1 00:00:09,240 --> 00:00:12,440 You're listening to the Back Home Network presented by Home 2 00:00:12,440 --> 00:00:23,240 Field Apparel. Welcome back to Crimson Cast, 3 00:00:23,240 --> 00:00:26,960 Galen Clavier joining you. It is May 30th, Thursday. 4 00:00:28,200 --> 00:00:30,440 As we get ready to wrap this month up. 5 00:00:30,840 --> 00:00:34,200 Kind of hard to believe Beautiful down here though. 6 00:00:34,200 --> 00:00:39,760 In Bloomington about 70° today and looking forward to some fun 7 00:00:39,760 --> 00:00:42,720 times this summer. Great event last night for all. 8 00:00:42,720 --> 00:00:49,080 From all accounts at at Huber's as IU turning one of their big 9 00:00:49,120 --> 00:00:54,120 athletic doning or donating events into a full blown NIL 10 00:00:54,120 --> 00:00:56,760 event, that's smart, especially with what we're going to be 11 00:00:56,760 --> 00:00:59,320 talking about today. That's the way things are going. 12 00:00:59,680 --> 00:01:01,760 So some of you got a chance to go to that. 13 00:01:01,800 --> 00:01:04,640 And I did not. Unfortunately, I was actually at 14 00:01:04,640 --> 00:01:09,960 an award ceremony. I use sports media, was up for 15 00:01:10,000 --> 00:01:13,600 an award for best live event production of the Indiana Purdue 16 00:01:13,600 --> 00:01:16,240 women's basketball game actually from earlier this year. 17 00:01:16,240 --> 00:01:19,480 Didn't win, but honored to be nominated. 18 00:01:19,480 --> 00:01:21,280 And certainly everybody involved, I think, was very 19 00:01:21,280 --> 00:01:25,680 proud of the fact that the work has been recognized. 20 00:01:25,680 --> 00:01:30,080 So anyway, hope that those of you who are at the Huber's event 21 00:01:30,080 --> 00:01:32,320 really had a great time and looking forward to some other 22 00:01:32,320 --> 00:01:34,240 NIL events throughout the course of the year. 23 00:01:34,600 --> 00:01:36,080 Or at least. The course of the summer as we 24 00:01:36,080 --> 00:01:39,040 wrap up for fall. Some great quotes, especially 25 00:01:39,040 --> 00:01:41,040 from Coach Sig. If you haven't had a chance to 26 00:01:41,040 --> 00:01:45,040 go check those out. We we've landed the guy who not 27 00:01:45,040 --> 00:01:48,600 only seems to know how to coach football, but is is really good 28 00:01:48,600 --> 00:01:50,880 with comedic timing. I'm enjoying everything that I'm 29 00:01:50,880 --> 00:01:54,760 seeing out of him so far. So we're going to talk today. 30 00:01:54,760 --> 00:01:58,640 I'm doing a multi part episode where we talk through everything 31 00:01:58,640 --> 00:02:02,240 that's going on with this NCAA settlement, the house 32 00:02:02,240 --> 00:02:06,360 settlement, as there's a ton. To cover, there's a ton of 33 00:02:06,360 --> 00:02:08,400 things and. I've gotten a lot of questions 34 00:02:08,400 --> 00:02:11,800 from those of you out there about like what the heck's going 35 00:02:11,800 --> 00:02:13,160 on? What should we be thinking 36 00:02:13,160 --> 00:02:14,520 about? What does this mean? 37 00:02:14,520 --> 00:02:16,360 Does college athletics ending as we know it? 38 00:02:16,360 --> 00:02:18,080 So I'm going to try to tackle all this. 39 00:02:18,080 --> 00:02:19,240 I'm not going to do it all at once. 40 00:02:19,240 --> 00:02:21,440 I'm going to try to tackle it in bite sized chunks. 41 00:02:21,960 --> 00:02:23,560 This will be up on our YouTube channel. 42 00:02:23,560 --> 00:02:25,480 If you're not subscribed to that, go to the back home 43 00:02:25,480 --> 00:02:27,800 network. Just search back home network on 44 00:02:27,800 --> 00:02:28,840 YouTube. You'll find it. 45 00:02:28,840 --> 00:02:32,640 Join that community. You'll get visuals, although, 46 00:02:32,800 --> 00:02:36,680 you know, a lot of it's just me talking into a, a camera, which 47 00:02:36,760 --> 00:02:40,080 some of you like, but I sometimes I'll also pop some 48 00:02:40,080 --> 00:02:42,480 articles up and things like that so you can see what's going on 49 00:02:42,600 --> 00:02:45,080 and where I'm drawing some of my materials from. 50 00:02:45,880 --> 00:02:48,040 But you can also, of course, listen on Spotify, on Apple 51 00:02:48,280 --> 00:02:52,200 Podcasts and, and whatnot. So we're going to have multiple 52 00:02:52,600 --> 00:02:54,400 episodes of this. I'll have another episode 53 00:02:54,400 --> 00:02:57,960 dropping beginning of next week. Plan is to have Ben Portnoy from 54 00:02:57,960 --> 00:03:01,600 Sports Business Journal, IU alum on at some point next week as 55 00:03:01,600 --> 00:03:03,360 well to talk through some of these items. 56 00:03:03,360 --> 00:03:06,920 Ben's right there on the ground. He's actually down at SEC 57 00:03:07,800 --> 00:03:10,320 conference meetings right now kind of getting some more 58 00:03:10,320 --> 00:03:12,880 information. But before we jump in, just a 59 00:03:12,880 --> 00:03:14,960 reminder folks that we are brought to you here at the Back 60 00:03:14,960 --> 00:03:16,240 Home Network by Home Field Apparel. 61 00:03:16,240 --> 00:03:19,200 Your place to go for the finest in college fashions, the softest 62 00:03:19,200 --> 00:03:24,480 fabrics, the coolest designs, and a place where, you know, you 63 00:03:24,480 --> 00:03:28,760 get just a variety of things. Sometimes it's IU apparel, which 64 00:03:28,760 --> 00:03:30,240 we all like. Sometimes it's fun stuff. 65 00:03:30,240 --> 00:03:33,160 They've got a huge fun collection coming out here soon. 66 00:03:33,600 --> 00:03:37,240 It's the crazy mascot collection and it it's starting with the UC 67 00:03:37,280 --> 00:03:41,680 Santa Cruz Banana Slugs and going all the way through a 68 00:03:41,680 --> 00:03:44,760 variety of different schools of Pepperdine waves. 69 00:03:45,040 --> 00:03:47,960 I mean, there's going to be some tremendous apparel that comes 70 00:03:47,960 --> 00:03:50,160 out of this. I can't wait to see what the 71 00:03:50,160 --> 00:03:52,760 designers at Home Field have been able to come up with and, 72 00:03:52,760 --> 00:03:56,520 and what retro logos they've been able to divine from this 73 00:03:56,520 --> 00:04:00,440 collection. You can sign up for their 74 00:04:00,440 --> 00:04:04,600 special deals on these things. And you know, a lot of that ends 75 00:04:04,600 --> 00:04:08,640 up being, you know, ways to get some of this stuff earlier. 76 00:04:08,640 --> 00:04:12,360 There's actually a contest going on on Instagram right now where 77 00:04:12,360 --> 00:04:18,000 if you, if you share their post and you tag some people, you 78 00:04:18,000 --> 00:04:22,079 could get the entire, I think not the entire collection, but 79 00:04:22,079 --> 00:04:24,280 like you can get elements of the collection. 80 00:04:24,640 --> 00:04:28,480 It's it's a pretty awesome deal. Also, they have a subscription 81 00:04:28,480 --> 00:04:33,280 box that you can sign up for seven weeks of of these schools. 82 00:04:33,280 --> 00:04:36,200 So it's it's UC Santa Cruz, Pepperdine, the Delta State 83 00:04:36,200 --> 00:04:39,960 fighting Okra, the Evergreen State College, Geo Ducks, the 84 00:04:39,960 --> 00:04:42,800 North Florida Osprey is always a favorite of mine, the NAU 85 00:04:43,080 --> 00:04:45,640 Lumberjacks and then the UTSA roadrunners. 86 00:04:45,640 --> 00:04:48,160 So sign up for that subscription box. 87 00:04:48,160 --> 00:04:50,200 You get first dibs on all of the fun stuff that they've got 88 00:04:50,200 --> 00:04:52,040 coming out. And then anytime you want to go 89 00:04:52,360 --> 00:04:57,720 and shop at home field apparel, use the code home 23 and get 15% 90 00:04:57,720 --> 00:05:00,440 off your first order. So go check that out. 91 00:05:00,440 --> 00:05:02,680 Also, just a reminder, in addition to the YouTube channel, 92 00:05:02,680 --> 00:05:05,800 we are on Sub Stack. Go check us out Crimson Cast at 93 00:05:05,800 --> 00:05:08,480 substack.com. It's free to sign up, get 94 00:05:08,480 --> 00:05:10,360 podcast delivered right to your inbox. 95 00:05:10,560 --> 00:05:13,160 We've also got some VIP videos. I'll have one of those coming up 96 00:05:13,160 --> 00:05:17,080 later this week. So keep an eye on that and we'd 97 00:05:17,080 --> 00:05:18,240 love to have you as part of the community. 98 00:05:18,240 --> 00:05:21,040 Over 900 people already on the Crimson Cast Sub Stack. 99 00:05:21,640 --> 00:05:24,440 So please, B9 O1, we'd love to have you. 100 00:05:24,640 --> 00:05:27,600 All right, let's jump into it. I think what we're going to do, 101 00:05:27,600 --> 00:05:31,280 I want to start off with a little bit of an overview of 102 00:05:31,280 --> 00:05:34,680 what we're talking about with this house settlement. 103 00:05:34,840 --> 00:05:39,320 I think most of you have for the most part kept track of of 104 00:05:39,320 --> 00:05:42,080 what's going on here, but essentially just to give you a 105 00:05:42,080 --> 00:05:44,400 Cliff Notes version and catch you up on things. 