1 00:00:02,480 --> 00:00:09,200 Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. 2 00:00:13,039 --> 00:00:13,760 Speaker 2: Welcome back to the Deal. 3 00:00:13,800 --> 00:00:18,440 Speaker 1: I'm Jason Kelly alongside Alex Rodriguez, and actually alongside Alex Rodriguez. 4 00:00:18,760 --> 00:00:19,480 Speaker 1: It's Monday. 5 00:00:19,880 --> 00:00:20,799 Speaker 2: We're here in Dallas. 6 00:00:20,840 --> 00:00:26,160 Speaker 1: We just wrapped an unbelievable conversation with the legendary Jerry Jones. 7 00:00:26,200 --> 00:00:30,320 Speaker 1: It takes a lot for us to show up somewhere together, 8 00:00:30,680 --> 00:00:32,000 Speaker 1: but we had to for Jerry. 9 00:00:32,440 --> 00:00:35,080 Speaker 3: Yeah, and like Magic Johnson, I mean, this is one 10 00:00:35,080 --> 00:00:37,640 Speaker 3: that was very close to my heart. Ever since I 11 00:00:37,720 --> 00:00:41,360 Speaker 3: dreamt of being an owner of sports, a professional sports team. 12 00:00:41,520 --> 00:00:44,080 Speaker 3: Jerry has been my north star and he's been a 13 00:00:44,120 --> 00:00:44,960 Speaker 3: longtime mentor. 14 00:00:45,000 --> 00:00:46,480 Speaker 4: And yeah, he put on a masterclass. 15 00:00:46,720 --> 00:00:48,960 Speaker 1: It's an unbelievable conversation. We can't wait for you guys 16 00:00:49,000 --> 00:00:51,200 Speaker 1: to hear it. That'll be out in just a few weeks. 17 00:00:51,479 --> 00:00:54,040 Speaker 1: A busy week for us. We're going our separate ways 18 00:00:54,040 --> 00:00:56,320 Speaker 1: at least for about twenty four hours. Thirty six hours. 19 00:00:56,480 --> 00:00:59,360 Speaker 1: You're heading off to Minnesota to see the Links play 20 00:00:59,440 --> 00:01:00,480 Speaker 1: in the semi finals. 21 00:01:01,080 --> 00:01:02,520 Speaker 4: What a season they're having. 22 00:01:02,720 --> 00:01:04,480 Speaker 2: I mean, how excited are you? 23 00:01:04,520 --> 00:01:07,479 Speaker 3: We're very, very excited. We're playing a very good Phoenix team. 24 00:01:07,560 --> 00:01:10,360 Speaker 3: Game two, we were fortunate to win Game one and 25 00:01:10,480 --> 00:01:12,319 Speaker 3: we're supposed to go to New York together and I 26 00:01:12,360 --> 00:01:15,039 Speaker 3: had to split because of a schedule. But I'm very excited. 27 00:01:15,120 --> 00:01:17,640 Speaker 3: You know, this is the road to number five, as 28 00:01:17,880 --> 00:01:20,760 Speaker 3: the team has labeled this year, because we got very 29 00:01:20,760 --> 00:01:23,880 Speaker 3: close against the Liberty last year and hopefully we can 30 00:01:23,880 --> 00:01:24,600 Speaker 3: close it this year. 31 00:01:24,680 --> 00:01:27,800 Speaker 1: Yet number five being you already have four championships, the 32 00:01:27,840 --> 00:01:30,640 Speaker 1: most of any WNBA team, and so going for number 33 00:01:30,640 --> 00:01:34,240 Speaker 1: five under the leadership of Nafisa Callier, what an incredible team. 34 00:01:34,680 --> 00:01:37,560 Speaker 1: We are going to reconnect in New York, big Bloomberg 35 00:01:37,600 --> 00:01:39,560 Speaker 1: event that we're putting on that you're going to be 36 00:01:39,600 --> 00:01:42,720 Speaker 1: a part of. We're going to talk about building sports 37 00:01:42,720 --> 00:01:47,960 Speaker 1: and entertainment infrastructure in Africa with Messaiu Jerry and Adam Silver. 38 00:01:48,600 --> 00:01:51,640 Speaker 1: And meanwhile, we're looking at all the things happening in 39 00:01:51,680 --> 00:01:54,400 Speaker 1: the world of sports. Nothing bigger right now than college football. 40 00:01:54,560 --> 00:01:58,200 Speaker 1: You're Hurricanes, Man, what in the world they are on fire? 41 00:01:58,520 --> 00:02:01,600 Speaker 3: I am like optimate, but I'm cautious right because we've 42 00:02:01,640 --> 00:02:02,639 Speaker 3: been down this road before. 43 00:02:03,080 --> 00:02:05,920 Speaker 4: We've had these start, false start, start, false start. 44 00:02:05,720 --> 00:02:07,960 Speaker 3: But it seems like we have some momentum going and 45 00:02:08,040 --> 00:02:10,519 Speaker 3: we would beat a very good Florida team last week 46 00:02:10,560 --> 00:02:13,200 Speaker 3: at home, and then we played Florida State this upcoming 47 00:02:13,240 --> 00:02:15,600 Speaker 3: week and that's going to be like the moment because 48 00:02:15,639 --> 00:02:17,160 Speaker 3: they are our arch rivals. 49 00:02:17,280 --> 00:02:19,960 Speaker 1: Yeah, and we talk a lot on this show about 50 00:02:19,960 --> 00:02:22,639 Speaker 1: college sports and college football specifically. 51 00:02:22,960 --> 00:02:25,160 Speaker 4: No one better to talk to them than Adam Brennanman. 52 00:02:25,240 --> 00:02:26,280 Speaker 4: He played at Penn State. 53 00:02:26,639 --> 00:02:30,440 Speaker 1: He is now a college football analyst and also an entrepreneur. 54 00:02:30,800 --> 00:02:33,560 Speaker 1: Fun to talk to him because you know, he clearly 55 00:02:34,040 --> 00:02:37,640 Speaker 1: is following a playbook that you helped invent, you know, candidly, 56 00:02:37,680 --> 00:02:40,959 Speaker 1: he talks a lot about, you know, being ambitious in 57 00:02:41,000 --> 00:02:44,400 Speaker 1: his business dealings. Also just has some great insights, said 58 00:02:44,440 --> 00:02:47,359 Speaker 1: some things about where college sports is going and where 59 00:02:47,360 --> 00:02:50,400 Speaker 1: it should go that I found really really interesting. So 60 00:02:50,520 --> 00:03:05,040 Speaker 1: coming up next, Adam Brendman, Welcome back to the Deal. 61 00:03:05,040 --> 00:03:07,600 Speaker 1: I'm Jason Kelly alongside Alex Rodriguez. We could not be 62 00:03:07,639 --> 00:03:11,040 Speaker 1: more excited to have Adam Brennman here with us. He's 63 00:03:11,080 --> 00:03:15,320 Speaker 1: an analyst, he's an entrepreneur, former college football player. So 64 00:03:15,560 --> 00:03:18,800 Speaker 1: much happening in this world, Adam, as the season gets underway, 65 00:03:18,800 --> 00:03:20,920 Speaker 1: we are just thrilled to be talking to you. 66 00:03:20,960 --> 00:03:21,800 Speaker 4: So welcome to the show. 67 00:03:22,120 --> 00:03:23,960 Speaker 5: I appreciate us having me on, Love the show, Love 68 00:03:24,000 --> 00:03:26,040 Speaker 5: what you guys are doing. Alex, I've been a big 69 00:03:26,080 --> 00:03:28,200 Speaker 5: fan for a long time. The amount of times I've 70 00:03:28,240 --> 00:03:30,800 Speaker 5: looked at the A Rod Corp. Website as you've built 71 00:03:30,800 --> 00:03:33,359 Speaker 5: out your company and sewed it to my team and said, hey, 72 00:03:33,400 --> 00:03:35,320 Speaker 5: I love what he's doing here. I'm trying to do 73 00:03:35,360 --> 00:03:37,520 Speaker 5: it on a much smaller scale right now, but hopefully, 74 00:03:37,560 --> 00:03:41,480 Speaker 5: hopefully someday can achieve the things you have. And again, 75 00:03:41,680 --> 00:03:43,520 Speaker 5: love the show, love all the univis you guys are doing. 76 00:03:43,920 --> 00:03:46,400 Speaker 4: Thank you. So we're talking to you at a great time. 77 00:03:46,480 --> 00:03:49,280 Speaker 1: You know. College football season is just in full swing, 78 00:03:49,840 --> 00:03:52,120 Speaker 1: you know, the first couple of weeks I have seen 79 00:03:52,200 --> 00:03:56,000 Speaker 1: some incredible games. What to you are the big storylines, 80 00:03:56,240 --> 00:03:59,720 Speaker 1: especially given sort of the business angle that we know 81 00:03:59,840 --> 00:04:02,720 Speaker 1: you really embrace as you think about college football right now. 82 00:04:02,760 --> 00:04:06,000 Speaker 5: The biggest storyline in college football is just the money 83 00:04:06,000 --> 00:04:09,680 Speaker 5: that's flowing into the sport. The money has shifted from 84 00:04:10,600 --> 00:04:12,360 Speaker 5: it used to be just the media networks and the 85 00:04:12,360 --> 00:04:14,760 Speaker 5: schools getting the money. Now the players are getting paid 86 00:04:14,800 --> 00:04:17,480 Speaker 5: as well. And there's been so much negativity, as you 87 00:04:17,520 --> 00:04:22,200 Speaker 5: guys know, around athletes, student athletes getting paid in college athletics. 88 00:04:22,640 --> 00:04:25,200 Speaker 5: But as we looked at the product on the field, 89 00:04:25,360 --> 00:04:28,720 Speaker 5: college football has never been stronger. The viewership's never been better, 90 00:04:29,200 --> 00:04:31,800 Speaker 5: the game has never been better. The product on the field, 91 00:04:31,880 --> 00:04:34,279 Speaker 5: as far as the talent level, has been better. There's 92 00:04:34,360 --> 00:04:37,160 Speaker 5: been an effect with the NIL and the money where 93 00:04:37,200 --> 00:04:39,280 Speaker 5: guys are staying in school longer. You have players who 94 00:04:39,279 --> 00:04:41,160 Speaker 5: could have gone to the NFL that stay in school 95 00:04:41,200 --> 00:04:44,200 Speaker 5: because they're making two million dollars as a starting quarterback. 