58.7 8.329.027.558.0 66.0 55.568.549.071.048.1 48 141 100 63 125 100 13 42 33 76 43 300 200 200 200 1,684 17 70 70 93 470 800 312 151 200 2,183 401 412 500 430 518 632 295 455 675 1,200 375 1,600 1,310 1,027 1,400 11,230 100 340 375 130 330 200 126 147 100 850 125 1,600 1,196 529 600 6,748Grand Total28 Venues70.1150.28.9 121 299 128 61 60 71 200 154 221 235 414 171 317 2,45214.2% 85.8%0.0% 100.0%0.0% 100.0%76.3% 24.6%23.1% 76.9%72.0% 28.3%12.7% 87.3%8.9% 91.1%24.3% 75.7%25.2% 74.8%9.6% 90.4%39.8% 60.2%33.1% 70.6% 2,21026.6% 73.4% 30124.9% 7282.5% 12575.0% 30030.2% 18863.7% 43231.6% 16942.7% 30832.3% 57514.8% 35070.8% 25033.3% 0 100.0% 11491.3% 49851.5% 80042.9% 85.2%29.2%66.7%0.0%8.7%48.5% 1,38157.1%39.9%50.6 1,684 2,725 14,570 7,636 6,934 52.4% 47.6%Following the aborted move of New England Patriots to Hartford Connecticut in 1999, the League established the G-3 loan program for venue construction(Amendment 1999 G-3 NFL Bylaw s). Using a debt facility backed by TV revenues, the NFL loaned up to 50 percent of private stadium contribution for top six TVmarkets ( 150 million maximum) and up to 34 percent of the private share for smaller markets ( 100 million maximum). G-3 loans are repaid from visiting team shareof club-seat premiums The G-3 program ended in 2007 and after the 2008 financial crisis w as it was replaced by the G-4 program ( 200 million maximum) in 2011*Private cost includes G-3/4 League loans and PSL fees as the present value of season ticket discounts over time. †Stadium renovationsSource: John Vrooman, Vanderbilt University

Carolina PanthersBank of America Stadium (1996)Seating CapacityLower Bowl: 22,714Club Level: 11,209. Suites: 2,717Total Lower Bowl/Suite Seating: 36,640Upper Bowl: 37,138Total Stadium: 73,778Cost 248 million. Private share 76.3%Los Angeles Rams/RaidersL.A. Memorial Coliseum (1923)Seating Capacity 91,000

The Cost of NHL Southern Expansion StrategyIn 1993-94 the league spent 57 percent of league revenues for player salaries. That year the player’s salaries tookup 414 million of the league's 732 million in revenues. Player costs approached 76 percent of revenues at thetime of the lockout in 2004-05. Beginning in 2005-06 the NHL salary cap sets the player cost limit at 57 percent of“Hockey Related Revenue.”NHL Cost Squeeze before the 2004-05 LockoutAverage Player SalaryTotal NHL RevenuesTotal Player SalariesPlayer Cost Squeeze1993-942002-03 558,000 732 million 414 million56.6% 1,790,000 1.93 billion 1.46 billion75.6%Source: John Vrooman and NHLNHL Player Salaries“Southern Strategy”SeasonAvg. 3-042004-052005-06 276,000 368,000 465,000 558,000 733,000 892,000 981,000 1,167,713 1,288,974 1,356,380 1,434,885 1,642,590 1,790,209 1,830,126Lockout 1,460,000Source: John Vrooman and NHL

