📰🏟️ Slim pickings

Good morning. Sportico just released its official 2025 WNBA team valuations. Some takeaways:

• YoY growth was higher than Snoop Dogg: The average WNBA team is worth $269M, up 180% from 2024. That’s more than double the previous biggest YoY gain for a major sports league, which happened in 2014 after Steve Ballmer bought the LA Clippers, driving NBA prices higher across the board.
• The Valkyries are valuable (and many are val-crying about it): The Golden State Valkyries came in at #1 on the list, with a valuation of $500M, despite having only played 14 games in their history.
• Caitlin Clark was a good prescription for the Fever: The Indiana-based franchise saw its value jump 273% from 2024-2025, the most of any team—in large part thanks to its star point guard whose initials also mean including someone on a work email.

Overall, WNBA franchises carry a combined value of $3.5B. See the full list of valuations + the methodology here (paywalled).

—Peter & Kyle

On the clock: This newsletter takes ~4.48 minutes to read (1,191 words).

Enjoying these emails? Help us grow by forwarding one to a friend.

Did someone you know do this^ to you? Subscribe here for free.

🏀 DOWN, DOWN AFTER AN EARLIER ROUND

The NIL era is reshaping the NBA Draft

Round 2 of the NBA Draft takes place tonight. And when the clock starts ticking, NBA front offices will find themselves with pickings more slim than a buffet after Kobayashi rolls through.

This is largely due to the advent of the NIL era in college basketball, which—while it hasn’t whittled the draft pool to nil—has made quite a dent.

• Only 106 players entered the draft this year, according to the league, marking the lowest number of early entrants since 2015. The number of early draft entrants peaked in 2021, at 353, months before the NIL era went into effect.
• Of those 106, only 46 remain following the withdrawal deadlines. That’s down from 77 in 2024, and well below the average of 83.8 seen from 2016-19.

It’s a risk-assessment thing

Front-office execs, agents, and college coaches say the rise in withdrawals is a result of players projected to go late in the first round or somewhere in the second round sitting down and crunching numbers Ben Affleck in The Accountant-style.

• The NBA’s 2024-2025 rookie scale stipulates that a player going midway through the first round would make ~$3.5M in first-year salary. That figure drops to ~$2.8M at pick #20, ~$2.3M at #25, and ~$2.1M at #30 (the final first-round pick).
• There is no slot money for second-rounders, who can sign for any amount. The minimum first-year NBA salary is ~$1.2M, while G League players make a flat $40.5k/season.

That’s compared to college NIL money, which can reach into the seven-figures for many projected late-first-round or second-round picks. “[It’s] just…pure mathematics," Detroit Pistons president of basketball operations Trajan Langdon told Fox Sports.

Pickings are slim elsewhere, too. The NFL had just 69 underclassmen in its draft this year, down from 128 in 2021, the final pre-NIL draft.

But…This staying-in-school trend may soon change. The recent approval of the House v. NCAA settlement brings revenue sharing to college athletics, and could lead to caps on NIL deals.

🔥 In partnership with Particle

The daily defense every man needs

The #1 cause of skin aging? Sun exposure. The #1 form of protection recommended by dermatologists? Sunscreen.

Introducing Particle Invisible Sunscreen™: the first sunscreen for men that goes on clear, hydrates your skin, and shields you with SPF 40 broad-spectrum protection.

• 🛡️ Defends against sun damage and premature aging
• 💧 Lightweight, non-oily, and fast-absorbing—doesn’t cause breakouts
• ⚾ Perfect for sports, everyday activities, and the beach
• 🧴 Dermatologist-tested with a 4.8-star rating

No grease. No fuss. Just serious defense.

⏱️ CATCH UP QUICK

Headlines de la semaine

🏎️ Hollywood’s new F1 film is the wheel deal. F1 starring Brad Pitt, which hits theaters tomorrow, represents one of the most authentic—and expensive—sports films ever made. Over two years of filming, its crew spent most of the movie’s ~$300M budget capturing footage during actual Grand Prix weekends, collaborating with Mercedes (and producer Lewis Hamilton) to build a fleet of custom race cars that passed FIA safety tests, and developing custom remote-controlled camera rigs for cockpits. The film’s fictional F1 team even signed real sponsorship deals worth $40M+ with brands like EA Sports, Geico, and Tommy Hilfiger.

⚾ MLB star Fernando Tatis Jr. makes a defensive play—in court. The Padres right-fielder filed a lawsuit this week seeking to void a future earnings contract he signed as a 17-year-old minor leaguer in 2016, which gave him $2M up-front in exchange for 10% of his future earnings if he made the MLB. That back-end now represents a significant payout, with Tatis signing a $340M contract in 2021. Tatis claims lender Big League Advance used predatory tactics to lure him into an “investment deal” that was actually an illegal loan under California law. He’s also seeking a ruling that prevents companies from offering other young athletes similar future earnings deals, a practice that’s grown increasingly popular in recent years.

👟 Can a woman run a four-minute mile? Nike has Faith. Kenya’s Faith Kipyegon, 31, will try to become the first woman to ever break the four-minute mile barrier later today, as part of a Nike-sponsored event in Paris called "Breaking4." Kipyegon holds the current mile record for women, though she’s still ~7.5 seconds away from four minutes—a seemingly insurmountable gap to make up in one race. But that’s where Nike comes in. The athletic-wear giant is decking Kipyegon out with the latest advanced racing tech, including a skin suit with 3D-printed "aeronodes" to cut drag, a body-mapped 3D-printed bra, a drag-reducing headband, and track shoes weighing just 0.2 lbs.

