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The Rising Cost of Victory in the City of Philadelphia
Philly’s Sports Teams Are Spending for Success.
Is It the Right Thing To Do In A 2024 Economy?
Ladies and gentlemen, Philadelphia is on a shopping spree. It’s like an all-expense paid weekend at the mall with the family. Spend any amount you’d like — how about over a billion dollars for a championship?
Last month, I wrote a piece that mentioned the economic and financial appropriateness of holding an Eagles home game in Brazil, among other factors. Is an investment of over a billion dollars by Philly’s Big Four sports franchise worth it to march down Broad Street?
This week, the NBA announced an 11-year agreement on its new media deals worth $76 billion. The contract will most likely come with a 10% cap increase for NBA teams like the Sixers.
Astronomical sports contracts are not unique to Philadelphia. The continued and steady growth of sports figures contracts in the last 30+ years while the simultaneous ballooning of our National Debt, which is now over $34 Trillion, is both as unsustainable as it is troubling.
Philadelphia Eagles
The Eagles positioned themselves in March to enter the Draft already occupying $219.4 million of Cap space. The Eagles solidified their wide receiver duo in April with A.J. Brown signing until 2028 with a three-year $96 million deal and his teammate Devonta Smith signing a three-year, $75 million deal. The Eagles once again made a splash in Two contract extensions for both DeVonta Smith (3-year, $75 Million) and AJ Brown (3-year, $96 Million) and the signing of All-Pro and former Penn State running back Saquon Barkley (3-year, $37.75 Million) having already placed the Eagles as an 18–1 favorites to win a Lombardi in 2025.
The Eagles signed former Jets linebacker Bryce Huff to a three-year, $51.1 Million deal, the undrafted free agent out of Memphis in 2020 as well. Former Wisconsin star Zach Baun from the Saints, former 49ers linebacker Oren Burks, and safety CJ Gardner-Johnson also returned to the team. Offensive lineman Matt Hennessy was also signed by Philly.
The Eagles also earned one of the best grades in the NFL at the Draft by adding key talent, with all draft picks now signed as of June 6th. In the first round, they drafted Toledo cornerback Quinyon Mitchell. In the second round, they added another defensive back, Cooper DeJean. In the third round, they drafted Jalyx Hunt, an outside linebacker from Houston Christian. In the fourth round, they drafted Will Shipley from Clemson. In the fifth round, the Eagles added wide receiver Ainais Smith from Texas A&M, Jeremiah Trotter, Jr. from Clemson, and Guard Trevor Keegan from Michigan. Philadelphia’s draft selections ended in the sixth round, with wide receiver Johnny Wilson from Florida State and Guard/Center Dylan McMahon from NC State.
Philadelphia Flyers
The Flyers joined the free agent scene by signing Matvei Michkov to a multi-year deal with a yearly effect on the cap of around $950,000.00.
They also re-signed Bobby Brink to a two-year, $3 Million Contract. With the thirteenth overall pick in the 2024 NHL Draft, they selected Jett Luchanko, a center.
Philadelphia Phillies
And who can forget our NL East-leading Philadelphia Phillies, who are carrying a 141-year franchise record for payroll in 2024 of $262 Million, which includes a cap hit of part of the 13-year, $330 million contract of Bryce Harper?
In March, Zach Wheeler and the Phillies announced an MLB-record contract extension, a three-year, $126 million deal. The deal won’t kick in until the start of 2025 — but when it does — Wheeler’s $42 million salary will represent the largest extension in MLB history by annual average.
Philadelphia 76ers
Last month, it was the Sixers who invested nearly half a billion dollars at the chance to support Joel Embiid and Tyrese Maxey with their quest for an NBA Title in 2024–2025 by adding veteran forward Paul George to a four-year, $212 Million max contract.
The team also gave Tyrese Maxey a five-year, $204 million extension, along with Kelly Oubre Jr. (2 years, $16 Million), Andre Drummond (2 years, $10 Million), and Eric Gordon (1 year, $3.3 Million). The Sixers also drafted Adem Bona out of UCLA and Jared McClain out of Duke.
Philadelphia currently ranks 33rd in the US for economic growth and has an unemployment rate of 3.9%.
Given these economic conditions, should Philly’s Big Four sports franchises invest in record contracts to win it all?
Ask me after the championship parade.
PHOTO: Unsplash
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