106 00:05:45,920 --> 00:05:47,640 What's going to? Happen and this has been voted 107 00:05:47,640 --> 00:05:52,680 on and agreed to by not just the NCAA council, but also the 108 00:05:52,680 --> 00:05:55,760 conferences involved. And that's an important thing. 109 00:05:56,280 --> 00:06:00,800 There's going to be a $2.8 billion settlement back damages 110 00:06:00,800 --> 00:06:04,960 to former athletes as well as a revenue sharing model for 111 00:06:04,960 --> 00:06:09,040 athletes in the future based around name, image and likeness. 112 00:06:09,040 --> 00:06:14,320 And there's a lot of elements to this that are optimistic, I 113 00:06:14,320 --> 00:06:16,480 think would be the best way that I would put it on the part of 114 00:06:16,640 --> 00:06:21,040 college sports leaders. And so I think it's important 115 00:06:21,040 --> 00:06:24,640 that we view the terms of the settlement in terms of moving 116 00:06:24,640 --> 00:06:27,680 forward with some skepticism. And I will try to go over the 117 00:06:27,680 --> 00:06:32,000 course of the next few episodes, dig into exactly why I feel that 118 00:06:32,000 --> 00:06:34,640 way. But just to give you kind of a a 119 00:06:34,640 --> 00:06:37,720 reset on what happened with this entire case. 120 00:06:37,720 --> 00:06:40,280 And in case you're not familiar with how all this got to be. 121 00:06:40,600 --> 00:06:44,920 So back in 2020, there was a former Arizona State swimmer 122 00:06:45,520 --> 00:06:50,840 named Grant House. Who joined together with some 123 00:06:50,840 --> 00:06:54,280 other former players, including Sedona Prince, who played 124 00:06:54,640 --> 00:06:59,440 basketball for Oregon, Dwayne Carter, who played football at 125 00:06:59,440 --> 00:07:01,200 Duke. There were a couple of other 126 00:07:01,200 --> 00:07:04,080 folks, NIA Harrison, who played Sanford soccer at Stanford. 127 00:07:04,360 --> 00:07:09,520 They sued the NCAA and essentially said, you know, the 128 00:07:09,520 --> 00:07:14,840 NCAA suddenly started allowing NIL payments to athletes in 129 00:07:14,840 --> 00:07:16,640 2021. We've talked about that 130 00:07:16,640 --> 00:07:19,320 extensively on this show. And so these athletes were like, 131 00:07:19,320 --> 00:07:22,080 well, wait a minute, we just graduated or we're just getting 132 00:07:22,080 --> 00:07:24,280 ready to graduate. We haven't been allowed to take 133 00:07:24,280 --> 00:07:26,360 advantage of this. And so they essentially sued the 134 00:07:26,360 --> 00:07:28,200 NCAA for back damages, saying, well. 135 00:07:28,640 --> 00:07:31,480 This was a core tenet of your rules. 136 00:07:32,080 --> 00:07:34,040 You claimed that we couldn't earn money off of this and we 137 00:07:34,040 --> 00:07:35,280 would lose eligibility if we did. 138 00:07:35,280 --> 00:07:37,520 Now you're just telling people, yeah, it's fine, go ahead, earn 139 00:07:37,520 --> 00:07:39,560 money off of it, no big deal. That's not fair. 140 00:07:39,880 --> 00:07:43,240 So they sue. And they, they're, they're not 141 00:07:43,240 --> 00:07:46,920 winning per SE, but they're winning in as much as the NCAA 142 00:07:46,920 --> 00:07:51,520 has been so afraid, not just of the $2.8 billion in claimed 143 00:07:51,520 --> 00:07:55,360 damages, but in the reality that they could have, those could 144 00:07:55,360 --> 00:07:58,480 have been trouble damages, which of course, in, in these kinds of 145 00:07:58,480 --> 00:08:02,880 cases is a possibility where you can actually get three times the 146 00:08:02,880 --> 00:08:07,080 amount that you're suing for in, in, in trouble damages. 147 00:08:07,080 --> 00:08:11,520 And so that's why you're seeing this settlement is because the 148 00:08:11,520 --> 00:08:15,600 NCAA, if they had had that situation transpire, might have 149 00:08:15,600 --> 00:08:17,480 just ceased to exist as an organization. 150 00:08:18,120 --> 00:08:20,560 And a lot of people have said, well, why didn't they just put 151 00:08:20,560 --> 00:08:22,920 the NCAA out of its misery? And I think it's, you know, this 152 00:08:22,920 --> 00:08:24,560 is one of the key points I want to start with. 153 00:08:24,960 --> 00:08:28,240 The whole reason that there's a settlement to begin with is 154 00:08:28,240 --> 00:08:33,120 because, A, the NCAA and its member institutions want to try 155 00:08:33,120 --> 00:08:35,799 to maintain some semblance of their current system. 156 00:08:35,799 --> 00:08:39,799 But B, athletes, despite what you might think, don't really 157 00:08:39,799 --> 00:08:43,120 want to destroy the NCAA or destroy college athletics 158 00:08:43,120 --> 00:08:44,960 because that's where the money is coming from. 159 00:08:45,280 --> 00:08:48,680 So, you know, it's, it's kind of like, you know, if someone owes 160 00:08:48,680 --> 00:08:50,760 you a ton of money and then they declare bankruptcy, well, you're 161 00:08:50,760 --> 00:08:52,040 not getting any of that money back. 162 00:08:52,040 --> 00:08:54,840 So you've kind of played yourself at that point. 163 00:08:54,960 --> 00:08:57,680 If you force that business out of business and into bankruptcy 164 00:08:57,680 --> 00:09:00,720 because you're going to get pennies, if at all, on what your 165 00:09:00,720 --> 00:09:03,840 original amount was that you were looking for, that you felt 166 00:09:03,840 --> 00:09:07,560 like you needed. So so you get this lawsuit. 167 00:09:07,560 --> 00:09:09,760 And actually we had a good question from Robbie Malkinson 168 00:09:09,760 --> 00:09:13,680 that I'll start with here. Robbie asked, you know, why was 169 00:09:13,680 --> 00:09:19,160 it that the cut off mark was 2016 for the former players who 170 00:09:19,160 --> 00:09:21,800 deserve payback or payoff of revenue sharing rather than 171 00:09:21,800 --> 00:09:26,800 going further back? And I believe the answer to that 172 00:09:27,000 --> 00:09:31,760 is that, you know, because the lawsuits were filed in 2021 ish 173 00:09:32,160 --> 00:09:36,480 2020 regarding this, what they did was they basically took all 174 00:09:36,480 --> 00:09:39,240 the athletes that were involved in the lawsuit based upon the 175 00:09:39,240 --> 00:09:41,520 timetable where NIL was suddenly allowed. 176 00:09:41,520 --> 00:09:44,800 And they said, well, you know, nobody who was an athlete in 177 00:09:44,800 --> 00:09:49,280 college that completed their eligibility at a point where NIL 178 00:09:49,280 --> 00:09:54,080 was not on the table can really make a claim to being, you know, 179 00:09:54,080 --> 00:09:57,080 aggrieved or having been kept from money. 180 00:09:57,080 --> 00:09:59,560 That might have been something that they were entitled to, 181 00:09:59,560 --> 00:10:01,240 which I think is dubious in and of itself. 182 00:10:01,240 --> 00:10:03,760 But essentially they said, you know, if you started school in 183 00:10:03,760 --> 00:10:08,080 2016 and you were to graduate, your eligibility ran out in 2020 184 00:10:08,080 --> 00:10:10,040 or 2021. You have a, you have a beef 185 00:10:10,040 --> 00:10:11,760 here. You have a complaint that you 186 00:10:11,760 --> 00:10:13,800 were deprived the opportunity to make money. 187 00:10:13,960 --> 00:10:16,960 So they started it there essentially saying if you, if 188 00:10:16,960 --> 00:10:22,000 you, if you were a freshman in 2016 or later, you were deprived 189 00:10:22,240 --> 00:10:26,240 of potentially having an IL as part of your financial 190 00:10:26,280 --> 00:10:28,600 incentivization at the collegiate level. 191 00:10:28,600 --> 00:10:32,680 But before that, it was like essentially too early. 192 00:10:32,760 --> 00:10:35,720 So that's why it's it's really it really has to do with when 193 00:10:35,720 --> 00:10:39,240 the NCAA said this is something that we're allowing and then 194 00:10:39,240 --> 00:10:42,120 they backdated it based upon who might have been eligible for it 195 00:10:42,440 --> 00:10:44,840 in terms of what their current eligibility was at that point in 196 00:10:44,840 --> 00:10:47,760 time. That isn't to say that athletes 197 00:10:47,760 --> 00:10:52,200 prior to 2016 shouldn't, you know, be able, I think to say, 198 00:10:52,200 --> 00:10:55,520 wait, we really should have been given this consideration. 199 00:10:55,520 --> 00:10:57,160 But then essentially there's no cut off. 200 00:10:57,240 --> 00:10:59,320 And so I think that that's why this cut off was was 201 00:10:59,320 --> 00:11:00,680 acknowledged. And I think from a court 202 00:11:00,680 --> 00:11:03,640 perspective, they're probably not comfortable with saying, 203 00:11:03,640 --> 00:11:06,120 well, you know, this wasn't even a possibility if you graduated 204 00:11:06,120 --> 00:11:08,760 in say 2019, but we still should consider you. 205 00:11:08,760 --> 00:11:10,520 I don't think they wanted to go that direction. 