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

Transcription

1 THE GRID: Big 4 North American Sports League Operating Rules Spring 2016 League NFL MLB NBA NHL Size/Season Playoffs Roster size 32 teams, 8 divisions, 16 games. 4 rounds, 12 teams 4 wild cards 1- game knockouts with 4 1 st round byes 45 active / 53 total 30 teams, 6 divisions, 162 games. 4 rounds, 10 teams 4 wild cards (2012) WC play in, best of 5, best of 7, best of 7 25 active / 40 total 30 teams, 6 divisions, 82 games. 4 rounds, 16 teams, no reseeding All rounds best of 7(2003) 12 active / 15 total 30 teams, 4 divisions, 82 games. 4 rounds, 16 teams, top 3 in division + 4 wild cards; all rounds best of 7; no reseed 20 active / 23 total Bargaining Agreement Ten years NFLPA is weak: decertified before 1993 free agency. Five years: MLBPA is strong: 2002 CBA was first without stoppage Ten years: : Mutual option year in Work stoppages ; Ten years: , Double option. Lockout in and seasons Free Agency Conditions Unrestricted free agency after 4 years. Restricted after 3 years Unrestricted free agency after 6 years. Arbitration 3-5 years. Reserve 0-2 yrs. Unrestricted after 1st contract with first refusal rights to team. Unrestricted age 27after 4 years NHL. Restricted under age 27. Mean Salary $1.9M in 2012 from $395K in $3.4M in 2014 from $579K in $5.3M in 2014 from $717K in $2.4M in 2012 from $221K in Payroll Cap/ Luxury Tax Hard cap since 1994: % of AR after 2013; $143M in Minimum payroll 89% of cap. Luxury tax: 17.5% of payroll over $189M ( ); 30% - 40% for 2 nd & 3 rd breach and 50% for 4 th breach Soft cap since 1984: 49-51% of BRI cap $70M, min 90% of cap. Lux tax 53.5% of BRI, 2016 threshold $84.74M. Hard cap since 2005: 50% of hockey related revenue HRR. Cap $71.4 in 2016 Max/min payroll +15%/-15% of midpoint Local Revenue Gate 18% of total and shared 66/34. Venue 27% unshared. Local media insignificant. Gate 30%, venue 28%, local media 22% of total revenue. 34% of local revenue shared. Gate 27%, venue 15%, local media 13% of total revenue.50% of local revenue shared. Gate 40%, venue 25%, media 20% of total. 5% of local revenue is shared. Central Revenue National media 55% of total, equal shares. Nine years, FOX, ABC/ESPN, CBS, DirecTV: $205M annually per club. National media 20% of total, equal shares. Eight-years FOX, TBS and ESPN: $51.7M annually per club. National media 27% of total, equal shares. Nine-year TNT and ABC/ESPN: $90.3M annually per club. National media 20% of total, equal shares. 10-year NBC; 12 years Rogers Sportsnet : $21M annual per club. Forbes Mean Team Value Revenue share V/R = $1,966M / $347M = league revenue $11.1 billion Local/National split 40%/60% V/R = $1,200M / $262M = league revenue $7.8 billion Local/National split 50%/50% V/R = $1,106M / $160M = league revenue $4.8 billion. Local/National split 60%/40% V/R = $505M / $133M = league revenue $4 billion Local/National split 80%/20% Source: John Vrooman, Vanderbilt University

2 North American TV Market Size (million TV households) RNK Designated Market Area (DMA) TVHH NFL MLB NBA NHL TOT 1 New York Los Angeles Chicago Philadelphia Toronto Dallas-Ft. Worth San Francisco-Oakland-San Jose Boston Washington, DC Atlanta Houston Detroit Phoenix Seattle-Tacoma Tampa-St. Pete Minneapolis-St. Paul Miami-Ft. Lauderdale Denver Montreal/Quebec City Orlando-Daytona Beach Cleveland-Akron Sacramento Vancouver St. Louis Portland, OR Pittsburgh Raleigh-Durham Charlotte Indianapolis Baltimore San Diego Nashville Hartford & New Haven Kansas City Columbus, OH Salt Lake City Milwaukee Cincinnati San Antonio Greenvll-Spart-Asheville West Palm Beach-Ft. Pierce Grand Rapids-Kalmzoo-B.Crk Austin Oklahoma City Las Vegas Harrisburg Birmingham Norfolk Greensboro Albuquerque-Santa Fe Jacksonville Louisville Memphis New Orleans Buffalo Edmonton Calgary Ottawa Winnipeg TOTALS Source: Nielsen Research and John Vrooman

3 31 Theory of the Perfect Game Table 11. Expansion, Relocation and Extortion Year X/R League/Club Fee a League DMA b Venue a Public% National Football League 1995 X Carolina Panthers (NFC) X Jacksonville Jaguars (AFC) c R Los Angeles Raiders to Oakland c R Los Angeles Rams to St. Louis f R Cleveland Browns to Baltimore Ravens f R Houston Oilers to Nashville f X Cleveland Browns (AFC) X Houston Texans (AFC) e Major League Baseball 1993 X Colorado Rockies (NL) X Florida Marlins (NL) c 1998 X Arizona Diamondbacks (NL) X Tampa Bay Devil Rays (AL) R Montreal Expos to Washington Nationals National Basketball Association g 1995 X Toronto Raptors d 0.0 X Vancouver Grizzlies d R Vancouver Grizzlies to Memphis R Charlotte Hornets to New Orleans c X Charlotte Bobcats National Hockey League 1991 X San Jose Sharks X Ottawa Senators X Tampa Bay Lightning R Minnesota North Stars to Dallas Stars d 29.8 X Anaheim Mighty Ducks X Florida Panthers R Quebec Nordiques to Colorado Avalanche d R Winnipeg Jets to Phoenix Coyotes R Hartford Whalers to Carolina Hurricanes X Nashville Predators X Atlanta Thrashers d X Columbus Blue Jackets X Minnesota Wild X= Expansion R= Relocation a Venue cost and expansion/relocation fees in $millions b DMA Nielsen Media Designated Market Area in million households c Renovations; d Joint NBA-NHL arenas e Seattle Seahawks switched from AFC to NFC in 2002 realignment of eight divisions of 4 teams. f Relocation fee is share of PSL payments to Ravens ($65 million), Titans ($71 million) and Rams ($78 million). g NBA added Charlotte Hornets, Miami Heat (1988); Minnesota T-Wolves, Orlando Magic (1989) fee of $37.5 million. The NFL retro-expanded into Cleveland in 1999 for 75 percent public funding of the new Browns Stadium with 147 suites and 8,800 club seats. 73 After several delays between competing L.A. investment groups, the NFL decided instead to retro-fill the Houston market for 71 percent public funding of Reliant Stadium (191suites and 8,300 club seats) in The new Cleveland Browns paid an expansion fee of $530 million and Houston Texans paid a premium fee of $700 million. That left the second largest U.S. TV market L.A. without a NFL team. This was not a major problem for two reasons. 73 In litigation settlement the NFL promised the City of Cleveland a new Browns club by 1999 and allowed the old Browns to become the Baltimore Ravens. The League did not say whether the new Cleveland team would be a relocation or expansion franchise until 1998 after stadium deals were completed in Tampa and Cincinnati.