Proposed NHL Expansion/Relocation 32 TeamsRNK Designated Market Area (DMA) TVHH NFL MLB NBA NHL TOT5 Toronto/GTA2.9570111314 Seattle-Tacoma1.8481100213 Phoenix1.8551111419 Montreal/Quebec City1.5260001117 Miami-Ft. Lauderdale1.6631111425 Portland, OR1.1850010127 Raleigh-Durham1.1650001133 Hartford & New Haven1.0000000045 Las Vegas0.72600000Expansion (X) and relocation (R) marketsSource: John VroomanX/RX1X2R1R1R2R2R3R3R4National Hockey League Values 627282930Team 2015Value Change D/V Revenue EarningsP/E V/RNew York Rangers 1,2009% 0% 229 83.1014.4 5.24Montreal Canadiens 1,17518% 20% 219 91.3012.9 5.37Toronto Maple Leafs 1,150-12% 11% 192 7016.4 5.99Chicago Blackhawks 92512% 0% 182 44.8020.6 5.08Boston Bruins 7500% 0% 158 26.6028.2 4.75Vancouver Canucks 745-7% 11% 152 35.5021.0 4.90Philadelphia Flyers 6606% 9% 146 13.6048.5 4.52Detroit Red Wings 6005% 33% 135 3.70162.2 4.44Los Angeles Kings 5800% 16% 132 2.20263.6 4.39Washington Capitals 56513% 23% 132 5.8097.4 4.28Pittsburgh Penguins 560-1% 20% 151 20.2027.7 3.71Edmonton Oilers 455-4% 18% 119 17.2026.5 3.82Dallas Stars 4507% 33% 132 17.5025.7 3.41San Jose Sharks 4455% 11% 126 8.2054.3 3.53Calgary Flames 435-4% 6% 130 25.9016.8 3.35Anaheim Ducks 40010% 16% 122( 0.80) -500.0 3.28Minnesota Wild 3803% 30% 125 1.10345.5 3.04Ottawa Senators 370-7% 34% 119 18.5020.0 3.11Colorado Avalanche 3600% 0% 106( 3.70) -97.3 3.40Winnipeg Jets 350-2% 37% 116 10.9032.1 3.02New Jersey Devils 3300% 79% 125 4.5073.3 2.64New York Islanders 3258% 31% 93( 14) -23.2 3.49Buffalo Sabres 3004% 27% 113 2.80107.1 2.65St Louis Blues 27015% 24% 111( 7.10) -38.0 2.43Tampa Bay Lightning 26013% 17% 121( 1.40) -185.7 2.15Nashville Predators 2552% 33% 110 2127.5 2.32Columbus Blue Jackets 22613% 33% 99 4.5050.2 2.28Carolina Hurricanes 2252% 53% 99( 11.70) -19.2 2.27Arizona Coyotes 220-2% 63% 92( 4.50) -48.9 2.39Florida Panthers 186-2% 62% 93( 20.20)-9.2 2.00NHL Averages 505.073% 25% 132.63 14.88 33.94 3.81Source: Forbes and John Vrooman

NHL Attendance Report - 2014-15RK TEAMGMS1 Chicago412 Montreal413 Detroit414 Philadelphia415 Washington416 Calgary417 Toronto418 Minnesota419 Tampa Bay4110 Vancouver4111 San Jose4112 Pittsburgh4113 Buffalo4114 St. Louis4115 Los Angeles4116 Ottawa4117 NY Rangers4118 Boston4119 Dallas4120 Anaheim4121 Nashville4122 Edmonton4123 Colorado4124 Columbus4125 NY Islanders4126 New Jersey4127 Winnipeg4128 Arizona4129 Carolina4130 Florida41Full 67.4%66.1%NHL Attendance Report - 2015-16RK TEAMGMS1 Chicago272 Montreal233 Detroit264 Boston255 Toronto226 Calgary237 Philadelphia228 Tampa Bay249 Minnesota2410 Pittsburgh2411 Washington2212 Buffalo2613 Vancouver2114 Dallas2415 Los Angeles2416 St. Louis2717 NY Rangers2418 Ottawa2319 Nashville2320 Edmonton2421 San Jose2322 Anaheim2623 Colorado2524 Winnipeg2325 Florida2426 New Jersey2427 Columbus2328 NY Islanders2529 Arizona2530 Carolina25As of 6%83.9%76.3%61.2%NHL Standings January 2016Eastern Conference WIN% GP W L OTL PTSATLANTICFlorida.583 48 28 155 61Tampa Bay.542 48 26 184 56Detroit.500 48 24 168 56Boston.532 47 25 175 55Montreal.500 48 24 204 52Ottawa.469 49 23 206 52Toronto.370 46 17 209 43Buffalo.396 48 19 254 42METROPOLITANWashington.761 46 35 83 73NY Rangers.542 48 26 175 57NY Islanders.543 46 25 156 56New Jersey.510 49 25 195 55Pittsburgh.489 47 23 177 53Carolina.440 50 22 208 52Philadelphia.444 45 20 178 48Columbus.347 49 17 275 39Western Conference WIN% GP W L OTL PTSCENTRALChicago.635 52 33 154 70Dallas.612 49 30 145 65St. Louis.538 52 28 168 64Colorado.520 50 26 213 55Minnesota.479 48 23 178 54Nashville.458 48 22 188 52Winnipeg.438 48 21 243 45PACIFICLos AngelesSan 1819181822263451173563545151494543