206 00:11:10,520 --> 00:11:14,720 So that's why that was set up the way that it was the 207 00:11:14,720 --> 00:11:17,480 settlement. As it's, as it's currently been 208 00:11:17,520 --> 00:11:21,320 laid out, it's a $2.8 billion payment that has to be paid out 209 00:11:21,320 --> 00:11:25,160 over the course of ten years. So, you know, roughly two $280 210 00:11:25,160 --> 00:11:31,720 million a year and what they're going to do, the way that this 211 00:11:31,720 --> 00:11:36,760 payment works out is the NCAA is using a reserve fund, which is, 212 00:11:37,040 --> 00:11:42,000 you know, from the profits the NCAA earns, which the fact that 213 00:11:42,000 --> 00:11:45,000 the NCAA earns profits is an interesting problem in and of 214 00:11:45,000 --> 00:11:46,720 itself, but we could talk about that at another time. 215 00:11:47,160 --> 00:11:50,000 But that's going to pay for 40% of the 2.8 billion. 216 00:11:50,440 --> 00:11:53,360 And so the NCAA is basically taking the extra money that 217 00:11:53,360 --> 00:11:56,440 they've earned off of what is primarily the NCAA men's 218 00:11:56,440 --> 00:11:59,320 basketball tournament television contract money, and they're 219 00:11:59,320 --> 00:12:02,920 applying that to pay 40% of this 2.8 billion. 220 00:12:02,920 --> 00:12:07,960 So, you know, about 1.41 point 5 or 1.3 billion, somewhere in 221 00:12:07,960 --> 00:12:11,480 that range will come from that. I guess it'd be closer to 1.2 222 00:12:11,480 --> 00:12:13,080 billion, whatever. I can't do math. 223 00:12:14,320 --> 00:12:17,600 The other 60% of this payout is actually coming from the 224 00:12:17,600 --> 00:12:20,640 conferences. Now this is I think an 225 00:12:20,640 --> 00:12:23,960 interesting one in terms of how this all sets up and there was 226 00:12:23,960 --> 00:12:26,440 some confusion and some argumentation about this. 227 00:12:27,160 --> 00:12:30,280 The power conference schools which are which right now is the 228 00:12:30,280 --> 00:12:34,160 schools that have belonged in the last few years to the ACCSEC 229 00:12:34,160 --> 00:12:40,640 Big 10, Big 12 and PAC 12 are paying 40% of the remain of of 230 00:12:40,640 --> 00:12:44,280 the remainder of the amount of money which means like for. 231 00:12:44,680 --> 00:12:47,960 A school like Indiana, you're going to probably be paying 232 00:12:47,960 --> 00:12:51,520 somewhere between 1:00 to $2,000,000 per year for the next 233 00:12:51,520 --> 00:12:53,680 decade. That will go specifically to 234 00:12:53,680 --> 00:13:01,800 paying down this settlement. That's also going to impact the 235 00:13:01,800 --> 00:13:04,040 amount of money that the conferences are earning off of 236 00:13:04,040 --> 00:13:08,000 the NCAA March Madness tournament revenues. 237 00:13:08,480 --> 00:13:11,120 So you know the way that that works. 238 00:13:11,120 --> 00:13:14,360 That's a complicated system, but essentially conferences get paid 239 00:13:14,360 --> 00:13:17,480 based upon the number of units that their teams generate in the 240 00:13:17,480 --> 00:13:19,640 tournament. A unit is every round that 241 00:13:19,640 --> 00:13:21,720 you're in. So if you've got five teams in 242 00:13:21,720 --> 00:13:24,160 the first round of the tournament, you get 5 units. 243 00:13:24,360 --> 00:13:26,800 If you've got three teams in the second round of the tournament, 244 00:13:26,800 --> 00:13:29,160 you get three additional units, which is why it's always good to 245 00:13:29,160 --> 00:13:31,200 have your teams advancing in the NCAA tournament. 246 00:13:31,200 --> 00:13:33,840 So money's coming out of that as well then? 247 00:13:35,080 --> 00:13:37,240 The. You know, that money is coming 248 00:13:37,720 --> 00:13:41,480 at least in part by the other schools that are in Division 249 00:13:41,480 --> 00:13:44,520 One. So you're talking about the 250 00:13:44,520 --> 00:13:48,160 Group of Five, which is, you know, like Ball State or 251 00:13:48,160 --> 00:13:51,720 Appalachian State or East Carolina and then non FBS 252 00:13:51,720 --> 00:13:53,560 schools. So basically schools that don't 253 00:13:53,560 --> 00:13:56,960 have football, Xavier, Georgetown, that technically 254 00:13:56,960 --> 00:13:58,800 Georgetown does have football there. 255 00:13:58,840 --> 00:14:02,440 There's other schools like that that don't have football, but 256 00:14:02,440 --> 00:14:04,800 are, you know, like there's a lot of teams in the Big East 257 00:14:04,800 --> 00:14:06,120 that would fall into that category. 258 00:14:06,560 --> 00:14:08,120 So. What you're dealing with is a 259 00:14:08,120 --> 00:14:11,440 little bit of disproportionality in that even though a lot of 260 00:14:11,440 --> 00:14:14,280 this money is going to end up going to football and basketball 261 00:14:14,280 --> 00:14:20,240 players, realistically speaking. A lot of the money in terms of 262 00:14:20,240 --> 00:14:22,360 what's going to the settlement is going to be coming from 263 00:14:22,560 --> 00:14:25,320 conferences that don't make that much money compared to the Power 264 00:14:25,320 --> 00:14:27,920 5. So this is an interesting 265 00:14:27,920 --> 00:14:29,760 aspect. And, you know, there's an 266 00:14:29,760 --> 00:14:31,920 interesting element to this. And this is actually a question 267 00:14:31,920 --> 00:14:35,320 asked by Pitt Hoosier. Pitt Hoosier asks. 268 00:14:35,800 --> 00:14:38,840 The NCAA makes billions from the NCAA basketball tournament. 269 00:14:39,560 --> 00:14:42,400 If the NCAA goes away and conferences capture March 270 00:14:42,400 --> 00:14:44,440 Madness money, does that rebalance the importance of 271 00:14:44,440 --> 00:14:46,480 basketball schools and future realignment? 272 00:14:46,480 --> 00:14:49,680 So let me back up there for a second and and just say this. 273 00:14:50,480 --> 00:14:53,040 There was an interesting article by Dan Wetzel, which I would 274 00:14:53,040 --> 00:14:57,240 recommend everybody check out. And this was from basically 275 00:14:57,240 --> 00:14:59,560 about eight days ago. In fact, I'm going to share it 276 00:14:59,560 --> 00:15:03,320 here on the screen. For those of you who are 277 00:15:03,520 --> 00:15:06,120 watching. On YouTube. 278 00:15:06,400 --> 00:15:13,760 So the the way that this sets up essentially is as follows when 279 00:15:14,040 --> 00:15:19,400 when you're looking at the way in which you know these things 280 00:15:19,520 --> 00:15:21,480 meter out. One of the big questions for a 281 00:15:21,480 --> 00:15:27,680 while has been how and what happens to the NCAA S March 282 00:15:27,680 --> 00:15:30,200 Madness tournament if the NCAA goes away. 283 00:15:30,200 --> 00:15:33,120 There's been a lot of talk about the power conferences saying, 284 00:15:33,360 --> 00:15:36,960 well, gosh, we think we should have that money as opposed to it 285 00:15:36,960 --> 00:15:39,320 being distributed to the entire NCAA membership. 286 00:15:39,320 --> 00:15:41,240 A lot of people have been worried that the power 287 00:15:41,240 --> 00:15:44,240 conferences will just kill off what we know is March Madness 288 00:15:44,240 --> 00:15:47,280 and create something that is just within their own universe 289 00:15:47,280 --> 00:15:49,440 of teams. Wetzel makes an interesting 290 00:15:49,440 --> 00:15:54,360 point which I'm going to, I'm going to zoom into here, which 291 00:15:54,360 --> 00:15:58,640 is essentially the big schools and big conferences have about 292 00:15:58,640 --> 00:16:02,240 2.1 billion reasons to stay put and keep both the NCAA and the 293 00:16:02,240 --> 00:16:05,160 other 27 Division One conferences alive and viable. 294 00:16:05,600 --> 00:16:09,920 Because you know, the NCAA is picking up 1.1 billion of the 295 00:16:09,920 --> 00:16:13,240 tab. And then of the remaining 1.65 296 00:16:13,240 --> 00:16:17,160 billion, the Power 5 conferences have to pay 664,000,000. 297 00:16:17,440 --> 00:16:21,120 The remaining 27 leagues will cover 990,000,000. 298 00:16:21,400 --> 00:16:24,840 And So what you're ending up with is a situation that even 299 00:16:24,840 --> 00:16:27,760 though 85% of the settlement of money goes to football players, 300 00:16:28,280 --> 00:16:32,280 you'll have schools that are essentially not football schools 301 00:16:32,320 --> 00:16:35,200 helping to pay into that. But what that might end up doing 302 00:16:35,200 --> 00:16:38,080 is essentially saying, well, for the next 10 years, the power 303 00:16:38,080 --> 00:16:42,840 conferences have no impetus. To get rid of the NCAA as an 304 00:16:42,840 --> 00:16:46,160 organizing entity, they have no impetus to try to kill off the 305 00:16:46,160 --> 00:16:49,720 smaller leagues or have them drop out of the NCAA because. 