4

5 Alternative Futures for St. Louis Rams ($millions) Ed Jones Riverfront LA Relocation Local revenue (Venue revenue+home gate) $100 $150 $300 National revenue (Media+Visitor gate) $200 $200 $200 Total Revenue $300 $350 $500 Total Operating expenses $220 $240 $278 Operating Profit $75 $110 $222 Present Value of Net Cash Flow 30 $1,470 $2,150 $4,350 Stadium Funding Rams ($150 million PSLs + $250 million Kroenke) $0 $400 $1,800 NFL G-4 loan (LA relocation not eligible for G-4) $0 $200 $0 Private Share Rams + NFL): 55% in St. Louis and 100% in LA $0 $600 $1,800 Public Share: 45% in St. Louis and 0% in LA $0 $500 $0 Franchise value = PV of cash flow - club share of venue cost $1,470 $1,750 $2,550 Value/Revenue multiple Net value gain from relocation to LA over new venue in St. Louis $0 $0 $800 NFL relocation indemnity fee (50/50 split of $800m LA relocation gain) $0 $0 $400 Net Franchise Value $1,470 $1,750 $2,150 Stadium Cost: LA $1.8 billion; St. Louis $1.1 billion Source: John Vrooman, Vanderbilt University NFL Team Values 2015 Rank Team Value % Chg D/V Revenue Income V/R P/E 1 Dallas Cowboys $4,000 25% 5% $620 $ New England Patriots $3,200 23% 7% $494 $ Washington Redskins $2,850 19% 8% $439 $ New York Giants $2,800 33% 18% $400 $ San Francisco 49ers $2,700 69% 21% $427 $ New York Jets $2,600 44% 23% $383 $ Houston Texans $2,500 35% 7% $383 $ Chicago Bears $2,450 44% 4% $352 $ Philadelphia Eagles $2,400 37% 8% $370 $ Green Bay Packers $1,950 42% 6% $347 $ Denver Broncos $1,940 34% 6% $346 $ Baltimore Ravens $1,930 29% 14% $345 $ Pittsburgh Steelers $1,900 41% 11% $334 $ Indianapolis Colts $1,880 34% 3% $321 $ Seattle Seahawks $1,870 41% 6% $334 $ Miami Dolphins $1,850 42% 19% $322 $ Atlanta Falcons $1,670 48% 51% $303 $ Minnesota Vikings $1,590 38% 31% $281 $ Carolina Panthers $1,560 25% 4% $325 $ Arizona Cardinals $1,540 54% 10% $308 $ Kansas City Chiefs $1,530 39% 5% $307 $ San Diego Chargers $1,530 53% 7% $304 $ New Orleans Saints $1,520 36% 5% $322 $ Tampa Bay Buccaneers $1,510 23% 12% $313 $ Cleveland Browns $1,500 34% 13% $313 $ Tennessee Titans $1,490 28% 10% $318 $ Jacksonville Jaguars $1,480 53% 7% $315 $ St Louis Rams $1,450 56% 8% $290 $ Cincinnati Bengals $1,450 46% 7% $296 $ Detroit Lions $1,440 50% 19% $298 $ Oakland Raiders $1,430 47% 14% $285 $ Buffalo Bills $1,400 50% 14% $296 $ NFL 32 Team Average $1, % 12% $346.6 $ Source: Forbes and John Vrooman

6 Franchise Stadium Year Total Luxury Club PSL G-3/4 PSL Total Private Public Private Public Open Seats Suites Seats Seats Loan Fees Cost Cost Cost Share Share Relocation-Extortion Jacksonville Jaguars EverBank Field $141 $20 $ % 85.8% St. Louis Rams Edward Jones Dome $78 $299 $0 $ % 100.0% Oakland Raiders O.co Coliseum $68 $128 $0 $ % 100.0% Carolina Panthers Bank of America Stadium $122 $248 $187 $ % 24.6% San Diego Chargers Qualcomm Stadium $78 $18 $ % 76.9% Washington Redskins FedEx Stadium $251 $180 $ % 28.3% Baltimore Ravens M&T Bank Stadium $65 $229 $29 $ % 87.3% Tampa Bay Bucs Raymond James Stadium $169 $15 $ % 91.1% Tennessee Titans LP Field $71 $292 $71 $ % 75.7% Cleveland Browns First Energy Stadium $25 $314 $79 $ % 74.8% Cincinnati Bengals Paul Brown Stadium $26 $458 $44 $ % 90.4% Pittsburgh Steelers Heinz Field $37 $284 $113 $ % 60.2% Houston Texans NRG Stadium $50 $449 $132 $ % 70.6% $2,210 Extortion Totals 13 Venues $0 $542 $3,340 $888 $2, % 73.4% G-3/4 Loan Program Denver Broncos Sports Authority Field $48 $401 $100 $ % 75.1% New England Patriots Gillette Stadium $141 $412 $340 $ % 17.5% Detroit Lions Ford Field $100 $500 $375 $ % 25.0% Seattle Seahawks CenturyLink Field $63 $17 $430 $130 $ % 69.8% Philadelphia Eagles Lincoln Financial Field $125 $70 $518 $330 $ % 36.3% Chicago Bears New Soldier Field $100 $70 $632 $200 $ % 68.4% Green Bay Packers Lambeau Field $13 $93 $295 $126 $ % 57.3% Arizona Cardinals University of Phoenix $42 $455 $147 $ % 67.7% Indianapolis Colts Lucas Oil Stadium $33 $675 $100 $ % 85.2% Dallas Cowboys AT&T Stadium $ $1,200 $850 $ % 29.2% Kansas City Chiefs Arrowhead Stadium $43 $375 $125 $ % 66.7% New York Giants/Jets MetLife Stadium $300 $800 $1,600 $1,600 $ % 0.0% San Francisco 49ers Levis Stadium (G-4) $200 $312 $1,310 $1,196 $ % 8.7% Minnesota Vikings US Bank Stadium (G-4) $200 $151 $1,027 $529 $ % 48.5% $1,381 Atlanta Falcons Mercedes Benz Stadium (G-4) $200 $200 $1,400 $600 $ % 57.1% G-3/4 Totals 15 Venues $1,684 $2,183 $11,230 $6,748 $4, % 39.9% Grand Total 28 Venues $1,684 $2,725 $14,570 $7,636 $6, % 47.6% Source: John Vrooman, Vanderbilt University NFL Venue Revolution since 1995 Expansion Following the aborted move of New England Patriots to Hartford Connecticut in 1999, the League established the G-3 loan program for venue construction (Amendment 1999 G-3 NFL Bylaws). Using a debt facility backed by TV revenues, the NFL loaned up to 50 percent of private stadium contribution for top six TV markets ($150 million maximum) and up to 34 percent of the private share for smaller markets ($100 million maximum). G-3 loans are repaid from visiting team share of club-seat premiums The G-3 program ended in 2007 and after the 2008 financial crisis was it was replaced by the G-4 program ($200 million maximum) in 2011 *Private cost includes G-3/4 League loans and PSL fees as the present value of season ticket discounts over time. Stadium renovations