96 00:04:44,320 --> 00:04:46,080 Speaker 5: Think of a guy like Drew Aller at Penn State, 97 00:04:46,360 --> 00:04:48,279 Speaker 5: should have been a top five pick but stayed for 98 00:04:48,360 --> 00:04:50,840 Speaker 5: one more season at Penn State, now competing for a 99 00:04:50,920 --> 00:04:54,400 Speaker 5: national championship. So for all the negativity and all the 100 00:04:54,440 --> 00:04:57,760 Speaker 5: talk about nil and should players get paid, and people 101 00:04:57,800 --> 00:04:59,960 Speaker 5: say and football will never be the same college foot 102 00:05:00,360 --> 00:05:02,240 Speaker 5: it's not the college football I remember growing up. 103 00:05:02,400 --> 00:05:03,920 Speaker 2: Well, it's better than it ever was. 104 00:05:03,960 --> 00:05:06,880 Speaker 5: And in college football and the fan bases, the pageantry, 105 00:05:07,160 --> 00:05:10,279 Speaker 5: there's a reason that college football games have better TV 106 00:05:10,400 --> 00:05:14,159 Speaker 5: ratings than any other sport. It's because of how diehard 107 00:05:14,200 --> 00:05:15,960 Speaker 5: these fans are. And I think and I alas only 108 00:05:16,040 --> 00:05:17,040 Speaker 5: only made that stronger. 109 00:05:17,800 --> 00:05:19,640 Speaker 3: Yeah, well, I mean I got to just talk a 110 00:05:19,640 --> 00:05:21,720 Speaker 3: little University of Miami because I'm going to geek out 111 00:05:21,760 --> 00:05:24,280 Speaker 3: a little bit. We've suffered for a long time, and 112 00:05:24,480 --> 00:05:26,080 Speaker 3: you know, I was telling Jase, I sit on the 113 00:05:26,080 --> 00:05:28,159 Speaker 3: board at the University of Miami for the last twenty years, 114 00:05:28,680 --> 00:05:31,520 Speaker 3: and we were fortunate to get back to quarterback from Georgia, 115 00:05:31,560 --> 00:05:32,360 Speaker 3: which I think you got. 116 00:05:32,200 --> 00:05:33,320 Speaker 4: To run four million bucks. 117 00:05:33,720 --> 00:05:36,560 Speaker 3: I've been really on a high because Notre Dame played 118 00:05:36,600 --> 00:05:39,920 Speaker 3: Miami for the opener. I had to watch Catholic versus Convicts. 119 00:05:40,200 --> 00:05:44,080 Speaker 3: I'mvol in it right now. Disappointment or we kind of 120 00:05:44,440 --> 00:05:46,200 Speaker 3: we have a real shot with the University of Miami. 121 00:05:46,240 --> 00:05:46,880 Speaker 4: Give me your thoughts. 122 00:05:47,279 --> 00:05:48,360 Speaker 2: Miami has a real shot. 123 00:05:48,400 --> 00:05:50,800 Speaker 5: And you look at the ACC and Miami's the top 124 00:05:50,839 --> 00:05:53,160 Speaker 5: team in the conference right now. I don't even think 125 00:05:53,160 --> 00:05:55,960 Speaker 5: it's really that close. And you think about Carson Beck 126 00:05:56,320 --> 00:05:58,320 Speaker 5: and how he's playing that quarterback. He's a guy who's 127 00:05:58,320 --> 00:06:00,960 Speaker 5: played a lot of football. He has the experience. I 128 00:06:00,960 --> 00:06:03,599 Speaker 5: also like a guy who's been through some crap in 129 00:06:03,640 --> 00:06:06,440 Speaker 5: his career. It hasn't always been pretty, it hasn't always 130 00:06:06,440 --> 00:06:10,640 Speaker 5: been good. But sometimes guys who have talent but there's 131 00:06:10,680 --> 00:06:13,960 Speaker 5: been issues for whatever reason. Sometimes you just need a 132 00:06:13,960 --> 00:06:16,720 Speaker 5: fresh start. Sometimes you just got to go somewhere and 133 00:06:16,800 --> 00:06:19,320 Speaker 5: have someone new who believes in you. And that's what 134 00:06:19,400 --> 00:06:21,640 Speaker 5: Miami's been for Carson Beck. I mean, he's a guy 135 00:06:21,640 --> 00:06:24,440 Speaker 5: who played at Georgia, was a big recruit, so much 136 00:06:24,440 --> 00:06:27,760 Speaker 5: excitement and talk every single year, never quite got to 137 00:06:27,800 --> 00:06:30,120 Speaker 5: that pinnacle, and now has this fresh start at Miami 138 00:06:30,360 --> 00:06:32,880 Speaker 5: and you can see the confidence he's brought to that team. 139 00:06:33,160 --> 00:06:35,839 Speaker 5: He's brought a lot of confidence in swagger to this 140 00:06:35,920 --> 00:06:39,640 Speaker 5: Miami program. The Notre Dame win beating South Florida, who's 141 00:06:39,680 --> 00:06:42,520 Speaker 5: a top twenty team Week three of college football season. 142 00:06:42,920 --> 00:06:46,160 Speaker 5: So I really think Miami's got a good roster. Mario 143 00:06:46,240 --> 00:06:48,440 Speaker 5: Chris Ball's built that team the right way that he 144 00:06:48,560 --> 00:06:50,919 Speaker 5: built it in the trenches through high school recruiting, not 145 00:06:51,040 --> 00:06:53,760 Speaker 5: just through the transfer portal. I love Miami this season, 146 00:06:53,960 --> 00:06:57,080 Speaker 5: and their path to making the playoff isn't all that hard. 147 00:06:57,240 --> 00:06:59,320 Speaker 5: They may not play a ranked team other than Florida 148 00:06:59,320 --> 00:07:01,640 Speaker 5: State the rest of the schedule, So I'm a big 149 00:07:01,680 --> 00:07:03,719 Speaker 5: believer in Miami right now. Now, Carson Beck has to 150 00:07:03,800 --> 00:07:06,039 Speaker 5: keep playing well, keep taking care of the football, and 151 00:07:06,080 --> 00:07:08,520 Speaker 5: avoid some of those mistakes and have plagued him last 152 00:07:08,560 --> 00:07:10,920 Speaker 5: season In the last couple of years. But I'm happy 153 00:07:10,920 --> 00:07:13,600 Speaker 5: for Carson back more than anything else because he needed 154 00:07:13,640 --> 00:07:16,240 Speaker 5: a fresh start and it's always cool to see the 155 00:07:16,320 --> 00:07:18,640 Speaker 5: positive part of the transfer portal. You get a guy 156 00:07:18,680 --> 00:07:20,640 Speaker 5: who gets to have that kind of second part of 157 00:07:20,680 --> 00:07:22,800 Speaker 5: his career and thriving at his new school. 158 00:07:22,960 --> 00:07:23,320 Speaker 2: Love it. 159 00:07:23,840 --> 00:07:26,280 Speaker 1: So, Adam, let's keep with this because to me, this 160 00:07:26,440 --> 00:07:30,800 Speaker 1: is like the single most interesting business story in the 161 00:07:30,840 --> 00:07:32,960 Speaker 1: world of sports is college sports right now. But when 162 00:07:32,960 --> 00:07:36,000 Speaker 1: it comes to college football, Carson Beck great story. 163 00:07:36,400 --> 00:07:38,560 Speaker 4: We love to see it. You know, he doesn't go 164 00:07:38,560 --> 00:07:41,160 Speaker 4: to the NFL. You know you mentioned Duraler as well. 165 00:07:42,000 --> 00:07:43,880 Speaker 1: What are the knock on effects of this, you know, 166 00:07:43,920 --> 00:07:47,280 Speaker 1: what are the effects that maybe we should be thinking 167 00:07:47,280 --> 00:07:51,440 Speaker 1: about from a business perspective, from the businesses of the 168 00:07:51,520 --> 00:07:55,840 Speaker 1: individual teams and the schools you know, this world so intimately, like, 169 00:07:56,200 --> 00:07:58,280 Speaker 1: what are the things we may not be seeing that 170 00:07:58,400 --> 00:08:00,880 Speaker 1: you're seeing as we think about all that money coming in. 171 00:08:01,240 --> 00:08:03,800 Speaker 5: The biggest shift that's happened in the last year or 172 00:08:03,840 --> 00:08:07,520 Speaker 5: so in college sports, aside from just nil as a whole, 173 00:08:07,640 --> 00:08:11,120 Speaker 5: has been revenue sharing actually coming to college sports. So 174 00:08:11,200 --> 00:08:15,320 Speaker 5: what's happening now is these college athletic programs can pay 175 00:08:15,440 --> 00:08:18,480 Speaker 5: athletes directly out of the revenue they're getting from their 176 00:08:18,480 --> 00:08:21,560 Speaker 5: media deals and through the athletic department. Every Division I 177 00:08:21,760 --> 00:08:25,000 Speaker 5: program in college football, probably the same in basketball, has 178 00:08:25,080 --> 00:08:28,200 Speaker 5: opted into revenue sharing where they have a salary cap 179 00:08:28,480 --> 00:08:31,280 Speaker 5: just like the NFL does, where they can pay their 180 00:08:31,320 --> 00:08:34,360 Speaker 5: athletes in year one, it's twenty point five million dollars 181 00:08:34,400 --> 00:08:37,880 Speaker 5: a year. But the interesting part is you still have 182 00:08:38,080 --> 00:08:41,200 Speaker 5: nil that's outside of that twenty point five million. And 183 00:08:41,240 --> 00:08:43,960 Speaker 5: that's the business story that gets really competitive here, and 184 00:08:44,040 --> 00:08:45,560 Speaker 5: how do you get to a level playing field And 185 00:08:45,559 --> 00:08:47,840 Speaker 5: that's where the frustrations come in for a lot of coaches. 186 00:08:48,200 --> 00:08:50,400 Speaker 2: You have all these schools, let's just stick. 