306 00:16:50,480 --> 00:16:52,680 As long as they're alive, they're going to be paying 307 00:16:52,680 --> 00:16:55,160 elements of that settlement and that means that's money that's 308 00:16:55,160 --> 00:16:59,240 not coming out of the power conference teams or conferences 309 00:16:59,240 --> 00:17:02,520 and so that. Is essentially, I think it's an 310 00:17:02,520 --> 00:17:06,280 interesting idea because I think ultimately what it means is the 311 00:17:06,280 --> 00:17:09,240 NCAA tournament is probably going to be just fine the way 312 00:17:09,240 --> 00:17:12,160 that it is. It might, however, mean that you 313 00:17:12,160 --> 00:17:15,960 get a few more teams in the NCAA because as that. 314 00:17:16,200 --> 00:17:20,119 Contract gets looked at, and since we're looking at 10 years 315 00:17:20,119 --> 00:17:24,160 from I think next year you're talking about 20342035. 316 00:17:24,400 --> 00:17:27,480 The NCAA, when they renegotiate, may want to add some teams to 317 00:17:27,480 --> 00:17:31,200 the NCAA tournament to generate additional revenue, since more 318 00:17:31,200 --> 00:17:34,640 teams means more games and more games means more inventory. 319 00:17:35,160 --> 00:17:37,560 So this is. How the financial structures of 320 00:17:37,560 --> 00:17:40,320 this are working out now to to Pitt Hoosier's question about 321 00:17:40,680 --> 00:17:43,240 does that rebalance the important of basketball and 322 00:17:43,240 --> 00:17:45,240 basketball schools and future realignment. 323 00:17:45,600 --> 00:17:49,280 It probably doesn't in terms of the individual conferences. 324 00:17:50,120 --> 00:17:52,200 And I think, you know, one of the big things to keep in mind 325 00:17:52,200 --> 00:17:55,520 and we'll get to this as we get into the next aspect of this 326 00:17:55,520 --> 00:17:59,360 settlement. Is ultimately the best 327 00:17:59,360 --> 00:18:02,320 basketball only schools or the best schools where it's, you 328 00:18:02,320 --> 00:18:05,440 know, where there's no football, just don't make nearly enough 329 00:18:05,440 --> 00:18:10,600 revenue to make it worth the while of the conferences that 330 00:18:10,600 --> 00:18:13,680 are comprised of football playing schools to allow them 331 00:18:13,680 --> 00:18:15,760 in. Part of it is the amount of 332 00:18:15,760 --> 00:18:17,800 money you just make off of football straight up, but part 333 00:18:17,800 --> 00:18:20,960 of it is, you know, you need extra inventory for television. 334 00:18:20,960 --> 00:18:23,240 I know you you're all going to probably by the time I get done 335 00:18:23,240 --> 00:18:27,360 with these podcasts hate, but I keep talking about inventory and 336 00:18:27,520 --> 00:18:29,000 all of that. You're like, what about what 337 00:18:29,000 --> 00:18:30,760 about the games? What about the pageantry? 338 00:18:30,760 --> 00:18:34,160 I understand all of that, but what I what I'm, what I want to 339 00:18:34,200 --> 00:18:36,880 get across to you is you have to look at this stuff in dollars 340 00:18:36,880 --> 00:18:42,240 and cents and what is valuable. And ultimately, football drives 341 00:18:42,240 --> 00:18:45,720 so much in terms of advertising revenue, in terms of ticket 342 00:18:45,720 --> 00:18:49,520 sales, in terms of attention, in terms of, you know, what draws 343 00:18:49,520 --> 00:18:52,280 eyeballs to television. And that is the game right now. 344 00:18:52,680 --> 00:18:55,280 You know, basketball is certainly not unpopular. 345 00:18:55,280 --> 00:18:58,280 And when you get something like March Madness, it does draw, you 346 00:18:58,280 --> 00:19:00,400 know, draws advertisers, it draws ratings. 347 00:19:00,760 --> 00:19:04,320 But, you know, most college basketball games independently 348 00:19:04,320 --> 00:19:06,720 just don't draw that much in terms of ratings. 349 00:19:07,120 --> 00:19:09,440 And you see that across the board. 350 00:19:09,440 --> 00:19:11,240 It's not something limited to college basketball. 351 00:19:11,280 --> 00:19:13,800 I mean, college, you know, women's college basketball has 352 00:19:13,800 --> 00:19:16,080 the same thing. The WNBA has the same thing. 353 00:19:16,080 --> 00:19:19,840 Even NBA games, outside of really important playoff games, 354 00:19:19,840 --> 00:19:23,320 don't really get anywhere close to their football counterparts. 355 00:19:23,320 --> 00:19:26,480 And so I don't think that I think that the the football 356 00:19:26,480 --> 00:19:29,240 schools that play basketball will continue to be important 357 00:19:29,240 --> 00:19:31,920 because they do draw ratings. Indiana is a good example of a 358 00:19:31,920 --> 00:19:33,520 school that falls into that category. 359 00:19:33,880 --> 00:19:36,320 But if you're not playing football and you're not 360 00:19:36,320 --> 00:19:38,960 competitive in football, I'm not sure how much you're going to 361 00:19:38,960 --> 00:19:40,320 matter in terms of the big scheme of. 362 00:19:40,320 --> 00:19:42,720 Things moving forward. So these are some things to keep 363 00:19:42,720 --> 00:19:45,000 in mind as far as all that's concerned. 364 00:19:47,160 --> 00:19:50,200 So let's talk about the rest of this settlement and, and where 365 00:19:50,200 --> 00:19:53,240 it goes. So let me share my screen with 366 00:19:53,240 --> 00:19:57,800 you once again because I think that this is worth checking out 367 00:19:58,240 --> 00:20:01,800 if you look at this article. So that this future revenue 368 00:20:01,800 --> 00:20:06,080 sharing structure, this proposal that's been voted on and agreed 369 00:20:06,080 --> 00:20:11,040 to by the conferences and by the NCAA, creates a spending cap of 370 00:20:11,040 --> 00:20:14,640 roughly no more than $22 million annually for each university, 371 00:20:15,040 --> 00:20:18,120 which is similar to salary caps used by professional leagues. 372 00:20:18,720 --> 00:20:23,720 The 22% figure represents the That's 22% of their 22 million. 373 00:20:24,040 --> 00:20:27,600 22% of that is the average meteorites ticket sales and 374 00:20:27,600 --> 00:20:29,960 sponsorship revenue of each power conference school. 375 00:20:29,960 --> 00:20:32,960 So the average power conference school generates about $100 376 00:20:32,960 --> 00:20:34,880 million in annual revenue stream. 377 00:20:34,880 --> 00:20:38,520 So they basically said, let's take 22% of that, that will be 378 00:20:38,520 --> 00:20:44,440 the cap that a school can pay in terms of of NIL. 379 00:20:44,920 --> 00:20:47,800 And what's going to be interesting with all of this, 380 00:20:47,800 --> 00:20:50,520 obviously, and, and there's a lot more details here. 381 00:20:50,520 --> 00:20:52,840 I'm just kind of skimming over the basics in this episode. 382 00:20:53,080 --> 00:20:55,040 What's going to be interesting in all of that is a. 383 00:20:56,440 --> 00:20:59,360 You know. Will that rise or fall as more 384 00:20:59,360 --> 00:21:02,000 revenue is generated? The answer is probably yes. 385 00:21:02,960 --> 00:21:06,800 The other thing, though, is, you know, that's a cap on what 386 00:21:06,800 --> 00:21:08,840 schools are going to be able to directly pay. 387 00:21:08,840 --> 00:21:12,000 And that's the other big wrinkle here is that up to this point, 388 00:21:12,280 --> 00:21:15,200 the NCAA and its member schools have tried to pursue this 389 00:21:15,200 --> 00:21:19,320 approach, that the only money that can come in for NIL has to 390 00:21:19,320 --> 00:21:21,240 be from outside sources. And the. 391 00:21:21,240 --> 00:21:25,520 Idea was that we want to limit this to independent businesses 392 00:21:25,840 --> 00:21:29,360 communicating and and striking deals with individual athletes. 393 00:21:29,760 --> 00:21:33,040 What's happened in reality is you've had these NIL collectives 394 00:21:33,040 --> 00:21:35,840 pop up all over the country, many of whom are working 395 00:21:35,840 --> 00:21:37,640 directly with the athletic departments. 396 00:21:37,880 --> 00:21:41,600 And so it's essentially like a separate third party, but it's 397 00:21:41,600 --> 00:21:44,560 operating specifically within the interests of coaches and 398 00:21:44,560 --> 00:21:49,600 within the interests of athletic directors, which while you know 399 00:21:49,600 --> 00:21:54,600 by the letter that works with what the NCAA said you could do, 400 00:21:55,000 --> 00:21:58,760 the spirit of it is certainly not what the NCAA intended. 401 00:21:59,080 --> 00:22:03,160 What this settlement is doing is essentially it's removing most 402 00:22:03,280 --> 00:22:08,120 of the hypocrisy and the the lack of consistency within that 403 00:22:08,120 --> 00:22:12,560 arrangement to now schools are going to be able to directly pay 404 00:22:12,560 --> 00:22:16,400 athletes. And I think to some degree the 405 00:22:16,400 --> 00:22:18,880 idea is that they're going to bring their NIL operations in 406 00:22:18,880 --> 00:22:21,760 house, but maybe not. And, and, you know, I think the 407 00:22:21,760 --> 00:22:25,480 idea was, OK, we want to get these NIL collectives under 408 00:22:25,640 --> 00:22:28,200 control has been the argument from a lot of people in the 409 00:22:28,200 --> 00:22:32,040 NCAA. But there's really no way for 410 00:22:32,040 --> 00:22:37,000 the NCAA to police what collectives do down the line. 411 00:22:37,360 --> 00:22:39,960 And what's going to be interesting is this $22 million 412 00:22:39,960 --> 00:22:42,400 figure, A, there's going to be several universities. 