7

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

9 The Cost of NHL Southern Expansion Strategy In the league spent 57 percent of league revenues for player salaries. That year the player s salaries took up $414 million of the league's $732 million in revenues. Player costs approached 76 percent of revenues at the time of the lockout in Beginning in the NHL salary cap sets the player cost limit at 57 percent of Hockey Related Revenue. NHL Cost Squeeze before the Lockout Average Player Salary $558,000 $1,790,000 Total NHL Revenues $732 million $1.93 billion Total Player Salaries $414 million $1.46 billion Player Cost Squeeze 56.6% 75.6% Source: John Vrooman and NHL NHL Player Salaries Southern Strategy Season Avg. Salary $276, $368, $465, $558, $733, $892, $981, $1,167, $1,288, $1,356, $1,434, $1,642, $1,790, $1,830, Lockout $1,460,000 Source: John Vrooman and NHL

10 Proposed NHL Expansion/Relocation 32 Teams RNK Designated Market Area (DMA) TVHH NFL MLB NBA NHL TOT X/R 5 Toronto/GTA X1 14 Seattle-Tacoma X2 13 Phoenix R1 19 Montreal/Quebec City R1 17 Miami-Ft. Lauderdale R2 25 Portland, OR R2 27 Raleigh-Durham R3 33 Hartford & New Haven R3 45 Las Vegas R4 Expansion (X) and relocation (R) markets Source: John Vrooman National Hockey League Values 2015 Rank Team 2015 Value Change D/V Revenue Earnings P/E V/R 1 New York Rangers $1,200 9% 0% $229 $ Montreal Canadiens $1,175 18% 20% $219 $ Toronto Maple Leafs $1,150-12% 11% $192 $ Chicago Blackhawks $925 12% 0% $182 $ Boston Bruins $750 0% 0% $158 $ Vancouver Canucks $745-7% 11% $152 $ Philadelphia Flyers $660 6% 9% $146 $ Detroit Red Wings $600 5% 33% $135 $ Los Angeles Kings $580 0% 16% $132 $ Washington Capitals $565 13% 23% $132 $ Pittsburgh Penguins $560-1% 20% $151 $ Edmonton Oilers $455-4% 18% $119 $ Dallas Stars $450 7% 33% $132 $ San Jose Sharks $445 5% 11% $126 $ Calgary Flames $435-4% 6% $130 $ Anaheim Ducks $400 10% 16% $122 ($0.80) Minnesota Wild $380 3% 30% $125 $ Ottawa Senators $370-7% 34% $119 $ Colorado Avalanche $360 0% 0% $106 ($3.70) Winnipeg Jets $350-2% 37% $116 $ New Jersey Devils $330 0% 79% $125 $ New York Islanders $325 8% 31% $93 ($14) Buffalo Sabres $300 4% 27% $113 $ St Louis Blues $270 15% 24% $111 ($7.10) Tampa Bay Lightning $260 13% 17% $121 ($1.40) Nashville Predators $255 2% 33% $110 $ Columbus Blue Jackets $226 13% 33% $99 $ Carolina Hurricanes $225 2% 53% $99 ($11.70) Arizona Coyotes $220-2% 63% $92 ($4.50) Florida Panthers $186-2% 62% $93 ($20.20) NHL Averages $ % 25% $ $ Source: Forbes and John Vrooman

11 NHL Attendance Report NHL Attendance Report RK TEAM GMS AVG Capacity RK TEAM GMS Capacity 1 Chicago 41 21, % 1 Chicago 27 21, % 2 Montreal 41 21, % 2 Montreal 23 21, % 3 Detroit 41 20, % 3 Detroit 26 20, % 4 Philadelphia 41 19, % 4 Boston 25 19, % 5 Washington 41 19, % 5 Toronto 22 19, % 6 Calgary 41 19, % 6 Calgary 23 19, % 7 Toronto 41 19, % 7 Philadelphia 22 19, % 8 Minnesota 41 19, % 8 Tampa Bay 24 19, % 9 Tampa Bay 41 18, % 9 Minnesota 24 19, % 10 Vancouver 41 18, % 10 Pittsburgh 24 18, % 11 San Jose 41 18, % 11 Washington 22 18, % 12 Pittsburgh 41 18, % 12 Buffalo 26 18, % 13 Buffalo 41 18, % 13 Vancouver 21 18, % 14 St. Louis 41 18, % 14 Dallas 24 18, % 15 Los Angeles 41 18, % 15 Los Angeles 24 18, % 16 Ottawa 41 18, % 16 St. Louis 27 18, % 17 NY Rangers 41 18, % 17 NY Rangers 24 18, % 18 Boston 41 17, % 18 Ottawa 23 17, % 19 Dallas 41 17, % 19 Nashville 23 16, % 20 Anaheim 41 16, % 20 Edmonton 24 16, % 21 Nashville 41 16, % 21 San Jose 23 16, % 22 Edmonton 41 16, % 22 Anaheim 26 16, % 23 Colorado 41 16, % 23 Colorado 25 16, % 24 Columbus 41 15, % 24 Winnipeg 23 15, % 25 NY Islanders 41 15, % 25 Florida 24 14, % 26 New Jersey 41 15, % 26 New Jersey 24 14, % 27 Winnipeg 41 15, % 27 Columbus 23 13, % 28 Arizona 41 13, % 28 NY Islanders 25 13, % 29 Carolina 41 12, % 29 Arizona 25 13, % 30 Florida 41 11, % 30 Carolina 25 11, % Full season As of 1/23/2016 NHL Standings January 2016 Eastern Conference WIN% GP W L OTL PTS Western Conference WIN% GP W L OTL PTS ATLANTIC CENTRAL Florida Chicago Tampa Bay Dallas Detroit St. Louis Boston Colorado Montreal Minnesota Ottawa Nashville Toronto Winnipeg Buffalo METROPOLITAN PACIFIC Washington Los Angeles NY Rangers San Jose NY Islanders Arizona New Jersey Vancouver Pittsburgh Anaheim Carolina Calgary Philadelphia Edmonton Columbus

12 National Hockey League Expansion: Plan B Current 30 Club Alignment Proposed NHL Expansion 32 Clubs Eastern Conference Western Conference Eastern Conference Western Conference ATLANTIC CENTRAL Orr Division Hull Division Boston Bruins Chicago Blackhawks Northeast Midwest Montreal Canadiens St. Louis Blues Boston Bruins Chicago Blackhawks Florida Panthers Minnesota Wild Montreal Canadiens St. Louis Blues Detroit Red Wings Dallas Stars Hartford Whalers (Florida) Minnesota Wild Ottawa Senators Winnipeg Jets Quebec City (Expansion) Columbus (New Conference) Toronto Maple Leafs Nashville Predators Buffalo Sabres Colorado Avalanche Great Lakes Mid-South Tampa Bay Lightning Detroit Red Wings Dallas Stars Ottawa Senators Winnipeg Jets METROPOLITAN PACIFIC Toronto Maple Leafs Nashville Predators NY Rangers Los Angeles Kings Buffalo Sabres Colorado Avalanche NY Islanders San Jose Sharks New Jersey Devils Anaheim Ducks Lemieux Division Gretzky Division Pittsburgh Penguins Arizona Coyotes Metropolitan Southwest Philadelphia Fyers Vancouver Canucks NY Rangers Los Angeles Kings Washington Capitals Calgary Flames NY Islanders San Jose Sharks Carolina Hurricanes Edmonton Oilers New Jersey Devils Anaheim Ducks Columbus Blue Jackets Tampa Bay (New Division) Las Vegas (Arizona) Mid-Atlantic Northwest Relocation Pittsburgh Penguins Vancouver Canucks Realignment Philadelphia Fyers Calgary Flames Expansion Washington Capitals Edmonton Oilers Carolina Hurricanes Seattle (Expansion) John Vrooman, Vanderbilt University