187 00:08:50,240 --> 00:08:55,000 Speaker 5: With a big tan Ohio State, Penn State, Michigan, Minnesota, Wisconsin, USC, 188 00:08:55,120 --> 00:08:56,640 Speaker 5: all of them are saying, hey, we're going to pay 189 00:08:56,679 --> 00:08:59,320 Speaker 5: our play our athletes twenty point five million a year. 190 00:08:59,600 --> 00:09:02,160 Speaker 5: That's a revenue share agreement getting paid from the athlete 191 00:09:02,200 --> 00:09:05,480 Speaker 5: department to the athlete, and they have to perform services 192 00:09:05,520 --> 00:09:08,439 Speaker 5: for that, just like a normal contract would be. Now 193 00:09:08,600 --> 00:09:11,800 Speaker 5: thethn department has to split that between sports. So I 194 00:09:11,840 --> 00:09:15,680 Speaker 5: would assume probably three fourths goes to football, say sixteen 195 00:09:15,720 --> 00:09:18,280 Speaker 5: million of the twenty million goes to football. Now, what 196 00:09:18,400 --> 00:09:22,240 Speaker 5: happens is when everyone pays their players twenty million dollars, well, 197 00:09:22,240 --> 00:09:24,600 Speaker 5: everyone's pretty much back in zero because there's no competitive 198 00:09:24,600 --> 00:09:28,240 Speaker 5: advantage for any program. So what's happening is Ohio State 199 00:09:28,280 --> 00:09:30,280 Speaker 5: and Ohio State says, we got to pay our guys 200 00:09:30,280 --> 00:09:31,640 Speaker 5: more than Penn State pays their guys. 201 00:09:31,640 --> 00:09:33,000 Speaker 2: We're competing for championships. 202 00:09:33,240 --> 00:09:37,680 Speaker 5: So now you have what's really true nil outside of 203 00:09:37,720 --> 00:09:40,720 Speaker 5: the revenue sharing cap in IL, which is the businesses 204 00:09:40,880 --> 00:09:44,040 Speaker 5: doing deals with the athletes. What the arms race is 205 00:09:44,160 --> 00:09:48,120 Speaker 5: right now is what schools can create true commercial NIL 206 00:09:48,320 --> 00:09:51,720 Speaker 5: programs that get their athletes paid more than just the 207 00:09:51,800 --> 00:09:54,720 Speaker 5: revenue sharing money. So it's it's some of these schools 208 00:09:54,760 --> 00:09:57,800 Speaker 5: are trying to put together a pool of donors or 209 00:09:57,880 --> 00:10:00,679 Speaker 5: businesses to say we want you to do that are 210 00:10:00,679 --> 00:10:03,800 Speaker 5: real NIL deals with all of our top athletes that 211 00:10:03,800 --> 00:10:05,959 Speaker 5: we want to come in here so that the quarterback 212 00:10:06,160 --> 00:10:08,080 Speaker 5: can make maybe two and a half million instead of 213 00:10:08,080 --> 00:10:10,440 Speaker 5: two million, and then you can compete in the transfer 214 00:10:10,440 --> 00:10:13,280 Speaker 5: portal with all of them, which some coaches like, some 215 00:10:13,320 --> 00:10:15,600 Speaker 5: coaches don't like. How do you make sure that doesn't 216 00:10:15,640 --> 00:10:18,120 Speaker 5: become just pay for play where then you kind of 217 00:10:18,200 --> 00:10:20,240 Speaker 5: don't even have a salary cap anymore, and you're just 218 00:10:20,240 --> 00:10:24,280 Speaker 5: funneling money through donors to athletes like what was happening 219 00:10:24,320 --> 00:10:28,400 Speaker 5: in the early days of NIL. So it's pretty chaotic, 220 00:10:28,520 --> 00:10:30,440 Speaker 5: and the money's going to keep flowing in. And you 221 00:10:30,480 --> 00:10:33,079 Speaker 5: guys know the amount of money that these teams are 222 00:10:33,120 --> 00:10:36,760 Speaker 5: making on football and men's basketball, and so women's basketball 223 00:10:36,800 --> 00:10:39,280 Speaker 5: had a lot of places that it is worth it 224 00:10:39,320 --> 00:10:41,120 Speaker 5: for them to try to fundel this money to the 225 00:10:41,160 --> 00:10:44,120 Speaker 5: athletes because the product is so great. The conferences are 226 00:10:44,120 --> 00:10:46,679 Speaker 5: consolidating to get the better media rights, which means more 227 00:10:46,679 --> 00:10:49,600 Speaker 5: money will fall back to the schools. So the money 228 00:10:50,240 --> 00:10:53,560 Speaker 5: continues to get more and more massive in college football 229 00:10:53,600 --> 00:10:54,520 Speaker 5: and college for US. 230 00:10:54,920 --> 00:10:56,560 Speaker 3: Adam, that's a thank you for that. That was a 231 00:10:56,679 --> 00:10:59,439 Speaker 3: very very good explanation. I mean, it's such as movies 232 00:10:59,480 --> 00:11:01,400 Speaker 3: so fast and you said a lot. I just want 233 00:11:01,440 --> 00:11:03,680 Speaker 3: to make sure that I get this part clear. So 234 00:11:03,800 --> 00:11:06,360 Speaker 3: I'm clear on the twenty point five rev share, right, 235 00:11:06,400 --> 00:11:10,360 Speaker 3: and that's split among all sports, And you said three 236 00:11:10,400 --> 00:11:11,480 Speaker 3: fourth we'll go to football. 237 00:11:11,480 --> 00:11:14,640 Speaker 4: That sounds about right. Is there a cap outside of that? 238 00:11:14,720 --> 00:11:17,960 Speaker 3: So in the situation of a quarterback, can you just 239 00:11:18,000 --> 00:11:20,120 Speaker 3: spend the unlimited amount of money kind of go up 240 00:11:20,120 --> 00:11:22,520 Speaker 3: to like another forty or fifty million dollars for the roster. 241 00:11:24,200 --> 00:11:26,680 Speaker 5: The short answer is yes, But the nuance in this 242 00:11:26,880 --> 00:11:29,920 Speaker 5: is that the school is not allowed to facilitate that payment. 243 00:11:30,600 --> 00:11:33,040 Speaker 5: So it's so similar to alex when you played Major 244 00:11:33,120 --> 00:11:36,160 Speaker 5: League baseball, you had your contract with the Major League 245 00:11:36,200 --> 00:11:38,600 Speaker 5: Baseball team, but you also could do a brand deal 246 00:11:38,679 --> 00:11:42,040 Speaker 5: with Nike or Adidas or Pepsi or That's what's happening 247 00:11:42,080 --> 00:11:45,520 Speaker 5: in college football. But because the difference is there's recruiting 248 00:11:45,559 --> 00:11:48,920 Speaker 5: in college football, so you're not just drafting players and 249 00:11:48,920 --> 00:11:51,720 Speaker 5: then trading them and then doing a free agency. You're recruiting. 250 00:11:51,760 --> 00:11:54,480 Speaker 5: So that's where pay for play comes in. You're now 251 00:11:54,520 --> 00:11:56,960 Speaker 5: trying to recruit the players. So the more money you 252 00:11:57,040 --> 00:11:59,720 Speaker 5: pay them, the easierness to recruit. So these schools that 253 00:11:59,800 --> 00:12:02,280 Speaker 5: have the twenty point five million dollar cap, they're trying 254 00:12:02,320 --> 00:12:04,680 Speaker 5: to get that incremental money above and that's the gray 255 00:12:04,720 --> 00:12:08,360 Speaker 5: area where this isn't happening. But for example, if Penn 256 00:12:08,440 --> 00:12:11,640 Speaker 5: State has a massive donor, Terry Pagoula, the owner of 257 00:12:11,679 --> 00:12:13,319 Speaker 5: the Bills, like, I'm sure they'd love for him to 258 00:12:13,360 --> 00:12:15,199 Speaker 5: be more involved than a nil. But say he wanted 259 00:12:15,200 --> 00:12:17,000 Speaker 5: to be involved and he said, I could buy whatever 260 00:12:17,120 --> 00:12:20,120 Speaker 5: roster we want here, so he could go just you know, 261 00:12:20,160 --> 00:12:22,840 Speaker 5: pay all these athletes through nil deals, get them to 262 00:12:22,880 --> 00:12:25,120 Speaker 5: go to the school. Who's to judge what the fair 263 00:12:25,240 --> 00:12:27,920 Speaker 5: market value is of that deal? Because that's the nuance 264 00:12:28,000 --> 00:12:31,200 Speaker 5: To directly answer your question, Alex, the deal that's outside 265 00:12:31,240 --> 00:12:33,880 Speaker 5: the cap has to be fair market value and go 266 00:12:34,000 --> 00:12:36,680 Speaker 5: through a clearing house from the NCAA. There's a group 267 00:12:36,720 --> 00:12:39,320 Speaker 5: called the College Sports Commission which was put in place 268 00:12:39,559 --> 00:12:42,319 Speaker 5: after the House settlement in college sports and after revenue 269 00:12:42,320 --> 00:12:44,560 Speaker 5: staring came in that said anything that's outside of the 270 00:12:44,559 --> 00:12:47,360 Speaker 5: revenue staring cap has to be fair market value, has 271 00:12:47,400 --> 00:12:51,000 Speaker 5: to be true commercial nil to avoid the schools just saying, 272 00:12:51,000 --> 00:12:53,280 Speaker 5: hey this donor just pay this guy all this money 273 00:12:53,320 --> 00:12:55,679 Speaker 5: to come to our school. But who's going to tell 274 00:12:55,760 --> 00:12:58,160 Speaker 5: Phil Knight at Nike what fair market value is. He's 275 00:12:58,200 --> 00:12:59,560 Speaker 5: going to say, I'll pay the guy whatever I want. 276 00:13:00,600 --> 00:13:03,360 Speaker 5: It's worth it Tnike and to me. So that's the 277 00:13:03,440 --> 00:13:06,200 Speaker 5: nuance of it all. There's no cap on true nil 278 00:13:06,240 --> 00:13:08,960 Speaker 5: because who's the talent athlete? You're not worth three million 279 00:13:09,000 --> 00:13:12,320 Speaker 5: dollars a year to this company, but the making sure 280 00:13:12,360 --> 00:13:15,559 Speaker 5: that it stays fair is the biggest challenge right now 281 00:13:15,600 --> 00:13:18,400 Speaker 5: facing college sports, and that's the arms race. I interviewed 282 00:13:18,640 --> 00:13:20,720 Speaker 5: I flight director at Ohio State. He's straight up said 283 00:13:20,720 --> 00:13:23,800 Speaker 5: the biggest arms race right now. It used to be facilities. 