413 00:22:42,720 --> 00:22:44,760 They're going to be like, we're not going to pay all of that. 414 00:22:45,320 --> 00:22:47,320 You know, we're only going to pay a proportion of it. 415 00:22:47,600 --> 00:22:49,800 For some of the smaller schools. It's it's probably an 416 00:22:49,800 --> 00:22:52,360 impossibility because, you know, we mentioned that that $100 417 00:22:52,360 --> 00:22:56,080 million figure per school is the average, which means there's at 418 00:22:56,080 --> 00:23:00,320 least, you know, close to 50% of schools are earning under the 419 00:23:00,320 --> 00:23:02,800 average and it's probably more like 60 or 70%. 420 00:23:03,160 --> 00:23:05,200 This is where your statistics things. 421 00:23:05,520 --> 00:23:08,080 Your statistics ideas come in handy if you understand the 422 00:23:08,080 --> 00:23:10,000 difference between mean and median. 423 00:23:10,560 --> 00:23:11,800 Excuse. Me, yeah, that's right. 424 00:23:11,800 --> 00:23:13,600 Mean and median. Took me a second to remember it 425 00:23:13,600 --> 00:23:17,840 as well. You know, high numbers skew from 426 00:23:17,840 --> 00:23:21,440 a revenue perspective. The amount of money Texas, Ohio 427 00:23:21,440 --> 00:23:25,920 State, Michigan bring in is going to skew your average way 428 00:23:25,920 --> 00:23:29,120 high compared to what like a Max school brings in or a Conference 429 00:23:29,120 --> 00:23:31,160 USA school. So you're going to have a lot of 430 00:23:31,160 --> 00:23:36,080 schools within the top level of college sports that aren't going 431 00:23:36,080 --> 00:23:37,320 to. Pay the full 22 million, but 432 00:23:37,320 --> 00:23:38,320 you're going to have a lot of schools. 433 00:23:38,400 --> 00:23:39,760 They're not. They're going to look at that 22 434 00:23:39,760 --> 00:23:41,320 million is like that's the floor. 435 00:23:41,600 --> 00:23:43,640 Like, of course we're going to pay the full 22 million. 436 00:23:44,120 --> 00:23:45,800 And we're still. Going to use our collective 437 00:23:45,800 --> 00:23:51,240 money from outside to bolster that and this is probably the 438 00:23:51,280 --> 00:23:56,440 the biggest wrinkle that I would anticipate is going to create 439 00:23:56,440 --> 00:23:57,960 problems down the line like this. 440 00:23:57,960 --> 00:24:02,560 I this, the more I look at this settlement, the idea that 441 00:24:03,560 --> 00:24:07,040 schools are going to be satisfied without some kind of 442 00:24:07,040 --> 00:24:11,680 binding top end limit that they cannot exceed, the idea that 443 00:24:11,680 --> 00:24:13,720 schools are going to be satisfied with being like, well, 444 00:24:13,720 --> 00:24:15,920 we got to stop here because the NCAA says we do. 445 00:24:15,920 --> 00:24:17,600 They will find a way around that. 446 00:24:18,000 --> 00:24:20,800 And so that's going to be a really fascinating thing to 447 00:24:20,800 --> 00:24:24,840 watch as as we see this whole thing develop because ultimately 448 00:24:25,800 --> 00:24:28,560 if we've if we figured anything out and I think this the the way 449 00:24:28,560 --> 00:24:32,000 the collectives exploded after the 2021 change. 450 00:24:32,280 --> 00:24:34,400 By the NCAA to allow name, image and likeness. 451 00:24:34,400 --> 00:24:37,480 If that has demonstrated anything to us over time, it's 452 00:24:37,480 --> 00:24:39,120 that. Schools will press every single 453 00:24:39,120 --> 00:24:42,040 advantage they can if they think that it means that they're going 454 00:24:42,040 --> 00:24:44,520 to get an advantage in terms of procuring players. 455 00:24:45,040 --> 00:24:47,640 When that's been the case for decades, you know this is. 456 00:24:47,920 --> 00:24:50,800 Where a lot. Of the foolishness around Should 457 00:24:50,800 --> 00:24:52,680 we pay athletes or not? It's like athletes have been 458 00:24:52,680 --> 00:24:55,560 getting paid for decades, many of them under the table. 459 00:24:55,560 --> 00:24:58,680 Not by every school, but by most competitive schools. 460 00:25:00,320 --> 00:25:04,240 And so the idea that, oh, we're going to put this this limit out 461 00:25:04,240 --> 00:25:06,560 there and nobody's going to exceed it. 462 00:25:07,000 --> 00:25:09,640 It that sounds fanciful to me. I don't think that that's 463 00:25:09,640 --> 00:25:11,480 actually what's going to happen. So we'll have to see what 464 00:25:11,480 --> 00:25:14,680 happens with all of that. But that will be one of the big 465 00:25:15,600 --> 00:25:18,200 trip wires on all of this as we move forward. 466 00:25:18,200 --> 00:25:20,960 I'm going to delve into that a lot more as we get further into 467 00:25:20,960 --> 00:25:25,040 this podcast series. The other two things that I 468 00:25:25,040 --> 00:25:29,440 think are noteworthy out of this settlement, one of them is this 469 00:25:29,440 --> 00:25:31,280 idea that is part of the settlement. 470 00:25:31,960 --> 00:25:34,560 Athletes are still not considered employees. 471 00:25:35,000 --> 00:25:39,960 And according to the settlement, the athletes that are suing are 472 00:25:39,960 --> 00:25:44,080 going to essentially cease fighting the NCAA. 473 00:25:44,640 --> 00:25:49,000 When it comes to lobbying on the idea that, you know, the NCAA 474 00:25:49,040 --> 00:25:52,360 and its member schools want an antitrust exemption, to be able 475 00:25:52,360 --> 00:25:56,840 to say essentially, our business is different, we should not have 476 00:25:56,840 --> 00:25:58,960 to classify athletes as employees. 477 00:25:59,920 --> 00:26:02,480 Henceforth, Congress, please give us an antitrust exemption 478 00:26:02,640 --> 00:26:04,640 so that we can continue to do essentially what we've been 479 00:26:04,640 --> 00:26:06,400 doing. Like, look, hey, we're paying 480 00:26:06,400 --> 00:26:08,480 players now. That should be enough, but we 481 00:26:08,480 --> 00:26:10,200 don't want them classified as employees. 482 00:26:11,120 --> 00:26:14,080 That doesn't seem like it's going to bear a lot of fruit. 483 00:26:14,080 --> 00:26:17,560 I have a real hard time right now, and we've been saying this 484 00:26:17,560 --> 00:26:20,040 for three years now, I have a real hard time seeing Congress 485 00:26:20,040 --> 00:26:24,080 ever giving the NCAA an antitrust exemption because 486 00:26:24,080 --> 00:26:26,160 ultimately there's not really a good argument for it. 487 00:26:26,480 --> 00:26:29,720 Like the the the argument from colleges and universities right 488 00:26:29,720 --> 00:26:35,000 now, from best I can tell is we need an antitrust exemption 489 00:26:35,120 --> 00:26:37,120 because we don't want to call athletes employees. 490 00:26:37,960 --> 00:26:41,640 We're going to be paying athletes directly for name, 491 00:26:41,640 --> 00:26:43,680 image and likeness. We're not paying them to be 492 00:26:43,680 --> 00:26:45,840 athletes. We're just paying them based 493 00:26:45,840 --> 00:26:47,480 upon their name, image and likeness. 494 00:26:48,080 --> 00:26:51,400 And by the way, according to this settlement, the NCAA and 495 00:26:51,400 --> 00:26:54,440 its member schools are going to police name, image and likeness 496 00:26:54,440 --> 00:26:57,200 to make sure it's actually name, image and likeness and not pay 497 00:26:57,200 --> 00:26:59,240 for play. Because they seem to think that 498 00:26:59,240 --> 00:27:01,920 there's a distinction there That if they keep saying, well, 499 00:27:01,920 --> 00:27:04,680 they're not being paid to be like for their own field or on 500 00:27:04,680 --> 00:27:07,880 court performance, they're just getting paid because they're 501 00:27:07,880 --> 00:27:11,520 popular people. That that is somehow a legal 502 00:27:11,520 --> 00:27:15,440 distinction that's going to work to justify essentially having a 503 00:27:15,440 --> 00:27:17,880 labor structure that is unlike anything else in the United 504 00:27:17,880 --> 00:27:19,320 States. That is, that is the 505 00:27:19,320 --> 00:27:22,920 justification right now. That doesn't seem like it's 506 00:27:22,920 --> 00:27:24,800 going to work for a couple of reasons. 507 00:27:24,800 --> 00:27:29,760 First of all, I think that, you know, if you know anything about 508 00:27:29,760 --> 00:27:33,360 Congress, you know, Congress likes to take on high profile 509 00:27:33,360 --> 00:27:34,680 things. They like to have committee 510 00:27:34,680 --> 00:27:36,080 meetings. They let, you know, Congress 511 00:27:36,080 --> 00:27:40,320 people like to parade up there and they like to, you know, say 512 00:27:40,320 --> 00:27:42,320 nasty things into the microphone or they like. 513 00:27:42,320 --> 00:27:43,720 To say things that. Are going to be good sound 514 00:27:43,720 --> 00:27:45,800 bites. So, you know, we've had what 515 00:27:45,800 --> 00:27:48,760 three or four, it feels like different committee hearings 516 00:27:48,760 --> 00:27:52,360 about, you know, saving college sports or we need to do XYZ for 517 00:27:52,360 --> 00:27:55,280 college sports. We haven't even had a vote come 518 00:27:55,280 --> 00:27:57,440 up yet in either House of Congress. 