13 realignment maps/

14 Big 4 Win Distributions for 2015 NFL MLB NBA NHL Carolina Panthers.938 St. Louis Cardinals.617 Golden State Warriors.817 New York Rangers.646 Arizona Cardinals.813 Pittsburgh Pirates.605 Atlanta Hawks.732 Anaheim Ducks.622 Cincinnati Bengals.750 Chicago Cubs.599 Houston Rockets.683 St. Louis Blues.622 Denver Broncos.750 Kansas City Royals.586 Los Angeles Clippers.683 Montreal Canadiens.610 New England Patriots.750 Toronto Blue Jays.574 Memphis Grizzlies.671 Tampa Bay Lightning.610 Kansas City Chiefs.688 Los Angeles Dodgers.568 San Antonio Spurs.671 Chicago Blackhawks.585 Minnesota Vikings.688 N.Y. Mets.556 Cleveland Cavaliers.646 Vancouver Canucks.585 Green Bay Packers.625 Texas Rangers.543 Portland Trail Blazers.622 Nashville Predators.573 New York Jets.625 N.Y. Yankees.537 Chicago Bulls.610 New York Islanders.573 Pittsburgh Steelers.625 Houston Astros.531 Dallas Mavericks.610 Minnesota Wild.561 Seattle Seahawks.625 Los Angeles Angels.525 Toronto Raptors.598 Calgary Flames.549 Houston Texans.563 San Francisco Giants.519 Washington Wizards.561 Washington Capitals.549 Washington Redskins.563 Minnesota Twins.512 New Orleans Hornets.549 Detroit Red Wings.524 Atlanta Falcons.500 Washington Nationals.512 Oklahoma City Thunder.549 Ottawa Senators.524 Buffalo Bills.500 Cleveland Indians.503 Milwaukee Bucks.500 Pittsburgh Penguins.524 Indianapolis Colts.500 Baltimore Orioles.500 Boston Celtics.488 Winnipeg Jets.524 Detroit Lions.438 Tampa Bay D-Rays.494 Phoenix Suns.476 Columbus Blue Jackets.512 New Orleans Saints.438 Arizona D-Backs.488 Brooklyn Nets.463 Boston Bruins.500 Oakland Raiders.438 Boston Red Sox.481 Indiana Pacers.463 Dallas Stars.500 Philadelphia Eagles.438 Chicago White Sox.469 Utah Jazz.463 Los Angeles Kings.488 St. Louis Rams.438 Seattle Mariners.469 Miami Heat.451 San Jose Sharks.488 Chicago Bears.375 Detroit Tigers.460 Charlotte Bobcats.402 Colorado Avalanche.476 Miami Dolpins.375 San Diego Padres.457 Detroit Pistons.390 Florida Panthers.463 New York Giants.375 Miami Marlins.438 Denver Nuggets.366 Philadelphia Flyers.402 Tampa Buccaneers.375 Colorado Rockies.420 Sacramento Kings.354 New Jersey Devils.390 Baltimore Ravens.313 Milwaukee Brewers.420 Orlando Magic.305 Carolina Hurricanes.366 Jacksonville Jaguars.313 Oakland Athletics.420 Los Angeles Lakers.256 Toronto Maple Leafs.366 San Francisco 49ers.313 Atlanta Braves.414 Philadelphia 76ers.220 Phoenix Coyotes.293 Dallas Cowboys.250 Cincinnati Reds.395 New York Knicks.207 Edmonton Oilers.293 San Diego Chargers.250 Philadelphia Phillies.389 Minnesota T-Wolves.195 Buffalo Sabres.280 Cleveland Browns.188 Tennessee Titans balance = ideal for n= ideal for n= ideal for n= ideal for n= actual for actual for actual for actual for balance index.656 balance index.610 balance index.336 balance index.538 Source: John Vrooman, Vanderbilt University

15

16

17

18

19

20

21

22 Does it pay to win in the NFL? ($M) Years Win% Period Win% TVHH Base $225.9 $470.3 $1, $1,307.5 $474.9 $ $1,919.6 $446.0 $ $1,972.4 $452.1 $ $2,549.6 $ $106.6 Value = Base + b (Win%) + c (TVHH) coefficients 2015 averages: NFL Values=$1965.9; Win%=.500; TVHH=1.723 Source: John Vrooman, Vanderbilt University

23 National Football League Franchise Values 2015 Rank Team Value D/V Revenue Income V/R 1 Dallas Cowboys $4,000 5% $620 $ New England Patriots $3,200 7% $494 $ Washington Redskins $2,850 8% $439 $ New York Giants $2,800 18% $400 $ San Francisco 49ers $2,700 21% $427 $ New York Jets $2,600 23% $383 $ Houston Texans $2,500 7% $383 $ Chicago Bears $2,450 4% $352 $ Philadelphia Eagles $2,400 8% $370 $ Green Bay Packers $1,950 6% $347 $ Denver Broncos $1,940 6% $346 $ Baltimore Ravens $1,930 14% $345 $ Pittsburgh Steelers $1,900 11% $334 $ Indianapolis Colts $1,880 3% $321 $ Seattle Seahawks $1,870 6% $334 $ Miami Dolphins $1,850 19% $322 $ Atlanta Falcons $1,670 51% $303 $ Minnesota Vikings $1,590 31% $281 $ Carolina Panthers $1,560 4% $325 $ Arizona Cardinals $1,540 10% $308 $ Kansas City Chiefs $1,530 5% $307 $ San Diego Chargers $1,530 7% $304 $ New Orleans Saints $1,520 5% $322 $ Tampa Bay Buccaneers $1,510 12% $313 $ Cleveland Browns $1,500 13% $313 $ Tennessee Titans $1,490 10% $318 $ Jacksonville Jaguars $1,480 7% $315 $ St Louis Rams $1,450 8% $290 $ Cincinnati Bengals $1,450 7% $296 $ Detroit Lions $1,440 19% $298 $ Oakland Raiders $1,430 14% $285 $ Buffalo Bills $1,400 14% $296 $ Team Average $1,966 12% $347 $ Source: John Vrooman and Forbes