National Hockey League Expansion: Plan BCurrent 30 Club AlignmentEastern ConferenceWestern ConferenceATLANTICBoston BruinsMontreal CanadiensFlorida PanthersDetroit Red WingsOttawa SenatorsToronto Maple LeafsBuffalo SabresTampa Bay LightningCENTRALChicago BlackhawksSt. Louis BluesMinnesota WildDallas StarsWinnipeg JetsNashville PredatorsColorado AvalancheMETROPOLITANNY RangersNY IslandersNew Jersey DevilsPittsburgh PenguinsPhiladelphia FyersWashington CapitalsCarolina HurricanesColumbus Blue JacketsPACIFICLos Angeles KingsSan Jose SharksAnaheim DucksArizona CoyotesVancouver CanucksCalgary FlamesEdmonton OilersRelocationRealignmentExpansionJohn Vrooman, Vanderbilt UniversityProposed NHL Expansion 32 ClubsEastern ConferenceWestern ConferenceOrr DivisionNortheastBoston BruinsMontreal CanadiensHartford Whalers (Florida)Quebec City (Expansion)Hull DivisionMidwestChicago BlackhawksSt. Louis BluesMinnesota WildColumbus (New Conference)Great LakesDetroit Red WingsOttawa SenatorsToronto Maple LeafsBuffalo SabresMid-SouthDallas StarsWinnipeg JetsNashville PredatorsColorado AvalancheLemieux DivisionMetropolitanNY RangersNY IslandersNew Jersey DevilsTampa Bay (New Division)Gretzky DivisionSouthwestLos Angeles KingsSan Jose SharksAnaheim DucksLas Vegas (Arizona)Mid-AtlanticPittsburgh PenguinsPhiladelphia FyersWashington CapitalsCarolina HurricanesNorthwestVancouver CanucksCalgary FlamesEdmonton OilersSeattle (Expansion)

Quebec City (Exp)Seattle (Exp)Florida to HartfordTampa to MetroArizona to Las maps/

Big 4 Win Distributions for 2015NFLCarolina PanthersArizona CardinalsCincinnati BengalsDenver BroncosNew England PatriotsKansas City ChiefsMinnesota VikingsGreen Bay PackersNew York JetsPittsburgh SteelersSeattle SeahawksHouston TexansWashington RedskinsAtlanta FalconsBuffalo BillsIndianapolis ColtsDetroit LionsNew Orleans SaintsOakland RaidersPhiladelphia EaglesSt. Louis RamsChicago BearsMiami DolpinsNew York GiantsTampa BuccaneersBaltimore RavensJacksonville JaguarsSan Francisco 49ersDallas CowboysSan Diego ChargersCleveland BrownsTennessee 75.375.313.313.313.250.250.188.188 ideal for n 16 actual for 2015 balance index.125.190.656MLBSt. Louis CardinalsPittsburgh PiratesChicago CubsKansas City RoyalsToronto Blue JaysLos Angeles DodgersN.Y. MetsTexas RangersN.Y. YankeesHouston AstrosLos Angeles AngelsSan Francisco GiantsMinnesota TwinsWashington NationalsCleveland IndiansBaltimore OriolesTampa Bay D-RaysArizona D-BacksBoston Red SoxChicago White SoxSeattle MarinersDetroit TigersSan Diego PadresMiami MarlinsColorado RockiesMilwaukee BrewersOakland AthleticsAtlanta BravesCincinnati RedsPhiladelphia Phillies .5 ideal for n 162 actual for 2015 balance indexSource: John Vrooman, Vanderbilt 57.438.420.420.420.414.395.389NBAGolden State WarriorsAtlanta HawksHouston RocketsLos Angeles ClippersMemphis GrizzliesSan Antonio SpursCleveland CavaliersPortland Trail BlazersChicago BullsDallas MavericksToronto RaptorsWashington WizardsNew Orleans HornetsOklahoma City ThunderMilwaukee BucksBoston CelticsPhoenix SunsBrooklyn NetsIndiana PacersUtah JazzMiami HeatCharlotte BobcatsDetroit PistonsDenver NuggetsSacramento KingsOrlando MagicLos Angeles LakersPhiladelphia 76ersNew York KnicksMinnesota .366.354.305.256.220.207.195NHLNew York RangersAnaheim DucksSt. Louis BluesMontreal CanadiensTampa Bay LightningChicago BlackhawksVancouver CanucksNashville PredatorsNew York IslandersMinnesota WildCalgary FlamesWashington CapitalsDetroit Red WingsOttawa SenatorsPittsburgh PenguinsWinnipeg JetsColumbus Blue JacketsBoston BruinsDallas StarsLos Angeles KingsSan Jose SharksColorado AvalancheFlorida PanthersPhiladelphia FlyersNew Jersey DevilsCarolina HurricanesToronto Maple LeafsPhoenix CoyotesEdmonton OilersBuffalo 02.390.366.366.293.293.280.055.164.336 ideal for n 82 actual for 2014-15 balance index.055.103.538 balance .039.064.610 ideal for n 82 actual for 2014-15 balance index