519 00:27:57,440 --> 00:27:59,120 I don't even know if we've had a committee vote. 520 00:27:59,120 --> 00:28:02,760 I don't think we have about an actual antitrust exemption for 521 00:28:02,760 --> 00:28:07,120 college athletics where they wouldn't have to pay their their 522 00:28:07,120 --> 00:28:12,280 students as as employees. And I don't see that changing, 523 00:28:12,280 --> 00:28:16,360 especially in an election year. This is a Congress that can 524 00:28:16,360 --> 00:28:19,600 barely agree what day of the week it is, let alone something 525 00:28:19,600 --> 00:28:22,640 as complex as this where you've got people on either side of the 526 00:28:22,640 --> 00:28:25,280 political equation who don't think an antitrust exemption 527 00:28:25,280 --> 00:28:30,320 makes a lot of sense. And so that whole aspect of 528 00:28:30,320 --> 00:28:31,800 things really doesn't seem likely. 529 00:28:31,800 --> 00:28:34,640 We heard Greg Sankey talk about this from the SEC. 530 00:28:35,480 --> 00:28:37,480 Where? You know, he was like, you know, 531 00:28:37,480 --> 00:28:39,520 I'd, I'd really like to see Congress act. 532 00:28:40,160 --> 00:28:42,880 And even he in his in his comments seem to acknowledge 533 00:28:42,880 --> 00:28:46,160 that that was a long shot. So much of what the NCAA is 534 00:28:46,160 --> 00:28:49,880 doing with this settlement is predicated on this idea that 535 00:28:49,880 --> 00:28:51,600 they're going to be able to maintain their business 536 00:28:51,600 --> 00:28:53,200 structure. And when you break their 537 00:28:53,200 --> 00:28:56,600 business structure down, it is basically these are students, 538 00:28:56,600 --> 00:29:00,280 they're not employees. They should come in and they 539 00:29:00,280 --> 00:29:03,080 should play for us for free, but we're going to let them earn 540 00:29:03,080 --> 00:29:07,280 money is basically a side gig based upon being part of the 541 00:29:07,280 --> 00:29:10,680 team. It it's a very convoluted thing 542 00:29:10,720 --> 00:29:13,240 that when you break it down, it's like a lot of these nil 543 00:29:13,240 --> 00:29:16,080 deals are they're entirely because these are players that 544 00:29:16,080 --> 00:29:18,920 are now on your team. And you know, all of them. 545 00:29:18,920 --> 00:29:23,520 The talk we heard all of these stories and, and things that 546 00:29:23,520 --> 00:29:25,480 have been written over the course of just these last few 547 00:29:25,480 --> 00:29:28,960 months about, you know, players getting a million and a half, 548 00:29:28,960 --> 00:29:31,720 $2,000,000 in nil money. I mean, there's the, the, the 549 00:29:31,720 --> 00:29:36,240 case of the case of Great Azabore, who is the transfer 550 00:29:36,720 --> 00:29:41,000 from, I forget what school he came from, but he's going to 551 00:29:41,000 --> 00:29:45,000 Washington University and he allegedly got a $2.1 million nil 552 00:29:45,480 --> 00:29:47,400 payment. Well, of course he's getting 553 00:29:47,400 --> 00:29:49,400 that payment because he's going to play basketball at 554 00:29:49,400 --> 00:29:52,640 Washington. I mean, that's, there's no other 555 00:29:52,840 --> 00:29:58,840 real factual argument about why he would be getting that much 556 00:29:58,840 --> 00:30:02,160 money. So it's really a flimsy case. 557 00:30:02,160 --> 00:30:05,920 And what's going to be fascinating is not only a, you 558 00:30:05,920 --> 00:30:09,680 know, how much more money we we saw, yes, last week, I think it 559 00:30:09,680 --> 00:30:12,320 was Amanda Kristovich from Front Office Sports had a really 560 00:30:12,320 --> 00:30:15,360 interesting article where she talked about how the NCAA and 561 00:30:15,360 --> 00:30:18,440 its member institutions have spent like $15 million lobbying 562 00:30:18,440 --> 00:30:24,680 Congress for an NIL based antitrust exemption, trying to 563 00:30:24,680 --> 00:30:27,000 keep athletes from being classified as employees. 564 00:30:27,000 --> 00:30:30,160 And it's like so much has been invested in this effort already, 565 00:30:30,360 --> 00:30:32,200 and it's not really bearing any fruit. 566 00:30:32,440 --> 00:30:35,520 How much more time and money is the NCAA and its member 567 00:30:35,520 --> 00:30:38,760 institutions going to invest in trying to get this antitrust 568 00:30:38,760 --> 00:30:42,160 exemption before finally realizing that it's not going to 569 00:30:42,160 --> 00:30:44,880 happen because A, Congress is just not likely to act on it. 570 00:30:44,880 --> 00:30:49,760 B, The National Labor Relations Board is probably going to look 571 00:30:49,760 --> 00:30:52,000 at it and say, this is this. I mean, of course their 572 00:30:52,000 --> 00:30:55,440 employees, you know, and it's like colleges and universities, 573 00:30:55,520 --> 00:30:59,320 like it'd be one thing if you didn't have any employees on 574 00:30:59,320 --> 00:31:01,520 your campus at all, if all students were just volunteers, 575 00:31:01,520 --> 00:31:03,800 but you've got a students working as employees all over 576 00:31:03,800 --> 00:31:05,320 your campuses, all over the country. 577 00:31:05,320 --> 00:31:08,200 Why is this different? You know, so these are the kinds 578 00:31:08,200 --> 00:31:11,480 of things that are going to, I think suss out here. 579 00:31:11,960 --> 00:31:15,080 But it, it, it surprises me that the NCAA and its member 580 00:31:15,080 --> 00:31:19,080 institutions decided that this was a settlement that was going 581 00:31:19,080 --> 00:31:21,760 to lead to some kind of antitrust exemption. 582 00:31:22,480 --> 00:31:24,360 It just doesn't feel like it's going to happen. 583 00:31:24,360 --> 00:31:26,160 So that's going to be something to watch. 584 00:31:26,160 --> 00:31:28,600 And it, it ties into some of the things that I'll be talking 585 00:31:28,600 --> 00:31:30,200 about on the future episodes of this. 586 00:31:30,200 --> 00:31:36,120 Because if, if ever, we've had a moment in this whole saga where 587 00:31:36,120 --> 00:31:39,520 it was clear that the NCAA and its member institutions needed 588 00:31:39,600 --> 00:31:42,840 to kind of take a step back and say, look, we've really got to 589 00:31:42,840 --> 00:31:44,680 rethink how we're doing all of this. 590 00:31:44,680 --> 00:31:48,000 This is the time, because the fact that they've now had to 591 00:31:48,000 --> 00:31:51,120 agree to a $2.8 billion settlement, they're going to be 592 00:31:51,120 --> 00:31:54,120 paying athletes for the next 10 years moving forward minimum 593 00:31:54,600 --> 00:32:00,480 and, and paying athletes going back 5-6 years that they're 594 00:32:00,480 --> 00:32:02,240 still thinking that, you know what, we're going to get a 595 00:32:02,240 --> 00:32:06,800 special exception to maintain our business model is the, I 596 00:32:06,800 --> 00:32:09,920 think I will charitably call it the triumph of hope over 597 00:32:09,920 --> 00:32:13,800 experience at this stage. The other thing, and I'm going 598 00:32:13,800 --> 00:32:15,520 to wrap up with this, 'cause I want to try to keep these 599 00:32:15,520 --> 00:32:17,200 episodes a little bit on the shorter side. 600 00:32:17,200 --> 00:32:19,280 I'm going to take one more question after I talk about 601 00:32:19,280 --> 00:32:22,280 this. The, the, the, the real question 602 00:32:22,280 --> 00:32:29,000 I have is Title 9 and, and how that's going to be equated. 603 00:32:29,000 --> 00:32:32,160 And this was actually a question from Noah Myers. 604 00:32:32,160 --> 00:32:34,240 If I have it correct, it's supposed to be an even split 605 00:32:34,240 --> 00:32:37,000 between male and female athletes due to Title 9. 606 00:32:37,640 --> 00:32:40,320 That seems to be a great deal for female athletes, right? 607 00:32:40,320 --> 00:32:42,000 Or will schools find a way to get around it? 608 00:32:42,000 --> 00:32:45,760 So this is probably the other big aspect that nobody's totally 609 00:32:45,760 --> 00:32:49,480 sure about is how Title 9 will get interpreted. 610 00:32:49,480 --> 00:32:52,000 And, you know, I think it's important to understand what 611 00:32:52,000 --> 00:32:54,840 Title 9 is. Title 9 gets talked about a lot, 612 00:32:55,200 --> 00:32:57,720 and not many people know what it actually is. 613 00:32:58,680 --> 00:33:02,760 And so I, I think that it would be helpful to understand what 614 00:33:02,760 --> 00:33:06,160 Title 9 is. Title 9 is a very simple statute 615 00:33:06,160 --> 00:33:09,440 that was passed in 1972. It's actually authored by Birch, 616 00:33:09,440 --> 00:33:12,960 by former Indiana senator. Here's what it states. 