284 00:13:23,840 --> 00:13:26,400 Speaker 5: Who has the nicest facility in college sports? Now it's 285 00:13:26,440 --> 00:13:30,000 Speaker 5: who can build out the best, true, true commercial nil 286 00:13:30,360 --> 00:13:32,320 Speaker 5: outside of their athletic department and you can do it 287 00:13:32,360 --> 00:13:34,480 Speaker 5: the fastest so that they have a recruiting advantage. 288 00:13:34,800 --> 00:13:37,800 Speaker 1: Well, I mean this happened so Alex's older daughter is 289 00:13:37,800 --> 00:13:41,319 Speaker 1: a student at Michigan. I mean Michigan played this brilliantly, right, 290 00:13:41,360 --> 00:13:43,600 Speaker 1: I mean they had a donor you know, who came 291 00:13:43,640 --> 00:13:46,840 Speaker 1: in and essentially was able to pay their quarterback and 292 00:13:46,880 --> 00:13:50,040 Speaker 1: woo him away from LSU. Right, he was committed LSU 293 00:13:50,120 --> 00:13:53,319 Speaker 1: and now he's at Missig. He's the starting quarterback at Michigan. 294 00:13:53,320 --> 00:13:54,360 Speaker 1: Do I have that right correct? 295 00:13:54,440 --> 00:13:54,600 Speaker 2: Yeah? 296 00:13:54,640 --> 00:13:57,160 Speaker 5: Bryce Underwood, he's a great player, going to be going 297 00:13:57,240 --> 00:13:59,400 Speaker 5: to be one of the best quarterbacks in college football. 298 00:13:59,760 --> 00:14:03,120 Speaker 5: And Michigan got a bunch of donors together and just 299 00:14:03,160 --> 00:14:05,559 Speaker 5: sole them away basically when he was in high school. 300 00:14:05,280 --> 00:14:05,840 Speaker 2: As a recruit. 301 00:14:05,960 --> 00:14:08,559 Speaker 5: So the legality of all that, and that was pre 302 00:14:08,720 --> 00:14:10,840 Speaker 5: revenue share. So that was when it was just straight 303 00:14:10,920 --> 00:14:14,400 Speaker 5: nil collectives. These schools weren't allowed to be part of it. 304 00:14:14,400 --> 00:14:16,400 Speaker 5: It was what the donors were. The donors could be 305 00:14:16,400 --> 00:14:18,280 Speaker 5: part of it. The donors could pull their money together 306 00:14:18,320 --> 00:14:20,400 Speaker 5: through collectives and pay the athletes. So that's what happened 307 00:14:20,400 --> 00:14:24,000 Speaker 5: with Bryce Hunderwood and Michigan got their quarterback of the future. 308 00:14:24,600 --> 00:14:27,200 Speaker 1: Yeah, I mean it's why, Alex. Isn't it wild to 309 00:14:27,280 --> 00:14:30,720 Speaker 1: think about? I mean, this is like so radically different. 310 00:14:30,720 --> 00:14:33,160 Speaker 1: I mean you must see it, Alex, you must see it. 311 00:14:33,440 --> 00:14:35,280 Speaker 1: Even in you know, being on the board of Miami, 312 00:14:35,360 --> 00:14:39,200 Speaker 1: like it totally changes the governance of it of a school. 313 00:14:39,240 --> 00:14:41,320 Speaker 1: Like it couldn't be more different than it was. 314 00:14:41,960 --> 00:14:44,200 Speaker 3: Yeah, and Adam, it's interesting what you said about, you know, 315 00:14:44,320 --> 00:14:47,960 Speaker 3: players get more motivated because of the money. When I 316 00:14:48,000 --> 00:14:51,680 Speaker 3: was seventeen coming out of Miami, I was the number 317 00:14:51,680 --> 00:14:53,960 Speaker 3: one pick in the country and I signed for one 318 00:14:53,960 --> 00:14:57,840 Speaker 3: point three million. And I agree with you because I 319 00:14:57,880 --> 00:15:00,960 Speaker 3: also had a coach that had and iron fist and 320 00:15:01,040 --> 00:15:04,360 Speaker 3: his name was lou Panela, and he never made you 321 00:15:04,440 --> 00:15:06,360 Speaker 3: feel like you were the special kid on the block. 322 00:15:06,400 --> 00:15:09,440 Speaker 3: It was in the contrary and because of him, because 323 00:15:09,440 --> 00:15:11,760 Speaker 3: of his coaches style, which it resembles like a Nick 324 00:15:11,800 --> 00:15:14,800 Speaker 3: Saban right, like just a great coach, but very tough, 325 00:15:14,880 --> 00:15:18,120 Speaker 3: all of my fundamentals, made sure you were accountable at 326 00:15:18,240 --> 00:15:20,320 Speaker 3: every inch of every single. 327 00:15:20,080 --> 00:15:21,040 Speaker 4: Day of the game. 328 00:15:22,120 --> 00:15:25,800 Speaker 3: And he has a big, big time print on my career. 329 00:15:26,240 --> 00:15:29,120 Speaker 3: So the money was not a negative. It was actually 330 00:15:29,320 --> 00:15:30,440 Speaker 3: a neutral or positive. 331 00:15:30,840 --> 00:15:31,800 Speaker 4: Like some of these athletes. 332 00:15:31,960 --> 00:15:35,360 Speaker 5: I would hear all the time from coaches, old school 333 00:15:35,400 --> 00:15:39,600 Speaker 5: guys say well, you pay the players one hundred a million, 334 00:15:39,680 --> 00:15:42,680 Speaker 5: four million a year. These coaches are guys who have 335 00:15:42,760 --> 00:15:44,640 Speaker 5: kind of been around the system a while have said 336 00:15:44,720 --> 00:15:47,120 Speaker 5: and said to me, if I got a million dollars, 337 00:15:47,160 --> 00:15:49,520 Speaker 5: I'd stop working. How is this going to motivate the players. 338 00:15:49,560 --> 00:15:51,000 Speaker 5: They're just going to show up and get their check 339 00:15:51,040 --> 00:15:53,640 Speaker 5: and go home. And I found the exact opposite. The 340 00:15:53,720 --> 00:15:56,800 Speaker 5: money has motivated these players even more. There's no better 341 00:15:56,880 --> 00:16:00,880 Speaker 5: motivator to show up every day on time, to practice, 342 00:16:00,920 --> 00:16:03,120 Speaker 5: to put in the extra work, to want to perform well, 343 00:16:03,320 --> 00:16:05,600 Speaker 5: to ensure that you're getting paid your million dollar a 344 00:16:05,720 --> 00:16:08,520 Speaker 5: year contract you have with a school, and to also 345 00:16:08,840 --> 00:16:11,760 Speaker 5: get that next contract, get the year two revenue share deal. 346 00:16:11,960 --> 00:16:13,960 Speaker 5: If a player is making two hunderd grand one year, 347 00:16:13,960 --> 00:16:15,840 Speaker 5: he's going to want to make four hundred the next year. 348 00:16:16,160 --> 00:16:19,440 Speaker 5: So I think it's actually enhanced the product in college football. 349 00:16:19,440 --> 00:16:22,280 Speaker 5: It's made it all better. It's made it more well rounded, 350 00:16:22,320 --> 00:16:24,960 Speaker 5: where you also have more balance in the system. Now, 351 00:16:25,040 --> 00:16:27,560 Speaker 5: I mean college football. College athletics has been such a 352 00:16:27,560 --> 00:16:31,000 Speaker 5: big business for everyone but the athletes for so long, 353 00:16:31,480 --> 00:16:34,520 Speaker 5: and now finally the athletes can be part of that business. 354 00:16:34,560 --> 00:16:36,680 Speaker 5: They can partake in the upside, they can get the 355 00:16:36,760 --> 00:16:39,600 Speaker 5: reward in for the hard work they're putting in. I 356 00:16:39,640 --> 00:16:42,960 Speaker 5: think it's been a big positive and it's really actually 357 00:16:42,960 --> 00:16:45,920 Speaker 5: made the athletes work harder because there's a financial incentive 358 00:16:45,960 --> 00:16:46,360 Speaker 5: at stake. 359 00:16:59,240 --> 00:17:01,840 Speaker 1: All right, let's talk about the business you're building, or 360 00:17:01,840 --> 00:17:04,160 Speaker 1: one of the businesses you're building. The college sports company. 361 00:17:04,480 --> 00:17:07,600 Speaker 1: You found this a few years ago, clearly you know, 362 00:17:07,800 --> 00:17:13,240 Speaker 1: seeing part of what was happening. It's only accelerated since then. 363 00:17:14,280 --> 00:17:17,520 Speaker 1: Given how using your word chaotic it is, how do 364 00:17:17,600 --> 00:17:20,880 Speaker 1: you build a sustainable business in this? And how much 365 00:17:20,880 --> 00:17:23,400 Speaker 1: has it changed what you were trying to do as 366 00:17:23,400 --> 00:17:26,600 Speaker 1: you're constantly I'm imagining sort of evolving what you're aiming 367 00:17:26,600 --> 00:17:27,360 Speaker 1: for yeah. 368 00:17:27,400 --> 00:17:31,200 Speaker 5: The college sports company came or started based on really 369 00:17:31,240 --> 00:17:34,440 Speaker 5: two pillars. One was that content is king and everyone 370 00:17:34,480 --> 00:17:37,080 Speaker 5: wants to do content. I was just finding as I 371 00:17:37,160 --> 00:17:40,720 Speaker 5: was creating content myself and building a platformal line telling 372 00:17:40,800 --> 00:17:43,960 Speaker 5: stories about football, breaking down the game, people were coming 373 00:17:43,960 --> 00:17:47,800 Speaker 5: to me athletes and college athletes and schools and said, hey, 374 00:17:47,840 --> 00:17:49,760 Speaker 5: we want content. How do we do content? We need 375 00:17:49,760 --> 00:17:52,680 Speaker 5: to do content. At the same time, every school now 376 00:17:53,000 --> 00:17:55,880 Speaker 5: and every NIOL collective has a revenue issue. They're trying 377 00:17:55,880 --> 00:17:58,359 Speaker 5: to figure out how do we drive more revenue because 378 00:17:58,400 --> 00:18:00,800 Speaker 5: think about it, every school has a new twenty pointy 379 00:18:00,800 --> 00:18:02,720 Speaker 5: five million dollar bill they got to pay every year 380 00:18:02,760 --> 00:18:05,560 Speaker 5: they didn't have last year. So all these schools are like, man, 381 00:18:05,560 --> 00:18:06,240 Speaker 5: we need more money. 