Does it pay to win in the NFL? ( M)YearsWin% PeriodWin%TVHHBase12015- 225.9 470.3 1,268.652011-2015 1,307.5 474.9 493.6102006-2015 1,919.6 446.0 237.3152001-2015 1,972.4 452.1 200.6201996-2015 2,549.6 465.4- 106.6Value Base b (Win%) c (TVHH)coefficients significant @ .012015 averages: NFL Values 1965.9; Win% .500; TVHH 1.723Source: John Vrooman, Vanderbilt University

National Football League Franchise Values 6272829303132TeamValueDallas Cowboys 4,000New England Patriots 3,200Washington Redskins 2,850New York Giants 2,800San Francisco 49ers 2,700New York Jets 2,600Houston Texans 2,500Chicago Bears 2,450Philadelphia Eagles 2,400Green Bay Packers 1,950Denver Broncos 1,940Baltimore Ravens 1,930Pittsburgh Steelers 1,900Indianapolis Colts 1,880Seattle Seahawks 1,870Miami Dolphins 1,850Atlanta Falcons 1,670Minnesota Vikings 1,590Carolina Panthers 1,560Arizona Cardinals 1,540Kansas City Chiefs 1,530San Diego Chargers 1,530New Orleans Saints 1,520Tampa Bay Buccaneers 1,510Cleveland Browns 1,500Tennessee Titans 1,490Jacksonville Jaguars 1,480St Louis Rams 1,450Cincinnati Bengals 1,450Detroit Lions 1,440Oakland Raiders 1,430Buffalo Bills 1,40032 Team Average 1,966Source: John Vrooman and ForbesD/V Revenue5% 6207% 4948% 43918% 40021% 42723% 3837% 3834% 3528% 3706% 3476% 34614% 34511% 3343% 3216% 33419% 32251% 30331% 2814% 32510% 3085% 3077% 3045% 32212% 31313% 31310% 3187% 3158% 2907% 29619% 29814% 28514% 29612% 347Income 270.0 195.0 124.9 105.2 123.7 118.4 114.6 85.7 88.7 63.3 65.8 59.8 54.0 90.1 43.6 41.5 25.4 34.5 77.8 57.2 48.6 64.8 70.0 55.2 34.7 50.5 67.0 34.0 55.5 36.1 39.0 44.2 .824.794.694.705.004.904.835.024.735.67

Major League Baseball Franchise Values 627282930TeamValueNew York Yankees 3,200Los Angeles Dodgers 2,400Boston Red Sox 2,100San Francisco Giants 2,000Chicago Cubs 1,800St Louis Cardinals 1,400New York Mets 1,350Los Angeles Angels 1,300Washington Nationals 1,280Philadelphia Phillies 1,250Texas Rangers 1,220Atlanta Braves 1,150Detroit Tigers 1,125Seattle Mariners 1,100Baltimore Orioles 1,000Chicago White Sox 975Pittsburgh Pirates 900Minnesota Twins 895San Diego Padres 890Cincinnati Reds 885Milwaukee Brewers 875Toronto Blue Jays 870Colorado Rockies 855Arizona Diamondbacks 840Cleveland Indians 825Houston Astros 800Oakland Athletics 725Kansas City Royals 700Miami Marlins 650Tampa Bay Rays 62530-Team Averages 1,200Source: John Vrooman and ForbesD/V Revenue0% 50817% 4030% 3704% 38724% 30221% 29426% 2630% 30427% 2878% 26513% 2660% 26715% 2540% 25015% 2455% 22710% 22925% 22322% 2246% 2276% 2260% 2277% 21417% 2119% 20734% 1758% 2028% 23134% 18822% 18813% 262Income 8.1( 12.2) 49.2 68.4 73.3 73.6 25.0 16.7 41.4( 39.0) 3.5 33.2( 20.7) 26.4 31.4 31.9 43.6 21.3 35.0 2.2 11.3( 17.9) 12.6( 2.2) 8.9 21.6 20.8 26.6 15.4 7.9 .983.994.573.593.033.463.324.58