617 00:33:13,000 --> 00:33:15,200 This is the entire text of Title 9. 618 00:33:15,640 --> 00:33:19,680 No person in the United States shall, on the basis of sex, be 619 00:33:19,680 --> 00:33:23,960 excluded from participation in, be denied the benefits of, or be 620 00:33:23,960 --> 00:33:27,960 subjected to discrimination under any education program or 621 00:33:27,960 --> 00:33:31,120 activity receiving federal financial assistance. 622 00:33:32,120 --> 00:33:35,320 That's it. That's the whole text of Title 623 00:33:35,320 --> 00:33:38,040 9. What does that mean in action? 624 00:33:39,000 --> 00:33:43,040 Up to this point, Title 9 has really been interpreted as a 625 00:33:43,040 --> 00:33:48,920 participation and opportunity aspect of, of higher education. 626 00:33:49,320 --> 00:33:53,800 And we could, we could go, I can do a whole lecture, actually do 627 00:33:53,800 --> 00:33:57,320 a whole lecture on this in the class about Title 9. 628 00:33:57,840 --> 00:34:00,600 It's important to note that the way Title 9's been evaluated 629 00:34:00,600 --> 00:34:02,840 over the course of time and, and you know, when title nine was 630 00:34:02,840 --> 00:34:06,560 passed in 1972, there were very few athletics opportunities for 631 00:34:06,560 --> 00:34:10,080 females there. The NCAA wasn't even really 632 00:34:10,080 --> 00:34:14,320 involved in female athletics. It was a an entirely separate 633 00:34:14,840 --> 00:34:18,400 athletics organization called the AIAW that was founded that 634 00:34:18,400 --> 00:34:21,800 lasted for about 10 years that that specifically administered 635 00:34:22,159 --> 00:34:24,960 athletics. Most universities had separate 636 00:34:24,960 --> 00:34:27,320 athletic departments for women, including Indiana. 637 00:34:27,719 --> 00:34:33,960 So the whole idea for about the 1st 2530 years of title nine 638 00:34:33,960 --> 00:34:35,400 was. We need to. 639 00:34:35,400 --> 00:34:38,880 Force universities to give opportunities to women and 640 00:34:38,880 --> 00:34:42,400 essentially there's there was a three prong test that was 641 00:34:42,400 --> 00:34:44,360 invented for. That. 642 00:34:44,360 --> 00:34:48,000 Purpose The three prong test was as follows to show whether a 643 00:34:48,000 --> 00:34:51,360 school is providing adequate sports participation 644 00:34:51,360 --> 00:34:54,320 opportunities to girls enrolled at the institution. 645 00:34:55,280 --> 00:34:58,320 Prong one is substantial proportionality, which 646 00:34:58,320 --> 00:35:03,760 essentially is the percentage. Based number of scholarships 647 00:35:03,760 --> 00:35:06,280 that you're offering for athletics So what this. 648 00:35:06,280 --> 00:35:09,720 Means is a school like Indiana, which I think is like 54 or 55% 649 00:35:09,720 --> 00:35:14,360 female. 50. 4 to 55% of your scholarships for athletics need 650 00:35:14,360 --> 00:35:16,680 to go to women. That's proportionality. 651 00:35:17,000 --> 00:35:21,360 It's why a school like Purdue, which is like 28% women, or 652 00:35:21,360 --> 00:35:25,120 Georgia Tech which is like 22% women, can have fewer female 653 00:35:25,120 --> 00:35:27,400 sports and fewer female scholarships. 654 00:35:27,400 --> 00:35:30,160 Because proportionality works both ways. 655 00:35:30,160 --> 00:35:32,440 If you've got majority male, you're representing the 656 00:35:32,440 --> 00:35:36,880 interests of the student body proportionally based upon sex by 657 00:35:37,240 --> 00:35:39,640 giving opportunities based upon that. 658 00:35:39,640 --> 00:35:41,560 So that's why that exists the way that it does. 659 00:35:42,240 --> 00:35:45,560 The second prong of the three prong test is a history and 660 00:35:45,560 --> 00:35:48,680 continuing practice of expanding sports participation 661 00:35:48,680 --> 00:35:53,120 opportunities for girls that we're kind of at a point now 662 00:35:53,120 --> 00:35:56,760 where, and I would say we got there about 1015 years ago where 663 00:35:56,880 --> 00:35:59,240 that ceased to be an issue. Like up until the late 90s, 664 00:35:59,240 --> 00:36:02,840 early 2000s, you still had schools that were out of of 665 00:36:02,840 --> 00:36:05,640 compliance with Title 9, but they were slowly adding women's 666 00:36:05,640 --> 00:36:08,840 sports. And that's why, you know, you 667 00:36:08,920 --> 00:36:12,480 saw some sports get added that, you know, maybe were somewhat 668 00:36:12,480 --> 00:36:15,760 surprising, like IU having field hockey or water polo. 669 00:36:15,760 --> 00:36:19,120 Those aren't natural sports to Indiana, but they were added in 670 00:36:19,120 --> 00:36:21,840 part to try to get IUI think fully up into Title 9 671 00:36:21,840 --> 00:36:23,560 compliance. And that that happened all over 672 00:36:23,560 --> 00:36:25,120 the country. That wasn't just an IU thing. 673 00:36:25,880 --> 00:36:29,240 The third prong is full and effective accommodation of the 674 00:36:29,240 --> 00:36:31,720 athletics interests of the girls enrolled at the school, which 675 00:36:31,720 --> 00:36:35,200 meant basically you. Couldn't not offer a sport. 676 00:36:35,760 --> 00:36:38,720 You know, because it was like financially unreasonable if 677 00:36:38,720 --> 00:36:40,920 there was enough of an interest from people who wanted to play 678 00:36:40,920 --> 00:36:43,320 that sport there, that's those are the prongs. 679 00:36:43,560 --> 00:36:46,120 So how does all that tie into what we're looking at here? 680 00:36:47,160 --> 00:36:48,280 That's the big. Question. 681 00:36:49,600 --> 00:36:52,160 You know, there are arguments being made that because it's not 682 00:36:52,160 --> 00:36:54,480 about participation and opportunity, but it's instead 683 00:36:54,480 --> 00:36:58,560 about money being earned based upon estimated name, image and 684 00:36:58,560 --> 00:37:01,520 likeness. Since the most valuable. 685 00:37:01,760 --> 00:37:06,360 From a commercial perspective, athletes at schools tend to be 686 00:37:06,760 --> 00:37:08,680 athletes in the most popular sports. 687 00:37:08,680 --> 00:37:11,520 From a media perspective, again, football, men's. 688 00:37:11,520 --> 00:37:14,680 Basketball and some isolated instances in other places. 689 00:37:15,080 --> 00:37:17,280 That that's how things should break down from an NIL 690 00:37:17,280 --> 00:37:20,120 perspective. And since Title 9 is focused on 691 00:37:20,120 --> 00:37:24,360 participation and opportunity, not on revenue, since again 692 00:37:24,440 --> 00:37:27,680 going back to what we said earlier, the NCAA keeps. 693 00:37:27,680 --> 00:37:29,360 Claiming that athletes aren't employees. 694 00:37:29,560 --> 00:37:32,840 That ties into this as well. There's a, there's a a lot of 695 00:37:32,840 --> 00:37:36,240 people within the legal community that don't think Title 696 00:37:36,240 --> 00:37:40,080 9 will have much of an impact at all or will be applicable to the 697 00:37:40,080 --> 00:37:42,800 settlement or to future revenue sharing. 698 00:37:43,000 --> 00:37:46,240 This idea that you're going to have to split it evenly or 699 00:37:46,400 --> 00:37:49,760 proportionally based upon the number of athletes that are male 700 00:37:49,760 --> 00:37:51,600 versus the number of athletes that are female. 701 00:37:52,280 --> 00:37:54,160 A lot of people don't. Think that that's the case, but 702 00:37:54,160 --> 00:37:56,280 there are some that argue that it does and that it will. 703 00:37:56,440 --> 00:37:59,640 And I don't really know what the answer is on it. 704 00:37:59,640 --> 00:38:06,040 I I get the sense that we will start to see legal arguments 705 00:38:06,040 --> 00:38:07,920 made both ways. They'll be a lot of back and 706 00:38:07,920 --> 00:38:10,520 forth. And you know, I, I. 707 00:38:10,520 --> 00:38:15,920 Tend to side with the argument that because of the way title 9 708 00:38:16,000 --> 00:38:18,480 is like the way that it reads and the way that it's been 709 00:38:18,480 --> 00:38:21,520 tested up to this point, you're not going to be able to just 710 00:38:21,520 --> 00:38:25,640 come back and say, hey, now it applies to revenue streams and 711 00:38:25,640 --> 00:38:28,280 now it applies to what athletes are going to be paid. 712 00:38:28,760 --> 00:38:32,120 The and one of the reasons I say that is if it was truly a matter 713 00:38:32,120 --> 00:38:35,400 of, of absolute equality, I think this would have already 714 00:38:35,400 --> 00:38:39,640 been in the courts and would have been properly adjudged in 715 00:38:39,640 --> 00:38:44,640 favor of females that coach because, you know, certainly 716 00:38:44,640 --> 00:38:47,000 there are some high paid female coaches. 717 00:38:47,200 --> 00:38:50,480 You know, our own Terry Moran is a pretty highly paid female 718 00:38:50,480 --> 00:38:52,840 basketball coach. Don Staley's pretty highly paid. 719 00:38:54,800 --> 00:38:57,640 That is certainly not the case across the board. 