382 00:18:06,240 --> 00:18:07,440 Speaker 2: How do we drive more revenue? 383 00:18:07,720 --> 00:18:10,199 Speaker 5: And that's where kind of the epiphany came in that 384 00:18:10,480 --> 00:18:13,760 Speaker 5: the best way for schools to thrive in this era 385 00:18:13,840 --> 00:18:15,720 Speaker 5: of college sports is to think an act like a 386 00:18:15,720 --> 00:18:19,120 Speaker 5: media company. It's to create content with all the athletes 387 00:18:19,160 --> 00:18:22,200 Speaker 5: they have currently at their schools. It's to create content 388 00:18:22,560 --> 00:18:24,600 Speaker 5: with the former athletes that want to be part of 389 00:18:24,640 --> 00:18:26,520 Speaker 5: the program. Think about how many former athletes want to 390 00:18:26,560 --> 00:18:28,960 Speaker 5: be a media Well, let's use them and let's build 391 00:18:28,960 --> 00:18:33,000 Speaker 5: these school specific media networks that we can then monetize 392 00:18:33,080 --> 00:18:37,280 Speaker 5: to drive revenue for the school for nil for paying 393 00:18:37,320 --> 00:18:38,359 Speaker 5: the players themselves. 394 00:18:38,640 --> 00:18:41,800 Speaker 2: So that's how we started. It's evolved since then. 395 00:18:41,800 --> 00:18:44,359 Speaker 5: As you guys know, this landscape of college sports is 396 00:18:44,560 --> 00:18:47,520 Speaker 5: crazy and you have new legislation, new rules, But we 397 00:18:47,560 --> 00:18:49,560 Speaker 5: work with schools all over the country and work with 398 00:18:49,600 --> 00:18:53,960 Speaker 5: their athletes to build school specific networks, media networks, have 399 00:18:54,119 --> 00:18:56,120 Speaker 5: shows that each of those networks, and then we monetize 400 00:18:56,160 --> 00:19:02,840 Speaker 5: it through sponsorship, advertising, events, experiences, e commerce, everything that 401 00:19:02,880 --> 00:19:04,880 Speaker 5: a normal media company would do, and then we share 402 00:19:04,920 --> 00:19:07,040 Speaker 5: that revenue with the school or with the NL collective, 403 00:19:07,040 --> 00:19:09,639 Speaker 5: and that's the solution for them. So the schools are 404 00:19:09,640 --> 00:19:12,719 Speaker 5: getting brand building, their athletes get to be part of content, 405 00:19:12,800 --> 00:19:15,040 Speaker 5: and they also are getting revenue on the back end. 406 00:19:15,240 --> 00:19:16,320 Speaker 2: It's been fun. I mean, the. 407 00:19:16,320 --> 00:19:20,080 Speaker 5: World of college sports and sports itself has become really 408 00:19:20,119 --> 00:19:23,160 Speaker 5: an asset class. People want to invest in sports, people 409 00:19:23,200 --> 00:19:26,080 Speaker 5: are excited about sports and college sports. I think the 410 00:19:26,240 --> 00:19:29,200 Speaker 5: shift in what college sports looks like it's only becoming 411 00:19:29,240 --> 00:19:31,120 Speaker 5: more professionalized. 412 00:19:30,400 --> 00:19:33,880 Speaker 3: You know, Adam, it reminds me of how private companies 413 00:19:33,880 --> 00:19:36,640 Speaker 3: are staying private longer, right because it can lose more capital. 414 00:19:37,000 --> 00:19:39,840 Speaker 3: You don't have the quarterly earnings, CEOs can really think 415 00:19:39,840 --> 00:19:42,679 Speaker 3: about long term or enterprise value versus like what's going 416 00:19:42,720 --> 00:19:45,400 Speaker 3: to be great on the next quarterly call. I think 417 00:19:45,400 --> 00:19:48,160 Speaker 3: about a player like Anthony Edwards who plays with us, 418 00:19:48,280 --> 00:19:50,760 Speaker 3: and it was a number one take out of Georgia. 419 00:19:50,840 --> 00:19:53,199 Speaker 3: He would have made probably who knows, maybe tens of 420 00:19:53,200 --> 00:19:55,520 Speaker 3: millions of dollars over the course of four years, and 421 00:19:55,600 --> 00:19:58,879 Speaker 3: the whole course of the Timbulls may have been completely different. 422 00:19:59,200 --> 00:20:02,000 Speaker 3: I guess my question and is I'm sitting here in 423 00:20:02,040 --> 00:20:05,040 Speaker 3: our facilities with the Minnesota Timbos in the links, and 424 00:20:05,080 --> 00:20:07,560 Speaker 3: as I think about how should we I'm asking for 425 00:20:07,560 --> 00:20:10,280 Speaker 3: your advice here because you're right in the middle of 426 00:20:10,320 --> 00:20:15,320 Speaker 3: college sports. How should we be assessing players? Because if 427 00:20:15,320 --> 00:20:18,080 Speaker 3: a player's making three and a half million dollars, is 428 00:20:18,080 --> 00:20:20,240 Speaker 3: he going to have the same motivation to be great 429 00:20:20,280 --> 00:20:22,919 Speaker 3: in the NBA or the WNBA. Because this is a 430 00:20:22,920 --> 00:20:25,320 Speaker 3: new I think I can relate with players, but it's, 431 00:20:25,359 --> 00:20:27,639 Speaker 3: like Jason said, radically different than when I played. 432 00:20:28,160 --> 00:20:30,640 Speaker 4: How would you think about recruiting players? 433 00:20:31,119 --> 00:20:34,440 Speaker 5: Yeah, I think athletes that are getting paid a ton 434 00:20:34,440 --> 00:20:37,400 Speaker 5: of money in college are just as motivated as anyone 435 00:20:37,400 --> 00:20:40,119 Speaker 5: else who is trying to make it with their career. 436 00:20:40,240 --> 00:20:42,520 Speaker 5: I'm thinking of a football player specifically. I won't mention 437 00:20:42,600 --> 00:20:45,040 Speaker 5: his name that I talked to who who made a 438 00:20:45,040 --> 00:20:47,600 Speaker 5: comment to me He made like eight hundred grand the 439 00:20:47,640 --> 00:20:50,479 Speaker 5: one year he was in school, and all he was 440 00:20:50,520 --> 00:20:53,120 Speaker 5: talking about was how hard he wanted to work because 441 00:20:53,160 --> 00:20:55,399 Speaker 5: he wanted his next deal to be two million dollars. 442 00:20:55,640 --> 00:20:56,520 Speaker 2: And I just kept thinking. 443 00:20:56,560 --> 00:20:58,560 Speaker 5: I kept coming back to that because the average person, 444 00:20:58,600 --> 00:21:01,280 Speaker 5: you would say, hey, this guy's eighteen years old making 445 00:21:01,359 --> 00:21:03,320 Speaker 5: eight hundred grand. I mean, the things I would have 446 00:21:03,359 --> 00:21:05,639 Speaker 5: done with eight hundred grand when I was eighteen in college. Like, 447 00:21:06,119 --> 00:21:08,320 Speaker 5: I see this perspective, and it's like, man, like you 448 00:21:08,359 --> 00:21:10,760 Speaker 5: taste it a little bit, right, Like you get that 449 00:21:10,840 --> 00:21:13,200 Speaker 5: taste in your mouth, and then you're around people who 450 00:21:13,240 --> 00:21:15,520 Speaker 5: are making even more and more and not. I think 451 00:21:15,560 --> 00:21:18,320 Speaker 5: that's just human nature. Like now that I'm postplaying in 452 00:21:18,359 --> 00:21:21,120 Speaker 5: my business career, the more I'm around people who make 453 00:21:21,160 --> 00:21:23,720 Speaker 5: more and more money, the more motivated I get. I'm like, oh, well, 454 00:21:23,720 --> 00:21:25,480 Speaker 5: that guy figured out how to make that much money. 455 00:21:25,480 --> 00:21:27,719 Speaker 5: Why can't I figure that out? I really think that 456 00:21:27,760 --> 00:21:29,920 Speaker 5: you have these guys who make all this money in college, 457 00:21:30,600 --> 00:21:33,399 Speaker 5: they know what the top echelon looks like, and I 458 00:21:33,440 --> 00:21:35,520 Speaker 5: still think that they're going to want to get there, 459 00:21:35,840 --> 00:21:38,800 Speaker 5: whether it's money motivation. I also think that if there 460 00:21:38,840 --> 00:21:41,560 Speaker 5: is an athlete who was good enough in college to 461 00:21:41,720 --> 00:21:45,240 Speaker 5: work their butt off, avoid distractions and get to that 462 00:21:45,680 --> 00:21:49,200 Speaker 5: pinnacle of college sports, they're going to have that same 463 00:21:49,240 --> 00:21:53,120 Speaker 5: attitude in professional sports that's in their DNA. At that point, 464 00:21:53,160 --> 00:21:55,440 Speaker 5: they're not going to say, hey, I made four million. 