Stumbling On Wins: Two Economists Expose the Pitfalls on the Road to Victory in Professional Sports

5. Finding the Face of the Franchise

Imagine you are completing a journalism degree at Columbia University. As graduation day approaches, it becomes clear that you are one of the top students in your class. Your lofty ranking starts you dreaming of working at places like the New York Times or the Los Angeles Times. Just before you graduate, though, you are notified that your rights have been acquired by the Lincoln Journal-Star. The notification goes on to add that if you want to work as a journalist, this will only happen in Lincoln, Nebraska.¹

When you hear this news, you become angry and contact your lawyer. Surely, someone cannot require that you—a top graduate of Columbia—begin your career in Lincoln. Your lawyer, though, tells you that ...