24 Major League Baseball Franchise Values 2015 Rank Team Value D/V Revenue Income V/R 1 New York Yankees $3,200 0% $508 $ Los Angeles Dodgers $2,400 17% $403 ($12.2) Boston Red Sox $2,100 0% $370 $ San Francisco Giants $2,000 4% $387 $ Chicago Cubs $1,800 24% $302 $ St Louis Cardinals $1,400 21% $294 $ New York Mets $1,350 26% $263 $ Los Angeles Angels $1,300 0% $304 $ Washington Nationals $1,280 27% $287 $ Philadelphia Phillies $1,250 8% $265 ($39.0) Texas Rangers $1,220 13% $266 $ Atlanta Braves $1,150 0% $267 $ Detroit Tigers $1,125 15% $254 ($20.7) Seattle Mariners $1,100 0% $250 $ Baltimore Orioles $1,000 15% $245 $ Chicago White Sox $975 5% $227 $ Pittsburgh Pirates $900 10% $229 $ Minnesota Twins $895 25% $223 $ San Diego Padres $890 22% $224 $ Cincinnati Reds $885 6% $227 $ Milwaukee Brewers $875 6% $226 $ Toronto Blue Jays $870 0% $227 ($17.9) Colorado Rockies $855 7% $214 $ Arizona Diamondbacks $840 17% $211 ($2.2) Cleveland Indians $825 9% $207 $ Houston Astros $800 34% $175 $ Oakland Athletics $725 8% $202 $ Kansas City Royals $700 8% $231 $ Miami Marlins $650 34% $188 $ Tampa Bay Rays $625 22% $188 $ Team Averages $1,200 13% $262 $ Source: John Vrooman and Forbes

25 National Basketball Association Franchise Values 2015 Rank Team Value D/V Revenue Income V/R 1 Los Angeles Lakers $2,600 2% $293 $ New York Knicks $2,500 0% $278 $ Chicago Bulls $2,000 3% $201 $ Boston Celtics $1,700 9% $173 $ Los Angeles Clippers $1,600 0% $146 $ Brooklyn Nets $1,500 19% $212 ($99.4) Golden State Warriors $1,300 12% $168 $ Houston Rockets $1,250 8% $175 $ Miami Heat $1,175 8% $188 $ Dallas Mavericks $1,150 17% $168 $ San Antonio Spurs $1,000 8% $172 $ Portland Trail Blazers $940 11% $153 $ Oklahoma City Thunder $930 15% $152 $ Toronto Raptors $920 16% $151 $ Cleveland Cavaliers $915 22% $149 $ Phoenix Suns $910 20% $145 $ Washington Wizards $900 14% $143 $ Orlando Magic $875 17% $143 $ Denver Nuggets $855 1% $136 $ Utah Jazz $850 6% $142 $ Indiana Pacers $830 18% $139 $ Atlanta Hawks $825 21% $133 $ Detroit Pistons $810 23% $144 $ Sacramento Kings $800 29% $125 $ Memphis Grizzlies $750 23% $135 $ Charlotte Bobcats $725 21% $130 $ Philadelphia 76ers $700 21% $125 $ New Orleans Pelicans $650 19% $131 $ Minnesota Timberwolves $625 16% $128 $ Milwaukee Bucks $600 29% $110 $ Team Averages $1,106 14% $159.6 $ Source: John Vrooman and Forbes

26 National Hockey League Franchise Values 2015 Rank Team 2015 Value D/V Revenue Income V/R 1 New York Rangers $1,200 0% $229 $ Montreal Canadiens $1,175 20% $219 $ Toronto Maple Leafs $1,150 11% $192 $ Chicago Blackhawks $925 0% $182 $ Boston Bruins $750 0% $158 $ Vancouver Canucks $745 11% $152 $ Philadelphia Flyers $660 9% $146 $ Detroit Red Wings $600 33% $135 $ Los Angeles Kings $580 16% $132 $ Washington Capitals $565 23% $132 $ Pittsburgh Penguins $560 20% $151 $ Edmonton Oilers $455 18% $119 $ Dallas Stars $450 33% $132 $ San Jose Sharks $445 11% $126 $ Calgary Flames $435 6% $130 $ Anaheim Ducks $400 16% $122 ($0.8) Minnesota Wild $380 30% $125 $ Ottawa Senators $370 34% $119 $ Colorado Avalanche $360 0% $106 ($3.7) Winnipeg Jets $350 37% $116 $ New Jersey Devils $330 79% $125 $ New York Islanders $325 31% $93 ($14.0) Buffalo Sabres $300 27% $113 $ St Louis Blues $270 24% $111 ($7.1) Tampa Bay Lightning $260 17% $121 ($1.4) Nashville Predators $255 33% $110 $ Columbus Blue Jackets $226 33% $99 $ Carolina Hurricanes $225 53% $99 ($11.7) Arizona Coyotes $220 63% $92 ($4.5) Florida Panthers $186 62% $93 ($20.2) Team Averages $505 25% $132.6 $ Source: John Vrooman and Forbes

27 NA Big Four and European Big Five League Revenues 2014 ($ Billions) League Revenues TV Revenues TV Percent Player Cost National Football League $10.0 $6.6 66% 49% Major League Baseball $8.0 $1.6 19% 47% English Premier League $5.3 $2.9 54% 58% National Basketball Association $4.8 $2.6 54% 46% National Hockey League $3.7 $0.6 17% 50% German Bundesliga $3.2 $0.9 27% 49% Spanish La Liga $2.7 $1.1 40% 60% Italian Serie A $2.3 $1.2 50% 70% French Ligue 1 $2.1 $1.0 47% 64% Source: Vrooman Sports Economics and Deloitte Sports Business Group E-rate 6/30/2014: 1 =.833 = $1.37 Expected EPL TV rights of 3 billion per season will jump to $4.7 billion at 1 = $1.5

28 TV Rights Fees $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 $6,580 $4,065 $2,600 $1,550 $930 $803 $633 $771 $545 $608 $148 $175 NFL NBA MLB NHL NCAAB CFP/BCS Annual rights Previous fees TV RIGHTS FEES EXPLOSION League Annual rights fees Years Term Previous fees Growth National Football League (season) $6,580,000, $4,065,000, National Basketball Association (season) $2,600,000, $930,000, Major League Baseball (season) $1,550,000, $803,000, National Hockey League (season) $633,000, $148,000, NCAAB Tournament (67 games) $771,000, $545,000, BCS/College Football Playoff (7 games) $608,000, $175,000, Source: Vanderbilt Sports Economics CFP Payouts $90.0 $80.0 $70.0 $60.0 $50.0 $40.0 $30.0 $20.0 $10.0 $0.0 $87.5 $83.5 $69.8 $60.0 $60.0 $58.0 $30.2 $30.2 $30.2 $30.2 $28.9 $23.9 SEC ACC PAC12 BIG10 BIG12 POWER 5 CFP 2015 BCS 2014