465 00:21:55,560 --> 00:21:57,439 Speaker 5: I think I'm going to just just ease out. Like 466 00:21:57,480 --> 00:22:00,480 Speaker 5: in their DNA is that there's greatness within them. So 467 00:22:00,520 --> 00:22:02,479 Speaker 5: I think it's finding those guys. The guys who can 468 00:22:02,560 --> 00:22:06,080 Speaker 5: have consistent excellence in college desplained how much money they made, 469 00:22:06,280 --> 00:22:07,720 Speaker 5: are ones that are going to be are going to 470 00:22:07,800 --> 00:22:10,719 Speaker 5: be great professionals. I do think that there is a 471 00:22:10,840 --> 00:22:14,280 Speaker 5: new shift in sports where like when I was playing football, 472 00:22:14,960 --> 00:22:17,320 Speaker 5: if I would have told my coaches that I wanted 473 00:22:17,359 --> 00:22:19,880 Speaker 5: to start a podcast or have a business on the side, 474 00:22:19,920 --> 00:22:21,440 Speaker 5: they would have like laughed me out of the room. 475 00:22:21,520 --> 00:22:23,159 Speaker 2: Right. It would have been like no. 476 00:22:23,320 --> 00:22:25,760 Speaker 5: Like Bill O'Brien was my head coach at Penn State, 477 00:22:25,960 --> 00:22:27,919 Speaker 5: he would have been like, dude, like you just messed up. 478 00:22:27,960 --> 00:22:29,920 Speaker 5: That play on third down. You're not starting a podcast 479 00:22:29,960 --> 00:22:34,360 Speaker 5: like Learn Your Play, where like nowadays, it's way more accepted, 480 00:22:34,359 --> 00:22:36,840 Speaker 5: and I think it should be like where athletes it's 481 00:22:36,920 --> 00:22:39,399 Speaker 5: cool to invest as an athlete, and Alex You've been 482 00:22:39,400 --> 00:22:42,119 Speaker 5: a big part of that. I think like the shift 483 00:22:42,160 --> 00:22:46,040 Speaker 5: in that athletes are entrepreneurs, athletes are businesses, Athletes create content, 484 00:22:46,440 --> 00:22:49,280 Speaker 5: Athletes can be venture capitalists and can start businesses and 485 00:22:49,320 --> 00:22:51,680 Speaker 5: can invest in their hometown and can buy real estate. 486 00:22:52,080 --> 00:22:54,480 Speaker 5: All that is cool now and it has shifted completely, 487 00:22:54,520 --> 00:22:56,280 Speaker 5: and I think that's an amazing thing for the athlete 488 00:22:56,320 --> 00:22:59,600 Speaker 5: because for a long time, it was almost no matter. 489 00:22:59,359 --> 00:23:00,000 Speaker 2: What your sport was. 490 00:23:00,359 --> 00:23:02,480 Speaker 5: It was kind of like, hey, if you talk about that, 491 00:23:02,600 --> 00:23:04,480 Speaker 5: it's kind of like you're not focused on your sport 492 00:23:04,680 --> 00:23:06,560 Speaker 5: and you better just shut up and play well on 493 00:23:06,600 --> 00:23:08,080 Speaker 5: Saturday or play well on Sunday. 494 00:23:08,560 --> 00:23:10,400 Speaker 1: So, Adam, and I'm trying to figure out the best 495 00:23:10,400 --> 00:23:13,960 Speaker 1: way to ask this question because I've been thinking about 496 00:23:13,960 --> 00:23:18,159 Speaker 1: this so much. The whole notion of you know, you 497 00:23:18,200 --> 00:23:20,679 Speaker 1: went to Penn State, had a great career there, you 498 00:23:20,720 --> 00:23:22,840 Speaker 1: played for a great coach in Bill o Brien you 499 00:23:22,920 --> 00:23:25,800 Speaker 1: just mentioned. I think about going back to something you 500 00:23:25,880 --> 00:23:28,920 Speaker 1: mentioned earlier. I love Georgia Tech football. I love Brent Key, 501 00:23:29,080 --> 00:23:32,600 Speaker 1: I love Haines King, the quarterback. You know, this is 502 00:23:32,640 --> 00:23:35,520 Speaker 1: a guy who's been there for several years. In the 503 00:23:35,920 --> 00:23:40,440 Speaker 1: case of Haines King, you have a lot of situations 504 00:23:40,520 --> 00:23:44,520 Speaker 1: where quarterbacks, especially, but other players as well, especially you know, 505 00:23:44,600 --> 00:23:47,720 Speaker 1: wide receivers and whatnot, they get a better deal, they 506 00:23:47,760 --> 00:23:52,400 Speaker 1: move on. There is not the continuity within a program. 507 00:23:52,800 --> 00:23:56,080 Speaker 1: This is something that is candidly like the transfer portal, 508 00:23:56,200 --> 00:23:59,199 Speaker 1: so sort of shifting gears has chased a lot of 509 00:23:59,200 --> 00:24:01,600 Speaker 1: even very success full college coaches, you know, out of 510 00:24:01,640 --> 00:24:04,479 Speaker 1: the game. Nick Sabans essentially sort of threw his hands up, 511 00:24:04,640 --> 00:24:06,280 Speaker 1: and there have been other examples of that. He is 512 00:24:06,320 --> 00:24:09,639 Speaker 1: sort of the most the best known. What do you 513 00:24:09,720 --> 00:24:13,600 Speaker 1: think about that, this essentially sort of unlimited free agency 514 00:24:13,680 --> 00:24:17,639 Speaker 1: that's happening. Is that going to be how it is 515 00:24:17,680 --> 00:24:18,280 Speaker 1: going forward? 516 00:24:18,440 --> 00:24:19,080 Speaker 4: What do you think? 517 00:24:19,480 --> 00:24:21,760 Speaker 5: Yeah, it's a great question. The transfer portal has gotten 518 00:24:21,800 --> 00:24:25,920 Speaker 5: absolutely bonkers. Every coach stays up at night having nightmares 519 00:24:25,960 --> 00:24:31,240 Speaker 5: about it. Like anything in business and life, things were 520 00:24:31,400 --> 00:24:34,080 Speaker 5: so far in one direction right that they were so 521 00:24:34,320 --> 00:24:38,000 Speaker 5: far in favor of the coaches and the administrators and 522 00:24:38,040 --> 00:24:41,960 Speaker 5: the media companies and anti player that when you get 523 00:24:41,960 --> 00:24:44,400 Speaker 5: that far out of whack, a lot of times you. 524 00:24:44,359 --> 00:24:46,080 Speaker 2: Can overcorrect the other way. 525 00:24:46,160 --> 00:24:48,439 Speaker 5: Yeah, and I think what's happened in college sports is 526 00:24:48,440 --> 00:24:51,560 Speaker 5: we've over corrected in benefit of the players. Like we've 527 00:24:51,560 --> 00:24:54,600 Speaker 5: gotten to the point where players can transfer as many 528 00:24:54,640 --> 00:24:57,600 Speaker 5: times as they want. There's multiple transfer portal windows in 529 00:24:57,640 --> 00:25:01,480 Speaker 5: college football. There's not binding tracks for the players, like 530 00:25:01,480 --> 00:25:03,200 Speaker 5: if the players are going to get paid two million 531 00:25:03,200 --> 00:25:05,439 Speaker 5: bucks a year, like there should be a contract that 532 00:25:05,480 --> 00:25:07,400 Speaker 5: they play in the bowl game, and there are now 533 00:25:07,400 --> 00:25:09,840 Speaker 5: with revenue sharing that they show up on time to practice. 534 00:25:09,880 --> 00:25:12,320 Speaker 5: They're not getting that check if they skip a week 535 00:25:12,359 --> 00:25:14,399 Speaker 5: of workouts, all those kind of things, just like he 536 00:25:14,440 --> 00:25:17,440 Speaker 5: would in professional leagues. So that has changed with revenue 537 00:25:17,440 --> 00:25:20,399 Speaker 5: sharing where there are now binding contracts with the players interest. 538 00:25:20,480 --> 00:25:23,280 Speaker 5: But the biggest piece has been the transfer portal windows. 539 00:25:23,320 --> 00:25:26,400 Speaker 5: Those contracts still don't keep players from transferring, but now 540 00:25:26,480 --> 00:25:28,920 Speaker 5: the issue in college football has been that there's multiple 541 00:25:28,960 --> 00:25:31,359 Speaker 5: transfer portal windows. So what's been happening is there's a 542 00:25:31,400 --> 00:25:35,240 Speaker 5: window after the season in college football where players can transfer, 543 00:25:35,440 --> 00:25:39,040 Speaker 5: and there's also a window after spring practice before the 544 00:25:39,080 --> 00:25:41,919 Speaker 5: season starts. And what's been happening is that because of 545 00:25:41,960 --> 00:25:47,040 Speaker 5: the two windows, it really disincentivizes coaches to be honest 546 00:25:47,040 --> 00:25:47,760 Speaker 5: with their players. 547 00:25:47,880 --> 00:25:49,720 Speaker 2: Because if you have a coach who. 548 00:25:49,760 --> 00:25:53,240 Speaker 5: Has a quarterback battle going on at a major program, 549 00:25:53,480 --> 00:25:55,760 Speaker 5: his obligations to protect his team, to do what's the 550 00:25:55,800 --> 00:25:58,040 Speaker 5: best thing in interest of his program. Yes, he may 551 00:25:58,080 --> 00:26:00,040 Speaker 5: have a great relationship with the player, but his my 552 00:26:00,119 --> 00:26:02,080 Speaker 5: best interest is making sure that all the best players 553 00:26:02,119 --> 00:26:04,560 Speaker 5: sail on his team. Why would that coach name any 554 00:26:04,600 --> 00:26:08,600 Speaker 5: starters until that transfer portal closes. So a lot of 555 00:26:08,640 --> 00:26:11,040 Speaker 5: coaches may have a quarterback battle. Hey, if they tell 556 00:26:11,160 --> 00:26:13,119 Speaker 5: one the backup quarterback that you're not going to be 557 00:26:13,119 --> 00:26:14,760 Speaker 5: the starter this year, that guy's going to hop in 558 00:26:14,760 --> 00:26:17,160 Speaker 5: the portal. So a lot of times you've seen this trend, 559 00:26:17,200 --> 00:26:20,920 Speaker 5: there's like elongated battles of the top positions in college sports, 560 00:26:21,000 --> 00:26:23,600 Speaker 5: and everyone's like, man, why hasn't school X named their 561 00:26:23,640 --> 00:26:25,280 Speaker 5: quarterback yet? I'm like, because they don't want the guy 562 00:26:25,320 --> 00:26:28,639 Speaker 5: to transfer, so they haven't announced the starter. There's this 563 00:26:28,760 --> 00:26:31,399 Speaker 5: perception of a quarterback competition still to the public and 564 00:26:31,440 --> 00:26:33,520 Speaker 5: to the team, when the coach may really know. So 565 00:26:33,920 --> 00:26:36,320 Speaker 5: that's the number one thing coaches are asking for is 566 00:26:36,480 --> 00:26:39,560 Speaker 5: let's get one transfer portal window. Let's make it right 567 00:26:39,600 --> 00:26:42,840 Speaker 5: after the season, and after the season you decide you 568 00:26:42,880 --> 00:26:44,720 Speaker 5: are either at your school for the next year or 569 00:26:44,760 --> 00:26:47,240 Speaker 5: you're transferring, and then if you transfer, you get to 570 00:26:47,240 --> 00:26:49,679 Speaker 5: go through spring practice. You're there all off season. But 571 00:26:49,760 --> 00:26:52,359 Speaker 5: get rid of this window, this transfer window that's after 572 00:26:52,440 --> 00:26:56,400 Speaker 5: spring practice, which really would help coaches, administrators, general managers 573 00:26:56,400 --> 00:26:58,879 Speaker 5: build their rosters better. It would help college sports. But 574 00:26:58,920 --> 00:27:01,639 Speaker 5: that's an example of how we kind of overcorrected for 575 00:27:01,760 --> 00:27:04,000 Speaker 5: the players, and now we're getting back to the center 576 00:27:04,040 --> 00:27:05,600 Speaker 5: where it seems to make more sense. 