National Basketball Association Franchise Values 627282930TeamValueLos Angeles Lakers 2,600New York Knicks 2,500Chicago Bulls 2,000Boston Celtics 1,700Los Angeles Clippers 1,600Brooklyn Nets 1,500Golden State Warriors 1,300Houston Rockets 1,250Miami Heat 1,175Dallas Mavericks 1,150San Antonio Spurs 1,000Portland Trail Blazers 940Oklahoma City Thunder 930Toronto Raptors 920Cleveland Cavaliers 915Phoenix Suns 910Washington Wizards 900Orlando Magic 875Denver Nuggets 855Utah Jazz 850Indiana Pacers 830Atlanta Hawks 825Detroit Pistons 810Sacramento Kings 800Memphis Grizzlies 750Charlotte Bobcats 725Philadelphia 76ers 700New Orleans Pelicans 650Minnesota Timberwolves 625Milwaukee Bucks 60030-Team Averages 1,106Source: John Vrooman and ForbesD/V Revenue2% 2930% 2783% 2019% 1730% 14619% 21212% 1688% 1758% 18817% 1688% 17211% 15315% 15216% 15122% 14920% 14514% 14317% 1431% 1366% 14218% 13921% 13323% 14429% 12523% 13521% 13021% 12519% 13116% 12829% 11014% 159.6Income 104.1 53.4 65.3 54.9 20.1( 99.4) 44.9 38.0 12.6 30.4 40.9 11.7 30.8 17.9 20.6 28.2 10.1 20.9 14.0 32.7 25.0 14.8 17.6 8.9 10.5 1.2 24.4 19.0 6.9 11.5 6.405.565.585.604.964.885.456.93

National Hockey League Franchise Values 2015RankTeam 20151 New York Rangers2 Montreal Canadiens3 Toronto Maple Leafs4 Chicago Blackhawks5 Boston Bruins6 Vancouver Canucks7 Philadelphia Flyers8 Detroit Red Wings9 Los Angeles Kings10 Washington Capitals11 Pittsburgh Penguins12 Edmonton Oilers13 Dallas Stars14 San Jose Sharks15 Calgary Flames16 Anaheim Ducks17 Minnesota Wild18 Ottawa Senators19 Colorado Avalanche20 Winnipeg Jets21 New Jersey Devils22 New York Islanders23 Buffalo Sabres24 St Louis Blues25 Tampa Bay Lightning26 Nashville Predators27 Columbus Blue Jackets28 Carolina Hurricanes29 Arizona Coyotes30 Florida Panthers30-Team AveragesSource: John Vrooman and ForbesValue 1,200 1,175 1,150 925 750 745 660 600 580 565 560 455 450 445 435 400 380 370 360 350 330 325 300 270 260 255 226 225 220 186 505D/V Revenue0% 22920% 21911% 1920% 1820% 15811% 1529% 14633% 13516% 13223% 13220% 15118% 11933% 13211% 1266% 13016% 12230% 12534% 1190% 10637% 11679% 12531% 9327% 11324% 11117% 12133% 11033% 9953% 9963% 9262% 9325% 132.6Income 83.1 91.3 70.0 44.8 26.6 35.5 13.6 3.7 2.2 5.8 20.2 17.2 17.5 8.2 25.9( 0.8) 1.1 18.5( 3.7) 10.9 4.5( 14.0) 2.8( 7.1)( 1.4) 2.0 4.5( 11.7)( 4.5)( 20.2) .432.152.322.282.272.392.003.81

NA Big Four and European Big Five League Revenues 2014 ( Billions)LeagueRevenues TV Revenues TV Percent Player CostNational Football League 10.0 6.666%49%Major League Baseball 8.0 1.619%47%English Premier League 5.3 2.954%58%National Basketball Association 4.8 2.654%46

The League did not say whether the new Cleveland team would be a relocation or expansion franchise until 1998 after stadium deals were completed in Tampa and Cincinnati. Table 11. Expansion, Relocation and Extortion Year X/R League/Club Fee a League DMAb Venuea Public% National Football League 1995 X Carolina Panthers (NFC) 140 29 1.09 248 24.6

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