29 FBS BUDGET CONF REVENUE EXPENSE PROFIT 5%-REV SALARY RATIO HEAD COACH FBS BUDGET CONF REVENUE EXPENSE PROFIT 5%-REV SALARY RATIO HEAD COACH Texas Big 12 $ $38.43 $74.08 $5.63 $ % Charlie Strong Cincinnati AAC $14.56 $14.56 $0.00 $0.73 $ % Tommy Tuberville Alabama SEC $94.99 $41.72 $53.27 $4.75 $ % Nick Saban South Florida AAC $13.89 $12.13 $1.76 $0.69 $ % Willie Taggart Michigan Big Ten $91.38 $26.76 $64.63 $4.57 $ % Brady Hoke Southern Methodist AAC $12.94 $12.94 $0.00 $0.65 $ % June Jones LSU SEC $87.87 $37.86 $50.01 $4.39 $ % Les Miles Temple AAC $12.89 $12.89 $0.00 $0.64 $ % Matt Rhule Notre Dame Ind. $80.56 $32.76 $47.80 $4.03 $ % Brian Kelly Colorado State Mt. West $12.04 $12.04 $0.00 $0.60 $ % Jim McElwain Georgia SEC $77.16 $27.25 $49.91 $3.86 $ % Mark Richt Memphis AAC $11.94 $11.94 $0.00 $0.60 $ % Justin Fuente Oklahoma Big 12 $71.37 $28.11 $43.26 $3.57 $ % Bob Stoops San Diego State Mt. West $11.83 $ $0.56 $0.59 $ % Rocky Long Tennessee SEC $70.48 $21.67 $48.81 $3.52 $ % Butch Jones Texas-El Paso CUSA $11.76 $8.66 $3.10 $0.59 $ % Sean Kugler Florida SEC $69.25 $23.04 $46.21 $3.46 $ % Will Muschamp Rice CUSA $11.54 $11.54 $0.00 $0.58 $ % David Bailiff Penn State Big Ten $68.02 $31.49 $36.53 $3.40 $ % James Franklin Fresno State Mt. West $11.15 $10.32 $0.83 $0.56 $ % Tim DeRuyter Washington PAC-12 $67.73 $29.10 $38.63 $3.39 $ % Chris Petersen Connecticut AAC $10.63 $ $3.75 $0.53 $ % Bob Diaco Ohio State Big Ten $65.77 $23.38 $42.39 $3.29 $ % Urban Meyer Tulsa AAC $10.01 $10.01 $0.00 $0.50 $ % Bill Blankenship Nebraska Big Ten $60.16 $23.84 $36.32 $3.01 $ % Bo Pelini East Carolina AAC $9.96 $9.88 $0.08 $0.50 $ % Ruffin McNeill Texas A&M SEC $57.72 $23.73 $34.00 $2.89 $ % Kevin Sumlin Hawaii Mt. West $9.82 $9.82 $0.00 $0.49 $ % Norm Chow Florida State ACC $57.39 $32.86 $24.53 $2.87 $ % Jimbo Fisher Wyoming Mt. West $9.63 $7.51 $2.11 $0.48 $ % Craig Bohl Arkansas SEC $57.06 $28.07 $28.98 $2.85 $ % Bret Bielema Houston AAC $9.38 $9.38 $0.00 $0.47 $ % Tony Levine Oregon PAC-12 $55.98 $18.23 $37.75 $2.80 $ % Mark Helfrich North Texas CUSA $9.13 $7.33 $1.80 $0.46 $ % Dan McCarney South Carolina SEC $55.62 $26.10 $29.51 $2.78 $ % Steve Spurrier Middle Tennessee State CUSA $9.04 $9.04 $0.00 $0.45 $ % Rick Stockstill Iowa Big Ten $53.62 $24.13 $29.49 $2.68 $ % Kirk Ferentz Alabama at Birmingham CUSA $8.98 $8.96 $0.02 $0.45 $ % Bill Clark Michigan State Big Ten $52.79 $26.68 $26.12 $2.64 $ % Mark Dantonio Marshall CUSA $8.64 $8.25 $0.39 $0.43 $ % Doc Holliday Auburn SEC $49.64 $49.64 $0.00 $2.48 $ % Gus Malzahn Florida Atlantic CUSA $8.44 $8.44 $0.00 $0.42 $ % Charlie Partridge Arizona State PAC-12 $48.98 $27.12 $21.86 $2.45 $ % Todd Graham Ohio MAC $8.42 $7.70 $0.71 $0.42 $ % Frank Solich Oklahoma State Big 12 $48.64 $22.23 $26.41 $2.43 $ % Mike Gundy Nevada-Las Vegas Mt. West $8.34 $8.34 $0.00 $0.42 $ % Bobby Hauck Wisconsin Big Ten $47.28 $31.28 $16.00 $2.36 $ % Gary Andersen Northern Illinois MAC $8.31 $8.31 $0.00 $0.42 $ % Rod Carey Southern California PAC-12 $44.84 $30.28 $14.57 $2.24 $ % Steve Sarkisian New Mexico Mt. West $8.03 $8.03 $0.00 $0.40 $ % Bob Davie Mississippi SEC $43.99 $24.17 $19.83 $2.20 $ % Hugh Freeze Massachusetts MAC $7.82 $7.82 $0.00 $0.39 $ % Mark Whipple Virginia Tech ACC $43.37 $22.39 $20.98 $2.17 $ % Frank Beamer Western Kentucky CUSA $7.79 $7.79 $0.00 $0.39 $ % Jeff Brohm Clemson ACC $42.43 $24.75 $17.68 $2.12 $ % Dabo Swinney Louisiana-Lafayette Sun Belt $7.75 $7.75 $0.00 $0.39 $ % Mark Hudspeth Texas Christian Big 12 $40.45 $34.65 $5.80 $2.02 $ % Gary Patterson Southern Mississippi CUSA $7.40 $7.40 $0.00 $0.37 $ % Todd Monken Minnesota Big Ten $39.82 $27.76 $12.06 $1.99 $ % Jerry Kill Toledo MAC $7.39 $7.39 $0.00 $0.37 $ % Matt Campbell Syracuse ACC $38.53 $23.62 $14.91 $1.93 $ % Scott Shafer Western Michigan MAC $7.34 $7.34 $0.00 $0.37 $ % P.J. Fleck Texas Tech Big 12 $38.26 $16.00 $22.26 $1.91 $ % Kliff Kingsbury Texas-San Antonio CUSA $7.26 $7.26 $0.00 $0.36 $ % Larry Coker North Carolina State ACC $38.02 $17.99 $20.03 $1.90 $ % Dave Doeren Miami (Ohio) MAC $7.19 $7.19 $0.00 $0.36 $ % Chuck Martin Utah PAC-12 $36.85 $16.14 $20.71 $1.84 $ % Kyle Whittingham South Alabama Sun Belt $7.16 $7.48 -$0.32 $0.36 $ % Joey Jones Stanford PAC-12 $36.75 $20.86 $15.88 $1.84 $ % David Shaw Florida International CUSA $7.16 $7.16 $0.00 $0.36 $ % Ron Turner Georgia Tech ACC $34.31 $18.99 $15.31 $1.72 $ % Paul Johnson New Mexico State Sun Belt $7.01 $7.01 $0.00 $0.35 $ % Doug Martin Kentucky SEC $34.08 $17.21 $16.87 $1.70 $ % Mark Stoops Akron MAC $6.76 $6.76 $0.00 $0.34 $ % Terry Bowden Missouri SEC $34.06 $21.42 $12.64 $1.70 $ % Gary Pinkel Buffalo MAC $6.69 $6.69 $0.00 $0.33 $ % Jeff Quinn Miami ACC $33.53 $27.92 $5.61 $1.68 $ % Al Golden Tulane AAC $6.59 $ $3.91 $0.33 $ % Curtis Johnson California PAC-12 $33.27 $22.18 $11.09 $1.66 $ % Sonny Dykes Ball State MAC $6.51 $6.51 $0.00 $0.33 $ % Pete Lembo North Carolina ACC $33.26 $17.98 $15.28 $1.66 $ % Larry Fedora Bowling Green MAC $6.41 $6.41 $0.00 $0.32 $ % Dino Babers Kansas State Big 12 $32.73 $16.64 $16.09 $1.64 $ % Bill Snyder Nevada Mt. West $6.39 $6.30 $0.09 $0.32 $ % Brian Polian Northwestern Big Ten $31.48 $22.64 $8.84 $1.57 $ % Pat Fitzgerald Utah State Mt. West $6.27 $6.27 $0.00 $0.31 $ % Matt Wells Iowa State Big 12 $30.97 $14.46 $16.51 $1.55 $ % Paul Rhoads Louisiana Tech CUSA $6.23 $6.02 $0.21 $0.31 $ % Skip Holtz UCLA PAC-12 $30.35 $24.09 $6.26 $1.52 $ % Jim Mora Georgia State Sun Belt $6.13 $6.13 $0.00 $0.31 $ % Trent Miles Illinois Big Ten $30.32 $16.56 $13.76 $1.52 $ % Tim Beckman Texas State Sun Belt $6.05 $6.05 $0.00 $0.30 $ % Dennis Franchione Arizona PAC-12 $29.26 $28.20 $1.06 $1.46 $ % Rich Rodriguez Arkansas State Sun Belt $5.94 $5.94 $0.00 $0.30 $ % Blake Anderson Colorado PAC-12 $28.43 $17.35 $11.08 $1.42 $ % Mike MacIntyre Idaho Sun Belt $5.89 $5.89 $0.00 $0.29 $ % Paul Petrino Oregon State PAC-12 $28.33 $14.37 $13.96 $1.42 $ % Mike Riley Troy Sun Belt $5.80 $5.13 $0.66 $0.29 $ % Larry Blakeney Baylor Big 12 $28.32 $24.57 $3.74 $1.42 $ % Art Briles Kent State MAC $5.76 $5.18 $0.58 $0.29 $ % Paul Haynes Pittsburgh ACC $28.23 $20.20 $8.03 $1.41 $ % Paul Chryst Eastern Michigan MAC $5.55 $6.30 -$0.75 $0.28 $ % Chris Creighton Virginia ACC $28.23 $20.19 $8.03 $1.41 $ % Mike London Georgia Southern Sun Belt $4.57 $4.35 $0.22 $0.23 $ % Willie Fritz Mississippi State SEC $27.14 $15.30 $11.84 $1.36 $ % Dan Mullen San Jose State Mt. West $4.39 $6.67 -$2.28 $0.22 $ % Ron Caragher Washington State PAC-12 $26.99 $15.71 $11.28 $1.35 $ % Mike Leach Appalachian State Sun Belt $4.30 $4.30 $0.00 $0.22 $ % Scott Satterfield Louisville ACC $26.52 $21.57 $4.95 $1.33 $ % Bobby Petrino Louisiana-Monroe Sun Belt $4.11 $4.11 $0.00 $0.21 $ % Todd Berry Indiana Big Ten $26.24 $17.65 $8.59 $1.31 $ % Kevin Wilson Central Michigan MAC $3.90 $5.87 -$1.97 $0.19 $ % Dan Enos Duke ACC $25.24 $20.58 $4.66 $1.26 $ % David Cutcliffe Vanderbilt SEC $24.98 $21.50 $3.47 $1.25 $ % Derek Mason Boston College ACC $23.99 $19.92 $4.07 $1.20 $ % Steve Addazio Kansas Big 12 $23.18 $14.84 $8.33 $1.16 $ % Charlie Weis Brigham Young Ind. $22.21 $15.24 $6.98 $1.11 $ % Bronco Mendenhall Maryland Big Ten $21.72 $15.40 $6.32 $1.09 $ % Randy Edsall Central Florida AAC $21.27 $19.64 $1.63 $1.06 $ % George O'Leary Rutgers Big Ten $20.81 $19.22 $1.59 $1.04 $ % Kyle Flood Purdue Big Ten $19.79 $15.33 $4.46 $0.99 $ % Darrell Hazell Boise State Mt. West $18.98 $11.52 $7.45 $0.95 $ % Bryan Harsin Wake Forest ACC $18.69 $18.69 $0.00 $0.93 $ % Dave Clawson West Virginia Big 12 $18.61 $16.98 $1.63 $0.93 $ % Dana Holgorsen