577 00:27:06,000 --> 00:27:08,240 Speaker 3: So Adam your words, I mean, and I agree, I mean, 578 00:27:08,280 --> 00:27:11,640 Speaker 3: this is so confusing, and I'm sure our listeners, while 579 00:27:11,640 --> 00:27:14,440 Speaker 3: you're doing an incredible job describing it, they're still a 580 00:27:14,480 --> 00:27:19,000 Speaker 3: little confused, right Cotail Now every cocktail party you go 581 00:27:19,119 --> 00:27:21,240 Speaker 3: to everyone and Jace, you know that because we've been 582 00:27:21,280 --> 00:27:23,679 Speaker 3: in some of these conversations. Okay, where does this go? 583 00:27:23,840 --> 00:27:25,919 Speaker 3: What's NIO? How does it really work? Is it a 584 00:27:25,920 --> 00:27:29,760 Speaker 3: binding contract? I guess my questions are oversimplified. In five years, 585 00:27:29,960 --> 00:27:32,679 Speaker 3: where does this land? Is there going to be some 586 00:27:32,720 --> 00:27:35,119 Speaker 3: type of a salary cap? Is there sometimes of a 587 00:27:35,160 --> 00:27:38,600 Speaker 3: formal union that protects the players, that the commissioners can 588 00:27:38,600 --> 00:27:40,919 Speaker 3: speak to the union at a very high level macro 589 00:27:41,040 --> 00:27:42,920 Speaker 3: and say, you got to do X for the player, 590 00:27:42,960 --> 00:27:44,639 Speaker 3: you got to protect the school, We got to do 591 00:27:44,680 --> 00:27:45,639 Speaker 3: what's best for the sport. 592 00:27:46,119 --> 00:27:47,639 Speaker 4: Where does it land in five years? 593 00:27:47,920 --> 00:27:50,520 Speaker 5: Yeah, that's the million dollar question. One of the things 594 00:27:50,520 --> 00:27:53,080 Speaker 5: I was really eye opening to me was I was 595 00:27:53,119 --> 00:27:56,840 Speaker 5: at the College Football National Championship Game this past year. 596 00:27:57,359 --> 00:28:00,400 Speaker 5: Every conference is meeting about the future of college sports. 597 00:28:00,720 --> 00:28:03,240 Speaker 5: The school presidents are all meeting about the future of 598 00:28:03,240 --> 00:28:06,159 Speaker 5: college sports. You know, there's the SEC coaches meeting and 599 00:28:06,200 --> 00:28:08,480 Speaker 5: there's all these meetings going on. But guess who has 600 00:28:08,520 --> 00:28:11,560 Speaker 5: no seat at the table? The players. There's no one 601 00:28:11,720 --> 00:28:14,960 Speaker 5: representing the players at the table. Just like the NFL 602 00:28:15,000 --> 00:28:17,960 Speaker 5: has NFLPA and the MLB has the MLBPA, and they 603 00:28:18,000 --> 00:28:21,600 Speaker 5: have their entity or their representation, who's negotiating on their behalf. 604 00:28:21,800 --> 00:28:24,159 Speaker 5: The athletes don't have that in college sports. And the 605 00:28:24,200 --> 00:28:27,520 Speaker 5: biggest reason they don't is because college sports in general 606 00:28:27,560 --> 00:28:32,160 Speaker 5: administrators the NCAA has refused to call student athletes what 607 00:28:32,200 --> 00:28:35,880 Speaker 5: they really are. They're employees of the school, and that's 608 00:28:35,920 --> 00:28:38,440 Speaker 5: a dirty topic in college sports. Right now, there's a 609 00:28:38,440 --> 00:28:40,440 Speaker 5: lot of debate around are they employees, and if they 610 00:28:40,480 --> 00:28:44,120 Speaker 5: are employees, you open up this can of potential lawsuits 611 00:28:44,160 --> 00:28:47,320 Speaker 5: and all these issues with the even pass athletes that 612 00:28:47,360 --> 00:28:49,920 Speaker 5: weren't employees but maybe should have been classified as employees. 613 00:28:50,200 --> 00:28:52,040 Speaker 5: There's a big push from a lot of groups to 614 00:28:52,160 --> 00:28:55,160 Speaker 5: keep the athletes as student athletes in college sports. My 615 00:28:55,320 --> 00:28:57,719 Speaker 5: take to answer your question directly, Alex, is that in 616 00:28:57,800 --> 00:29:01,040 Speaker 5: five years, we will classify college apple letes as employees 617 00:29:01,400 --> 00:29:04,560 Speaker 5: and college athletes will have collective bargaining and representation at 618 00:29:04,560 --> 00:29:07,520 Speaker 5: the table. There will be collective bargaining for what revenue 619 00:29:07,520 --> 00:29:10,600 Speaker 5: share contracts look like. There will be group licensing deals 620 00:29:10,720 --> 00:29:15,320 Speaker 5: similar to NFLPA and the other players associations. That's really 621 00:29:15,400 --> 00:29:18,640 Speaker 5: the cleanest solution. It's the solution that scares everyone the most. 622 00:29:18,920 --> 00:29:21,880 Speaker 5: It's the solution that scares administrators, I like directors and 623 00:29:22,080 --> 00:29:24,000 Speaker 5: conference commissioners because they don't want to deal with the 624 00:29:24,040 --> 00:29:27,200 Speaker 5: athletes being employees. But as you guys are hearing about 625 00:29:27,200 --> 00:29:29,320 Speaker 5: college sports, doesn't it just seem like, hey, this is 626 00:29:29,360 --> 00:29:31,520 Speaker 5: an employee model, Like the players are getting paid to 627 00:29:31,560 --> 00:29:34,640 Speaker 5: perform a service. The longer we refuse to call them that, 628 00:29:34,720 --> 00:29:37,480 Speaker 5: the more complicated it gets. You're like, well, are there contracts? 629 00:29:37,520 --> 00:29:39,840 Speaker 5: Are they not contracts? Are we able to fire the athlete? 630 00:29:40,080 --> 00:29:42,040 Speaker 2: Are we not? Can we cut them? Like? How'es it 631 00:29:42,120 --> 00:29:42,760 Speaker 2: actually work? 632 00:29:43,000 --> 00:29:45,440 Speaker 5: I think that's kind of the elephant in the room 633 00:29:45,480 --> 00:29:48,959 Speaker 5: and all these conversations is are the athletes employees? And 634 00:29:49,000 --> 00:29:52,240 Speaker 5: I think the notion that they are currently student athletes 635 00:29:52,840 --> 00:29:55,520 Speaker 5: is a falsehood. Yes, some are getting a degree and 636 00:29:55,600 --> 00:29:57,880 Speaker 5: some are focused on that, but a lot of them, 637 00:29:58,000 --> 00:30:01,800 Speaker 5: the majority, are focused more so on getting a paycheck 638 00:30:02,200 --> 00:30:05,080 Speaker 5: and maximizing their value of the school, making the most 639 00:30:05,080 --> 00:30:06,840 Speaker 5: amount of money, which they should. I would have done 640 00:30:06,840 --> 00:30:09,000 Speaker 5: the same thing if I was in their shoes. 641 00:30:09,440 --> 00:30:11,840 Speaker 1: Yeah, I had one more question that as you were 642 00:30:11,880 --> 00:30:15,800 Speaker 1: talking at them. It really strikes me, which is, you know, 643 00:30:15,840 --> 00:30:18,560 Speaker 1: there's so much focus from the beginning of the season, 644 00:30:18,600 --> 00:30:20,480 Speaker 1: from long before the beginning the season now on the 645 00:30:20,480 --> 00:30:23,320 Speaker 1: college football playoff. It's expanded, It's probably going to continue 646 00:30:23,360 --> 00:30:26,560 Speaker 1: to expand at some point. And this is sort of 647 00:30:26,560 --> 00:30:30,360 Speaker 1: building on what you just said, does big time college 648 00:30:30,360 --> 00:30:34,160 Speaker 1: football break off of the nc DOUBLEA? Like, do we 649 00:30:34,240 --> 00:30:37,280 Speaker 1: have a world where we essentially create, for lack of 650 00:30:37,280 --> 00:30:40,280 Speaker 1: better term, NFL junior And it's you know that it's 651 00:30:40,360 --> 00:30:45,440 Speaker 1: big ten SEC, maybe part of the ACC and Notre Dame. 652 00:30:45,960 --> 00:30:49,280 Speaker 1: What is the right business model for college football going forward, 653 00:30:49,960 --> 00:30:53,320 Speaker 1: given the amount of money and given that the playoff 654 00:30:53,520 --> 00:30:55,160 Speaker 1: is already the separate entity. 