720 00:38:57,640 --> 00:39:01,480 And and I think what you see with, you know, a lot of things 721 00:39:01,480 --> 00:39:04,240 is this huge disproportionality that the amount of money paid to 722 00:39:04,240 --> 00:39:07,480 coaches, both head coaches and assistant coaches, support staff 723 00:39:07,480 --> 00:39:11,000 with football, with men's basketball, with, you know, with 724 00:39:11,480 --> 00:39:15,120 other individual sports. We see it with baseball in some 725 00:39:15,120 --> 00:39:18,280 schools. You know, coaches of male sports 726 00:39:18,280 --> 00:39:21,840 make significantly more money proportionally than coaches of, 727 00:39:22,000 --> 00:39:24,880 of women's sports do. The fact that that's been 728 00:39:24,880 --> 00:39:30,240 allowed to stand for as long as it has tells me that, that, you 729 00:39:30,240 --> 00:39:32,880 know, the argument that somehow there needs to be a quality as 730 00:39:32,880 --> 00:39:34,880 far as the students are concerned with money that 731 00:39:34,880 --> 00:39:37,760 they're gonna be earning off of NILI. 732 00:39:37,760 --> 00:39:40,800 Don't know where the argument would be in court that somehow 733 00:39:40,800 --> 00:39:43,640 coaches can be paid disproportionately, but somehow 734 00:39:43,640 --> 00:39:45,680 athletes have to be paid exactly the same. 735 00:39:46,960 --> 00:39:50,240 And now maybe there's some legal experts that disagree with me 736 00:39:50,680 --> 00:39:52,240 who are listening to this or watching this. 737 00:39:52,240 --> 00:39:54,560 And if so, I'd love to hear the argument to the contrary. 738 00:39:54,840 --> 00:39:57,200 And I'm certain we'll start to see some things develop over the 739 00:39:57,200 --> 00:40:01,960 course of the next few months as this gets talked about more in 740 00:40:01,960 --> 00:40:06,240 the public sphere where maybe the argument goes contrary and 741 00:40:06,240 --> 00:40:07,480 maybe it becomes something different. 742 00:40:07,720 --> 00:40:10,000 I, I don't particularly care either way. 743 00:40:10,440 --> 00:40:13,080 I'm just fascinated that this is going to be a talking point 744 00:40:13,080 --> 00:40:14,600 moving forward. So that'll be something to keep 745 00:40:14,600 --> 00:40:16,880 in mind. As we move ahead with things, 746 00:40:16,880 --> 00:40:19,400 but that's, that's the other big element that I think we need to 747 00:40:19,400 --> 00:40:22,480 keep an eye on as we move forward with this is we, nobody 748 00:40:22,480 --> 00:40:24,440 really knows how Title 9 is going to be applied. 749 00:40:26,320 --> 00:40:31,440 Couple of other questions that we had that I wanted to quickly 750 00:40:31,440 --> 00:40:36,680 get to before we wrap up. Actually, I'm going to, you know 751 00:40:36,680 --> 00:40:38,480 what, I'm going to save a couple of these. 752 00:40:39,800 --> 00:40:43,640 But John Kluter asks if if student athletes eventually earn 753 00:40:43,640 --> 00:40:46,520 full employee status, are we headed down the path where the 754 00:40:46,520 --> 00:40:48,960 student part is eliminated or will institutions be able to 755 00:40:48,960 --> 00:40:51,680 water down academic standards to the point enforcement becomes 756 00:40:51,680 --> 00:40:53,960 unnecessary? Well, it's funny you say that 757 00:40:53,960 --> 00:40:59,720 because you know, we, we are now like evolving athletic 758 00:40:59,720 --> 00:41:03,320 department staffing and the idea of what the NCAA does. 759 00:41:03,320 --> 00:41:06,280 A lot of what the NCAA does is about enforcing the NCAA rule 760 00:41:06,280 --> 00:41:07,880 book. But so much of the NCAA rule 761 00:41:07,880 --> 00:41:10,200 book is around improper benefits. 762 00:41:10,440 --> 00:41:13,080 Well, so much of that can now be wrapped up in NIL. 763 00:41:13,080 --> 00:41:15,240 It's like, well, what do you do if you're the NCAA from a 764 00:41:15,240 --> 00:41:17,000 compliance and enforcement perspective? 765 00:41:18,280 --> 00:41:20,520 And the NCAA looks like what they're going to try to do to 766 00:41:20,520 --> 00:41:25,000 maintain relevance is shift their focus to making sure that 767 00:41:25,000 --> 00:41:28,280 these NIL deals are legit and that they're not focused on 768 00:41:28,280 --> 00:41:33,280 performance, that they're focused on NIL like popularity 769 00:41:33,280 --> 00:41:36,120 or market value, which is an impossible thing. 770 00:41:36,120 --> 00:41:40,720 Do a judge and it's hard for me to envision a scenario where the 771 00:41:40,720 --> 00:41:43,480 NCAA is going to be able to effectively police all of that. 772 00:41:43,480 --> 00:41:47,520 Now to the larger question about John, like do we get to a point 773 00:41:47,520 --> 00:41:51,360 where the the student aspect of being an athlete in college 774 00:41:51,360 --> 00:41:54,600 becomes secondary? I'm not tackle that in like Part 775 00:41:54,600 --> 00:41:57,280 4. But I do think that as we think 776 00:41:57,280 --> 00:41:59,720 about all of this, we think about money being paid to 777 00:41:59,720 --> 00:42:01,880 athletes. We think about money being taken 778 00:42:01,880 --> 00:42:05,120 out of television contracts to be given to athletes. 779 00:42:05,360 --> 00:42:08,240 We think about, as I mentioned earlier, the fact that that $22 780 00:42:08,240 --> 00:42:12,360 million does not limit third parties from paying athletes and 781 00:42:12,360 --> 00:42:14,800 that there's no way for the NCAA to police that. 782 00:42:16,080 --> 00:42:19,480 All of this points in the direction of a model that is 783 00:42:19,480 --> 00:42:22,680 totally different from what has been utilized up to this point 784 00:42:22,680 --> 00:42:24,720 by the NCAA and its member institutions. 785 00:42:25,160 --> 00:42:27,560 That is what the NCAA really needs to think about. 786 00:42:28,000 --> 00:42:30,520 And there's going to be a lot of questions, including the one 787 00:42:30,520 --> 00:42:33,600 that John asked about. Well, are we now heading towards 788 00:42:33,600 --> 00:42:37,400 a scenario where perhaps you're not just having people that are 789 00:42:37,400 --> 00:42:40,800 going to your institution performing athletically for your 790 00:42:40,800 --> 00:42:43,400 institution? That's an interesting question. 791 00:42:43,920 --> 00:42:45,640 We'll tackle that in future episodes. 792 00:42:45,640 --> 00:42:47,920 Anyway, if you've got questions on anything that I've talked 793 00:42:47,920 --> 00:42:50,680 about here, feel free to leave a comment. 794 00:42:50,680 --> 00:42:55,040 Feel free to shoot me AADM on on Twitter or whatever. 795 00:42:55,320 --> 00:42:59,480 And just a note, there's things I agree with and disagree with 796 00:42:59,480 --> 00:43:01,360 with all of these things, but I think it's important that we 797 00:43:01,360 --> 00:43:04,440 have an open conversation about what all's going on, whether or 798 00:43:04,440 --> 00:43:06,360 not you like or dislike what's happening. 799 00:43:06,480 --> 00:43:08,720 A lot of this stuff has been a long time coming. 800 00:43:09,280 --> 00:43:12,320 And, you know, many people, myself included, have been 801 00:43:12,320 --> 00:43:14,760 predicting for years that it was always going to end up in court 802 00:43:14,760 --> 00:43:17,000 and it was always going to be a situation where the NCAA was on 803 00:43:17,000 --> 00:43:20,120 the wrong side of whatever got adjudged. 804 00:43:20,480 --> 00:43:23,720 That's where we're at right now. And so I'm really fascinated to 805 00:43:23,720 --> 00:43:26,800 see where that leads us. I think you all should be as 806 00:43:26,800 --> 00:43:29,080 well. And we've got a lot more to talk 807 00:43:29,080 --> 00:43:30,440 about as we hit some future episodes. 808 00:43:30,440 --> 00:43:32,720 But hopefully this gives you a good overview of what we're 809 00:43:32,720 --> 00:43:35,280 looking at with this house case and the settlement and 810 00:43:35,280 --> 00:43:36,560 everything else that goes into it. 811 00:43:36,880 --> 00:43:39,640 I'm going to go ahead and and stop for now. 812 00:43:39,680 --> 00:43:40,880 And. Say thanks to all of you for 813 00:43:40,880 --> 00:43:44,600 listening and watching. Be sure to tune in next time. 814 00:43:44,600 --> 00:43:46,160 We'll have more as this comes up. 815 00:43:46,160 --> 00:43:48,200 We'll also have an Indy 500 recap, Scott, and I'm going to 816 00:43:48,200 --> 00:43:50,400 try to do that on Friday. We'll have some other news as 817 00:43:50,400 --> 00:43:53,320 far as IU stuff is concerned as well for everybody. 818 00:43:53,320 --> 00:43:54,920 At the Back Home Network, I'm Galen Clavio. 819 00:43:55,160 --> 00:43:57,640 Thanks for joining us here on Crimson Cast. 820 00:43:57,680 --> 00:43:59,760 Bring back the Bison, Candy, Stripe the Rock. 821 00:44:00,320 --> 00:44:01,560 We'll catch you folks on the flip side. 822 00:44:01,640 --> 00:44:06,120 Hello, everybody. Bye.