30 Marketing 17% Concessions 5% NFL Money National TV 37% Luxury boxes 5% Home games 12% Road games 6% NFL Properties 18%

31 Green Bay Packers' Revenues ($millions) $400 $350 $300 $250 $200 $150 National 60% $100 $50 Local 40% $ Packers' Revenue Local Revenue $43.1 $47.1 $60.5 $79.2 $89.5 $93.1 $93.2 $105.8 $100.8 $100.4 $119.3 $130.4 $128.2 $136.4 $149.3 National Revenue $80.7 $84.9 $92.6 $99.9 $110.8 $115.3 $124.9 $135.6 $147.1 $157.6 $163.3 $171.6 $179.9 $187.7 $226.4 Operating Income $123.8 $132.0 $153.1 $179.1 $200.3 $208.4 $218.1 $241.3 $247.9 $258.0 $282.6 $302.0 $308.1 $324.1 $375.7 League-wide* Local Revenue* $1,336 $1,508 $1,936 $2,535 $2,865 $2,979 $2,982 $3,384 $3,226 $3,212 $3,818 $4,173 $4,102 $4,365 $4,778 National Revenue* $2,502 $2,717 $2,964 $3,196 $3,546 $3,690 $3,996 $4,338 $4,708 $5,044 $5,226 $5,491 $5,757 $6,006 $7,245 Total NFL Revenue* $3,838 $4,224 $4,899 $5,731 $6,411 $6,669 $6,978 $7,723 $7,934 $8,256 $9,043 $9,664 $9,859 $10,371 $12,022 Local Revenue 34.8% 35.7% 39.5% 44.2% 44.7% 44.7% 42.7% 43.8% 40.7% 38.9% 42.2% 43.2% 41.6% 42.1% 39.7% National Revenue 65.2% 64.3% 60.5% 55.8% 55.3% 55.3% 57.3% 56.2% 59.3% 61.1% 57.8% 56.8% 58.4% 57.9% 60.3% *Estimated as multiple of number of team s