655 00:30:55,440 --> 00:30:57,800 Speaker 5: Yeah, well, the number one thing is the nc DOUBLEA 656 00:30:57,880 --> 00:31:01,360 Speaker 5: has shown a lack of ability to govern anything in 657 00:31:01,400 --> 00:31:04,720 Speaker 5: college sports. I mean they were in this position because 658 00:31:04,800 --> 00:31:08,240 Speaker 5: ncible A refused to act on what they knew was 659 00:31:08,240 --> 00:31:11,040 Speaker 5: coming down the pipe for a long time with nil. Clearly, 660 00:31:11,120 --> 00:31:13,760 Speaker 5: the NCBLA isn't the answer for governance and for the 661 00:31:13,840 --> 00:31:17,560 Speaker 5: organizational structure of college sports. I also think that a 662 00:31:17,560 --> 00:31:22,320 Speaker 5: lot of these major sports like football, for example, basketball, baseball, 663 00:31:22,640 --> 00:31:27,160 Speaker 5: women's basketball. If I asked you who's in charge of football, 664 00:31:27,200 --> 00:31:29,280 Speaker 5: who's in charge of college football? Like you wouldn't know 665 00:31:29,320 --> 00:31:32,320 Speaker 5: who's actually in charge? Isn't Greg Sankee the commissioner of 666 00:31:32,320 --> 00:31:36,600 Speaker 5: the SEC. Maybe Greg sankei is the person who's ultimately 667 00:31:36,640 --> 00:31:39,120 Speaker 5: in charge of college football because he's the most powerful person. 668 00:31:39,320 --> 00:31:41,480 Speaker 5: But he's also in charge of the cross in swimming 669 00:31:41,520 --> 00:31:43,720 Speaker 5: and diving, in field hockey and all these other sports. 670 00:31:43,960 --> 00:31:46,959 Speaker 5: There's no leader of college football looking out for the 671 00:31:47,120 --> 00:31:49,800 Speaker 5: interests of college football, which is different than the interest 672 00:31:50,000 --> 00:31:52,560 Speaker 5: of college basketball. It's different than the interests of everywhere else, 673 00:31:52,560 --> 00:31:54,400 Speaker 5: but we have this set of rules that is kind 674 00:31:54,440 --> 00:31:56,720 Speaker 5: of the same for each sport. It's just governed under 675 00:31:56,800 --> 00:31:59,600 Speaker 5: NCAA Athletics. What I think the future should look like 676 00:31:59,880 --> 00:32:03,640 Speaker 5: is is college football breaks off. Maybe men's basketball does 677 00:32:03,680 --> 00:32:07,480 Speaker 5: as well. The major conferences Big ten of the SEC 678 00:32:07,520 --> 00:32:10,640 Speaker 5: and football break off and self govern themselves and a 679 00:32:10,720 --> 00:32:14,280 Speaker 5: breakoff from the other group of five programs in college football. 680 00:32:14,440 --> 00:32:17,800 Speaker 5: These conferences will continue to expand we've seen tons of 681 00:32:17,840 --> 00:32:21,160 Speaker 5: conference realignment and conference expansion. It's not going to stop. 682 00:32:21,440 --> 00:32:23,960 Speaker 5: These conferences want the best media rights deals, and the 683 00:32:23,960 --> 00:32:25,640 Speaker 5: way you do it is you get national. You go 684 00:32:25,760 --> 00:32:30,200 Speaker 5: multiple different time zones and media markets, and you collect 685 00:32:30,200 --> 00:32:32,440 Speaker 5: all these schools and then you sell your media rights 686 00:32:32,440 --> 00:32:35,520 Speaker 5: to these networks and the better the games are, the better. 687 00:32:35,880 --> 00:32:38,040 Speaker 5: If you only had the Big Ten of the SEC 688 00:32:38,080 --> 00:32:41,000 Speaker 5: playing each other every year one power conference in football 689 00:32:41,040 --> 00:32:43,760 Speaker 5: say they merge, the amount of revenue from media dollars 690 00:32:43,760 --> 00:32:46,720 Speaker 5: would be even higher because you wouldn't be playing the 691 00:32:47,120 --> 00:32:49,520 Speaker 5: who did Miami play Bouthain Cookman or someone you would 692 00:32:49,560 --> 00:32:52,240 Speaker 5: You wouldn't have these like low level games that no 693 00:32:52,240 --> 00:32:55,240 Speaker 5: one's watching on you get a revenue for so you 694 00:32:55,280 --> 00:32:57,720 Speaker 5: would you would have all these great games more revenue. 695 00:32:58,000 --> 00:33:01,760 Speaker 5: So I think the solution is continuing to expand the conferences, 696 00:33:01,800 --> 00:33:05,200 Speaker 5: and then the two power conferences eventually go off on 697 00:33:05,280 --> 00:33:09,200 Speaker 5: their own as the premier college football entity, if you 698 00:33:09,280 --> 00:33:10,680 Speaker 5: will knock, governed by the incidable. 699 00:33:10,960 --> 00:33:13,760 Speaker 1: Yeah, I mean, I think that's definitely definitely where we're headed. 700 00:33:13,840 --> 00:33:16,680 Speaker 1: And the good news is is that college football will 701 00:33:16,680 --> 00:33:19,000 Speaker 1: still exist in other forms as well, when you know, 702 00:33:19,080 --> 00:33:20,960 Speaker 1: we love the game and people will keep playing it. 703 00:33:29,360 --> 00:33:32,320 Speaker 1: All right, Lightning Round five questions. We're going to bounce 704 00:33:32,320 --> 00:33:34,200 Speaker 1: it back and forth. First thing that comes to your mind, 705 00:33:34,240 --> 00:33:35,600 Speaker 1: I'll start, then Alex will pick up. 706 00:33:36,000 --> 00:33:38,520 Speaker 2: Are you reading, Let's do it? Okay. 707 00:33:38,840 --> 00:33:41,080 Speaker 1: What's the best piece of advice you've received on deal 708 00:33:41,120 --> 00:33:42,360 Speaker 1: making or business? 709 00:33:42,800 --> 00:33:45,160 Speaker 5: I would say that persistence can get you a long way, 710 00:33:46,320 --> 00:33:50,719 Speaker 5: just will power. I believe that human beings underestimate their 711 00:33:50,760 --> 00:33:52,720 Speaker 5: ability to will something to happen, and I think that 712 00:33:52,800 --> 00:33:54,120 Speaker 5: works a lot and deals as well. 713 00:33:54,680 --> 00:33:57,080 Speaker 4: Who's your dream deal making partner? 714 00:33:58,400 --> 00:34:00,320 Speaker 2: Can I say, Ox Rodriguez? Or is that is that 715 00:34:00,360 --> 00:34:01,040 Speaker 2: a yeah? Sure? 716 00:34:01,240 --> 00:34:02,920 Speaker 4: It would be the first one. 717 00:34:03,440 --> 00:34:04,880 Speaker 5: I would go A rod or I would go I'm 718 00:34:04,880 --> 00:34:06,560 Speaker 5: a big Gary Vaynerchuk guy too, I got that. 719 00:34:07,520 --> 00:34:10,200 Speaker 1: Okay, yeah, which team do you want to see win 720 00:34:10,239 --> 00:34:12,560 Speaker 1: a championship more than any pipe state? 721 00:34:13,239 --> 00:34:16,400 Speaker 3: What's your hype song before a big meeting or negotiation? 722 00:34:17,440 --> 00:34:21,880 Speaker 2: Oh? Make me all dreams and nightmares? Oh? Good one? 723 00:34:22,040 --> 00:34:22,359 Speaker 2: All right? 724 00:34:22,480 --> 00:34:24,799 Speaker 1: And finally, what's your advice for someone listening who wants 725 00:34:24,840 --> 00:34:25,920 Speaker 1: a career like yours? 726 00:34:26,160 --> 00:34:28,120 Speaker 5: I think similar to what I said in the beginning, 727 00:34:28,239 --> 00:34:32,040 Speaker 5: is that you have the ability to will something to happen, 728 00:34:32,360 --> 00:34:36,360 Speaker 5: and that the number one underrated skill set is proactivity. 729 00:34:36,440 --> 00:34:39,920 Speaker 5: Being proactive and not waiting for direction or rating for 730 00:34:40,160 --> 00:34:42,160 Speaker 5: someone to tell you what to do. We'll just get 731 00:34:42,239 --> 00:34:44,279 Speaker 5: up and take action. Action is the way that you 732 00:34:44,320 --> 00:34:46,560 Speaker 5: make something happen. And I think throughout my career I've 733 00:34:46,640 --> 00:34:49,320 Speaker 5: learned that if you just take action, the luck follows. 734 00:34:50,960 --> 00:34:51,799 Speaker 4: I love it all right. 735 00:34:51,880 --> 00:34:55,040 Speaker 1: Well, you are a true multi hyphen it Adam Brenneman's entrepreneur, 736 00:34:55,200 --> 00:34:59,719 Speaker 1: media personality, TV analysts, a former All American tight end, 737 00:35:00,160 --> 00:35:04,240 Speaker 1: you run the college sports company. You've got a podcast 738 00:35:04,600 --> 00:35:07,560 Speaker 1: called Next Up. So we love following your career. We 739 00:35:07,719 --> 00:35:09,959 Speaker 1: really enjoyed having you, and thanks so much for your time. 740 00:35:10,239 --> 00:35:11,920 Speaker 5: Thanks guys, Thanks for having me all. I appreciate it 741 00:35:12,040 --> 00:35:12,359 Speaker 5: was fun. 742 00:35:19,960 --> 00:35:22,680 Speaker 1: The Deal is hosted by Alex Rodriguez and me Jason Kelly. 743 00:35:23,160 --> 00:35:27,320 Speaker 1: This episode was made by Anamazarakus, Stacey Wong, and Lizzie Phillip. 744 00:35:27,800 --> 00:35:30,560 Speaker 1: Amy Keen is our editor and Will Connelly is our 745 00:35:30,640 --> 00:35:33,840 Speaker 1: video editor. Our theme music is made by Blake Maples. 746 00:35:34,200 --> 00:35:38,360 Speaker 1: Our executive producers are Kelly Leferrier, Ashley Hoenig, and Brendan Newnham. 747 00:35:38,920 --> 00:35:42,400 Speaker 1: Sage Bauman is the head of Bloomberg Podcast. Additional support 748 00:35:42,400 --> 00:35:45,879 Speaker 1: from Rachel Carnivale and Elena Los Angeles. Thanks so much 749 00:35:45,880 --> 00:35:48,240 Speaker 1: for listening to the Deal. If you have a minute, subscribe, 750 00:35:48,280 --> 00:35:51,319 Speaker 1: rate and review our show. It'll help other listeners find us. 751 00:35:51,520 --> 00:35:53,440 Speaker 1: I'm Jason Kelly. See you next week.