Chapter 24: "The NBA's Billion-Dollar Boom: Expansion, Development League, and the Future of Basketball"
The next morning.
The NBA officially held a press conference.
At the press conference, NBA Vice President Louis Carter addressed the media, presenting an in-depth financial report on the league's first season.
"As of the end of the season, the NBA's total revenue, including advertising sponsorships, television broadcast rights, and ticket sales from all 30 teams, has reached a staggering $5.108 billion."
This announcement instantly drew murmurs from the gathered reporters. The number was mind-blowing, especially considering that the league was only in its first full season under this new system.
Carter continued, "The details of each team's financials will also be disclosed publicly."
The breakdown was shocking:
The New York Knicks generated $372 million in total revenue, with a net profit of $127 million.
The Los Angeles Lakers followed closely with $334 million in revenue, securing a league-high profit of $148 million.
The Golden State Warriors brought in $340 million and netted $89 million in profit.
The newly crowned NBA champions, the Boston Celtics, had revenue of $204 million and a profit of $58 million.
The Chicago Bulls recorded a $73 million profit on $201 million in revenue.
However, not every team was making money.
The Oklahoma City Thunder posted a loss of $15 million.
The Memphis Grizzlies struggled financially, reporting a $6 million loss.
Still, despite a couple of struggling teams, the NBA was thriving. The league's average team profit stood at an impressive $40 million, making it one of the most lucrative sports enterprises in the world.
A CBS reporter raised his hand. "Mr. Carter, considering these profits, is the NBA willing to sell some of its teams?"
All eyes locked onto Carter.
NBA franchises were turning into golden eggs, money-making machines that required minimal effort from their owners. Buying into the league now meant securing an asset that would only appreciate in value.
Carter nodded. "Yes. NBA President Nathan Cole has officially announced that league teams are now open for purchase. We invite interested investors to contact NBA headquarters for discussions."
He then presented a newly released Forbes ranking of NBA franchise valuations:
New York Knicks: $1.748 billion
Los Angeles Lakers: $1.672 billion
Golden State Warriors: $1.634 billion
Boston Celtics: $1.512 billion
Chicago Bulls: $1.378 billion
Miami Heat: $1.260 billion
Philadelphia 76ers: $1.145 billion
The list continued, showing that even the lowest-valued teams had crossed the billion-dollar mark.
Media members exchanged glances. Just half a year ago, the average value of an NBA team was around $300 million. Now, the average valuation had skyrocketed to $800 million.
At this rate, waiting even a few seasons could make NBA teams unaffordable for all but the world's richest billionaires.
Carter then transitioned to another major announcement. "The NBA's salary cap for the upcoming season has been set at $81.72 million, with the luxury tax threshold at $93.64 million."
The room quieted down.
"The increase in the salary cap means higher player salaries," Carter continued. "Last season, the highest NBA salary was $17.28 million per year, and the league's average annual salary was $3.84 million.
For the new season, the highest possible player salary will be $24.51 million per year, and the average annual salary will increase to $5.44 million."
A wave of gasps spread through the media representatives.
An average annual salary of $5.44 million?
That was a number unheard of in professional sports.
This development meant that the NBA now had the highest average player salary among all major U.S. sports leagues, surpassing the NFL, MLB, and NHL. While those leagues had higher maximum contracts, no sport could match the NBA in terms of average salary.
One journalist from Sports Illustrated muttered, "With salaries like this, basketball is going to attract even more young talent."
Carter smiled. "That's exactly what we're aiming for. The NBA wants to be the destination for the best basketball players in the world."
Then came another major announcement.
"In order to strengthen our talent development system, the NBA will officially establish the NBA Development League (NBDL)."
A few murmurs rippled through the audience. This was unexpected.
Unlike the heavily commercialized NBA, the Development League would focus on a cost-efficient model designed to groom young talent.
"The NBDL will consist of six divisions: the Atlantic Division, Central Division, Southeast Division, Southwest Division, Pacific Division, and Midwest Division.
A total of 28 teams will participate, including the Oklahoma City Blue, Westchester Knicks, Lakeland Magic, Santa Cruz Warriors, and several others."
The league would function as a direct feeder system for the NBA.
"Every NBDL team will be affiliated with an NBA franchise, and the development league will play a full 50-game season, split between 25 home and 25 away games."
Carter then laid out the playoff structure:
The top 8 teams in the East and West would qualify for the playoffs.
The No. 1 and No. 2 seeds in each conference would be given top playoff positioning.
The first two rounds of the playoffs would be single-elimination games.
The conference finals and championship series would be best-of-three matchups.
"The goal of the Development League is to maintain the NBA's high level of competition by continuously producing elite talent," Carter emphasized.
The room was buzzing.
A fully structured minor league system?
This was a game-changer.
Most reporters had assumed the NBA would focus solely on the professional level, but this move showed foresight. If the development league succeeded, it would ensure a steady pipeline of talent for years to come.
Carter wasn't done yet.
"Finally, we want to remind everyone that the NBA Draft will take place on June 30th. This is our most important mechanism for ensuring competitive balance in the league."
Reporters leaned forward in anticipation.
"The NBA welcomes young players from all over the world to participate in the draft," Carter said. "Whether they come from the NCAA, former ABA teams, or international leagues—everyone is invited to compete for a spot."
The NBA Draft structure would follow the same two-round format:
Each of the 30 NBA teams would receive two picks—one in the first round and one in the second.
The draft order would be determined by team records, ensuring weaker teams got the best prospects.
The higher a player was picked, the more lucrative their rookie contract would be.
"This is a life-changing opportunity," Carter stated. "The NBA is ready to welcome its next generation of superstars. We believe the future MVPs and Finals MVPs are among this year's draft class."
With that, the press conference concluded.
The media immediately exploded with coverage.
"NBA Reports Historic Profits—Franchises Skyrocket in Value!"
"Nathan Cole's League Expands Again—NBA Development League to Launch This Year!"
"NBA Draft 2021: Who Will Be the Next Basketball Superstar?"
Fans flooded social media with excitement.
"The NBA is making crazy money!"
"These team valuations are insane! If you don't buy now, you'll never afford it later."
"The Development League is a genius move! More players will get a shot at making it to the NBA!"
"I'm from Milwaukee—we better draft a future superstar!"
"I can't wait for June 30th! The draft is gonna be legendary!"
And just like that, the NBA's offseason had become just as thrilling as the regular season.