32 NFL Salary Cap Room 2015 NFL Team 2015 Salary Cap 2014 Carryover Team Cap Cap Room Jacksonville Jaguars $143,280,000 $21,768,205 $133,405,931 $35,080,176 Cleveland Browns $143,280,000 $18,908,285 $139,962,500 $21,804,900 Tennessee Titans $143,280,000 $11,254,828 $133,405,170 $20,948,408 Oakland Raiders $143,280,000 $7,400,000 $132,443,714 $19,429,042 Cincinnati Bengals $143,280,000 $8,697,310 $134,957,680 $17,172,755 Dallas Cowboys $143,280,000 $3,260,740 $131,826,707 $16,751,606 Atlanta Falcons $143,280,000 $2,845,290 $130,098,815 $16,150,000 Green Bay Packers $143,280,000 $7,791,106 $136,021,411 $15,449,695 San Francisco 49ers $143,280,000 $4,206,936 $135,886,273 $13,969,707 Carolina Panthers $143,280,000 $4,939,773 $136,059,030 $13,312,607 Miami Dolphins $143,280,000 $7,770,411 $139,930,169 $12,996,768 Philadelphia Eagles $143,280,000 $15,715,700 $146,957,769 $12,914,609 Tampa Bay Buccaneers $143,280,000 $1,063,033 $133,214,572 $11,695,317 Indianapolis Colts $143,280,000 $7,699,867 $141,191,587 $11,231,805 AVERAGE/TEAM $143,280,000 $5,670,168 $138,155,092 $11,227,360 Seattle Seahawks $143,280,000 $4,825,000 $138,639,492 $9,618,246 Kansas City C hiefs $143,280,000 $2,246,790 $136,991,931 $9,152,269 Chicago Bears $143,280,000 $1,545,934 $136,823,755 $8,344,679 Houston Texans $143,280,000 $966,613 $137,923,166 $8,102,580 Washington Redskins $143,280,000 $108,621 $138,532,710 $8,059,035 Minnesota Vikings $143,280,000 $5,723,960 $141,582,305 $8,045,655 Arizona Cardinals $143,280,000 $4,256,919 $140,557,466 $7,958,400 Baltimore Ravens $143,280,000 $5,791,927 $137,769,295 $7,361,832 New England Patriots $143,280,000 $6,442,054 $137,478,636 $7,065,769 Pittsburgh Steelers $143,280,000 $778,469 $137,121,377 $6,937,092 Buffalo Bills $143,280,000 $2,647,907 $138,606,518 $6,613,812 Denver Broncos $143,280,000 $5,870,000 $144,140,611 $5,925,413 San Diego Chargers $143,280,000 $1,500,000 $137,425,035 $5,547,577 New York Jets $143,280,000 $12,619,394 $151,157,046 $4,992,348 New York Giants $143,280,000 $151,000 $138,626,286 $4,785,597 St. Louis Rams $143,280,000 $0 $140,070,796 $4,602,591 New Orleans Saints $143,280,000 $1,710,130 $140,894,728 $4,197,702 Detroit Lions $143,280,000 $939,171 $141,260,449 $3,057,542 TOTAL $4,728,240,000 $187,115,541 $4,559,118,022 $370,502,894 Source: NFLPA

33 Estimated NFL Salary Cap Space 2016 Season Team (22 February 2016) Cap Space 2016 Cap 2015 Carryover 2016 Team Cap 2016 Spending Dead Money Jacksonville Jaguars $79,803,211 $155,000,000 $32,837,428 $187,837,428 $107,745,479 $288,738 Oakland Raiders $74,275,436 $155,000,000 $13,404,867 $168,404,867 $93,709,095 $420,336 Chicago Bears $60,453,041 $155,000,000 $1,064,464 $156,064,464 $89,124,626 $6,486,797 New York Giants $58,623,872 $155,000,000 $11,240,106 $166,240,106 $97,910,603 $9,705,631 St. Louis Rams $58,346,856 $155,000,000 $933,521 $155,933,521 $91,126,940 $6,459,725 San Francisco 49ers $55,239,714 $155,000,000 $12,644,186 $167,644,186 $105,788,006 $6,616,466 Tennessee Titans $50,694,155 $155,000,000 $20,830,676 $175,830,676 $118,801,271 $6,335,250 Tampa Bay Buccaneers $49,392,453 $155,000,000 $8,268,998 $163,268,998 $113,486,308 $390,237 Cleveland Browns $42,098,128 $155,000,000 $21,359,144 $176,359,144 $132,647,188 $1,613,828 Cincinnati Bengals $38,723,157 $155,000,000 $7,712,902 $162,712,902 $123,796,474 $193,271 Kansas City Chiefs $32,733,632 $155,000,000 $2,847,838 $157,847,838 $124,880,558 $233,648 Houston Texans $32,094,427 $155,000,000 $3,099,555 $158,099,555 $125,610,546 $394,582 San Diego Chargers $31,774,386 $155,000,000 $2,343,426 $157,343,426 $123,146,867 $2,422,173 NFL Averages $30,138,361 $155,000,000 $6,442,954 $161,442,954 $127,759,949 $3,544,643 Atlanta Falcons $27,489,014 $155,000,000 $3,905,771 $158,905,771 $116,377,511 $15,039,246 Detroit Lions $26,226,314 $155,000,000 $880,941 $155,880,941 $128,294,333 $1,360,294 Philadelphia Eagles $25,998,040 $155,000,000 $7,280,362 $162,280,362 $132,010,114 $4,272,208 Indianapolis Colts $24,559,614 $155,000,000 $4,997,504 $159,997,504 $129,042,916 $6,394,974 Minnesota Vikings $24,534,868 $155,000,000 $2,384,159 $157,384,159 $132,363,905 $485,386 Seattle Seahawks $23,029,279 $155,000,000 $199,087 $155,199,087 $128,891,764 $3,278,044 Carolina Panthers $22,365,540 $155,000,000 $3,749,950 $158,749,950 $132,513,407 $3,871,003 Green Bay Packers $21,865,614 $155,000,000 $7,452,597 $162,452,597 $139,908,390 $678,593 Arizona Cardinals $19,542,095 $155,000,000 $3,084,788 $158,084,788 $138,290,644 $252,049 New York Jets $14,043,256 $155,000,000 $2,484,216 $157,484,216 $142,872,226 $568,734 Washington Redskins $13,372,122 $155,000,000 $6,112,784 $161,112,784 $147,167,498 $573,164 Dallas Cowboys $11,831,119 $155,000,000 $3,852,589 $158,852,589 $146,120,394 $901,076 Miami Dolphins $8,661,763 $155,000,000 $9,137,544 $164,137,544 $150,156,354 $5,319,427 Pittsburgh Steelers $8,445,842 $155,000,000 $3,000,327 $158,000,327 $148,789,297 $765,188 Denver Broncos $8,161,005 $155,000,000 ($700,000) $154,300,000 $145,212,357 $926,638 New Orleans Saints $7,441,957 $155,000,000 $1,400,000 $156,400,000 $126,686,198 $22,271,845 Baltimore Ravens $6,310,966 $155,000,000 $1,633,944 $156,633,944 $150,121,620 $201,358 New England Patriots $6,086,955 $155,000,000 $2,263,507 $157,263,507 $150,778,152 $398,400 Buffalo Bills $209,715 $155,000,000 $4,467,331 $159,467,331 $154,947,341 $4,310,275 NFL Totals $964,427,546 $4,960,000,000 $206,174,512 $5,166,174,512 $4,088,318,382 $113,428, Players Share = 48.5% of $11.62B Revenues = $5.64B -12% Player Benefits ($676M)= $4.96B/32 clubs = $155M per club Source: John Vooman and Jordan Matthews 2014 NFL Draft Round 2, Pick 42 (Eagles) Year Base Salary Prorated Bonus Cap Number Actual Payroll Dead Money 2014 $420,000 $479,867 $899,867 $2,339, $644,967 $479,867 $1,124,834 $644, $869,934 $479,867 $1,349,801 $869,934 $479, $1,094,901 $479,867 $1,574,768 $1,094,901 $479,867 Total $3,029,802 $1,919,468 $4,949,270 $4,949,270 $959,734 Average $757,451 $479,867 $1,237,318 $1,237,318