re: I appreciate this tweet reply by Sherm

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That's my point. It's an educated guess based on a multitude of factors. It's not exactly what they are making. It's like when Forbes posts an article about the most valuable sports franchises. If a company is valued at a billion dollars, it doesn't mean that they are bringing in a billion dollars. Now if On3 labeled it "NIL earnings" instead of "NIL valuation" that would be a different story.

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This isn’t even close to the same thing. We know for a fact what previous franchises sold for. We know for a fact what TV contracts are. We know for a fact what merchandise and ticket sales are. Those are truly educated guesses.

We don’t know ANY hard NIL numbers. There’s nothing educated about it. On3 even publishes that it’s a proprietary algorithm. Half the algorithm is based on “Roster Value” and “NIL”. They define both factors are defined as:
“Roster Value collects data from all school collectives, players, and representatives using a proprietary Roster Management algorithm. NIL value measures the licensing and sponsorship market through exposure and social media influence. Roster Value and NIL combine to create the overall On3 NIL Valuation.”

It’s a stupid arse metric with no public, hard data created to get clicks. Period.