Pretty good article on why the NFL is down. The teams are no longer “teams” but assets in someone’s portfolio.
The value in that kind of behavior doesn’t come from the product. That flatlined in terms of utility a long, long time ago. (The Patriots remain unusual for not only trying, but trying intelligently to produce a good product.) An NFL owner no longer needs that to continue to boost the value of the franchise using anything that happens on the field. Value comes from getting a new stadium someone else paid for, moving the franchise to a more valuable piece of real estate and doubling the value of the franchise overnight. Value comes from leveraging and re-leveraging your existing assets, not by creating anything new.