🏟️ CONSTRUCTION NOISE INCOMING

The A’s break ground on planned $1.75B Vegas stadium

The MLB’s Oakland Sacramento Athletics this week broke ground on a new 33,000-seat, $1.75B stadium in Las Vegas, in a ceremony featuring club, city, and league officials.

The event, more than four years in the making (somewhat surprising given Las Vegas’ marriage laws), follows a saga that included securing MLB approval to move from Oakland to Vegas, a tearful departure from Oakland for a stint in Sacramento, and an initially unveiled stadium designed used to secure Nevada state funds that was later walked back and replaced with the current plan.

But…The project, which has a target completion date of Opening Day 2028, isn’t quite a done deal. A’s owner John Fisher, heir to the Gap fortune, still needs to scrounge up additional funding (apparently he hasn’t checked the banana stand…or in his case, the Banana Republic stand).

• Experts also say the early-2028 completion date may be aggressive, given the often-optimistic nature of construction timelines, as anyone who’s ever done a kitchen remodel can back up.

It’s not just the A’s: At least 39 major sports venues are currently being built or renovated across North America. An academic paper published in 2023 argues pro sports is in the midst of its “fourth wave” of stadium construction, as teams look to upgrade or replace aging venues built in the 1990s, the busiest stretch of pro sports stadium construction on record.

💬 WORD ON THE STREET

Overheard

“I’m pretty sure this is it.”

Aaron Rodgers is preparing his three-step dropback for one last dance. 

In his appearance this week on The Pat McAfee Show, the four-time NFL MVP said he likely plans to retire after playing out his one-year, $13.6M contract with the Pittsburgh Steelers this season.

• Rodgers is entering his 21st NFL season ranked 7th all-time in passing yards and 5th in pass TDs, with a realistic chance to move up to fifth and third, respectively, if this year goes smoothly.

One and done: According to Rodgers—who secretly got married this offseason—his NFL retirement next year will also coincide with a complete disappearance from the public eye. “When this is all done, it's Keyser Söze. You won't see me. I won't be in the public. I don't want to live a public life,” he told McAfee.

🔥 In partnership with MTE

Tired of being tired?

Burnout. Brain fog. Caffeine that backfires. There’s a better way to boost your energy, without the crash.

• MTE supports clean energy, sharper focus, and a better mood—without the tradeoffs.
• Just $28 for 24 servings. Ships free. Backed by a 90-day guarantee.

📰 NEWS

What else is happening

• The NHL Draft kicks off tomorrow, while Colgate forward Kristyna Kaltounkova was chosen #1-overall in this week’s PWHL Draft.
• NBA owners unanimously approved the $1.5B sale of the Minnesota Timberwolves and Lynx, marking the end of a four-year saga.
• The NFL encouraged teams to reduce the guaranteed dollars in veteran contracts, according to a new report that cites an independent arbitrator’s findings.
• Lionel Messi's Inter Miami is set for a Club World Cup showdown against PSG, the widely proclaimed soccer GOAT's former team.
• The Hockey Hall of Fame’s 2025 class includes seven-time All-Star Zdeno Chára, Russian trailblazer Alexander Mogilny, and 2006 MVP Joe Thornton.
• Ratings recap: Game 7 of the NBA Finals was the most watched Finals game in six years (16.4M viewers), this year’s CWS Final turned in the sixth-best performance of the best-of-three era (though viewership was 11% lower YoY), and the PGA Tour’s $20M signature events finished the season up in ratings.

🌐 WEB GEMS

Interesting things to click

🔀 Trade talk: Ranking MLB's top 50 trade deadline candidates.

📊 Levels to this: What the Club World Cup says about comparing MLS to the Premier League.

🏟️ A walk through the valley of death: The top 25 toughest places to play in college football, according to EA Sports (spoiler alert: LSU is #1).

⚽ Club soccer: Auckland City FC, an amateur New Zealand club whose entire roster has separate day jobs (see them here), lost their first two Club World Cup games by a combined 16-0—but rallied to notch a 1-1 draw in their group stage finale.

📈 Business news, but make it fun: The Hustle delivers sharp, 5-minute takes on biz + tech—no fluff, no snooze. Trusted by 1.5M+ smart folks. Sign up free today.*

*A message from our partners.

🤔 TRIVIA

It’s time for Franchise Roulette

The roules rules: Below we’ve compiled three facts about a professional sports franchise—your challenge is to guess which franchise we’re talking about. Eligible franchises are those currently playing in the Big 4 (MLB, NHL, NFL, NBA).

Today’s team:

• Was founded in 1883 as the New York Gothams.
• Has more wins than any other team in the history of major American sports.
• Counts 66 representatives in the Baseball Hall of Fame, the most of any MLB franchise.

🚨 THE FINAL WHISTLE

Don’t miss out

Our $1,000 Airbnb sweepstakes wraps up June 30, meaning you’ve only got a few days left to score a vacation on us.

How to enter (it’s free): Click here + put in your email. 

+Pro tip: You can boost your odds of winning by referring friends. Enter the contest for free to learn more.

🤔 ANSWER

The San Francisco Giants