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#ShrinkTheGame Vol. 19
The Sunday Before
Fred S
October 26, 2025
The CBA Deadline
As we inch closer to the CBA’s October 31st deadline, it is looking more and more likely that the WNBA and the players will not come to an agreement by the deadline. There are three options when it comes to the CBA deadline:
Sign a new CBA- We could, by some miracle, see a new CBA get finalized and signed on the 31st.
Lockout- The players could completely reject the WNBA’s proposal and begin a lockout. This would be the absolute worst outcome, though I 100% understand it could be a necessary move if the WNBA is overplaying its hand. The offseason teams need to sign players, and there are two expansion drafts that have to happen. A lockout would represent lost time and money for both the league and the players.
Extension - this is the most likely outcome, in my opinion. Back in 2020, the WNBA and the WNBPA agreed to a 60-day extension of the CBA to continue negotiations, and free agency was ready to begin in January.
The Negotiators: The players' CBA committee typically features at least 33 players: the 26 player representatives (two per team), seven members of the executive committee (Ogwumike, Kelsey Plum, Elizabeth Williams, Brianna Turner, Alysha Clark, Collier and Breanna Stewart) and a few other players outside of those groups who have opted to participate.
A Note About Cathy
The conversation around Cathy has become a major hot-button issue among fans, team owners, and even Adam Silver. To be clear, I am NOT defending Cathy—but I do think it’s important to understand why both the owners and Adam Silver would be hesitant to let her go.
When Cathy took over in 2020, there was barely any viewership, weak attendance, and a league that genuinely looked like it was on the verge of folding. She was handed a sinking ship and told to make it float. And to her credit—she did. She revived the league in multiple ways:
TV Media Deals
When I first started watching the WNBA in 2020, you could not find games anywhere. If you wanted to watch, you were basically praying your favorite team would stream on Facebook Live, because that was the only option some teams had. Wild.
Since then, Cathy Engelbert has dramatically expanded access. She began by adding digital partners to simply get games in front of viewers. The first major breakthrough came with the ION deal and the launch of WNBA Fridays, which finally gave fans a consistent place to watch. That early Disney, ION, and Amazon package was valued at 200 million dollars.
Today, that progress has led to an eleven year, 2.2 billion dollar media agreement across multiple platforms. It is a major leap, even though the league was still undervalued by being tied to the NBA’s larger television package. On its own, the W could have been valued closer to 7-8 billion dollars.
Saving the Liberty
It’s no secret that owners Mark Davis (Las Vegas Aces) and Joe Tsai (New York Liberty) have been using their considerable wealth to push the league to improve player conditions. Back in 2022, Davis and Tsai proposed charter flights for every team—and the WNBA said HELLLLL NO. Davis listened. Tsai… did not.
Instead, he went ahead and flew the Liberty charter anyway and got caught. The NBA Board of Governors was so pressed about it that they wanted to strip draft picks, slam the team with a $1 million fine, and even consider dissolving the franchise altogether. Cathy had to step in and talk them down, ultimately reducing the punishment to a $500,000 fine with no further penalties. #ThanksCathy.
Now, as for her many Missteps…
In 2022, Cathy proudly announced that she had raised $75 million in new investment for the league—right at the moment when the WNBA was finally starting to gain momentum and public interest. The issue? She sold 16% of the league for just $75 million, which is now an obviously egregious undervaluation. Looking back, it feels like the league practically gave equity away at a discount—especially at a time when the WNBA was on the verge of regaining control of its product and narrative. Also where did that money go???? The lack of transparency is a huge deal.
The WNBA’s ownership structure is broken down into three categories. The WNBA owners own 42% of the league, another 42% is owned by the 30 NBA owners, and the remaining 16% is owned by an outside investor group that was part of a $75 million capital raise—which dramatically undervalued the league—in 2022.
This issue became even more glaring when the WNBA blocked the sale of the Connecticut Sun to a Boston ownership group. It was a $350 million deal. Instead, the league stepped in and offered $250 million to buy the team themselves so they could handpick a different owner. Which leads to the real question: WHERE DID YOU GET TWO HUNDRED FIFTY MILLION DOLLARS FROM, CATHY??????
What makes it worse is that players have repeatedly called out the league for withholding information about revenue and expenses. The WNBP is blocked from seeing the financial data, and that secrecy allows the league to consistently lowball and undercut players. The WNBA and NBA are not negotiating in good faith.
“It’s been made clear that there’s this perception that the players don’t understand the business. Cathy has told that to my face. I communicated that to the players and I said, ‘Let’s demonstrate that we do understand the business, especially as we’re going back and forth in negotiations.”
The real villain, NBA Commissioner Adam Silver, revealed that he and Cathy are working together to lowball players and protect their percentage of revenue.
On the Today Show, he said, “I think share isn't the right way to look at it because there's so much more revenue in the NBA. I think you should look at absolute numbers in terms of what they are making. They are going to get a big increase in this cycle of collective bargaining, and they deserve it.”
Focusing on absolute numbers makes it clear that the NBA and WNBA are pushing back on the players’ main ask: “a dynamic salary system where the percentage of revenue going toward salaries grows with the business. WNBA players say the league's proposals, by contrast, feature a salary cap that increases by a fixed rate over time -- which is how it is set up in the current CBA, with annual 3% raises.” NBA players already have this model. WNBA Players want the same thing, and the WNBA does not want to give it to them.
The WNBPA Executive Director, Terri Jackson, clocked tf outta Adam in her response:
When the players opted out a year ago, they made it clear they wanted a salary system that values their labor and allows them to grow with the business they are very clearly driving.
The league’s response has been to run out the clock, put lipstick on a pig, and retread a system that isn’t tied to any part of the business and intentionally undervalues the players. The fact that the league now wants to call any part of its proposal ‘uncapped’ is precisely why its leadership, transparency, and accountability are being challenged right now.
What the league and teams are really trying to do is not only limit the cost of labor but also contain it through an artificial salary system that isn’t tied to the business the players are building in any real or meaningful way.
You know they know it’s bad when the best they say they can do is more of the same: a fixed salary system and a separate revenue-sharing plan that only includes a piece of a piece of the pie, and pays themselves (the league) back first. We’ve come to the table prepared to do business. They’ve responded with bad math and are hoping everyone doesn’t understand what “uncapped” actually means.
Adam quickly responded:
At the end of the day, investors don’t rush to buy into a failing league. Media companies don’t fight for broadcast rights to a product no one wants. Ownership groups don’t line up to pay $250 million for expansion spots if the league is struggling. The evidence is right in front of us. So show us the numbers. Stop Bullshittin’
Labor Stands with the WNBPA
As the anger for Cathy grows, we are seeing Labor unions and politicians come forward to support WNBA players.
The WNBPA opted out of their agreement on October 21, 2024. A year later and the fight continues. PAY THEM an equitable share of the revenue they generate. MANDATE the professional working conditions they deserve. GET OUT of the way of THEIR future! @WNBA
— NYS AFL-CIO // #UnionStrong (@NYSAFLCIO)
6:15 PM • Oct 21, 2025
In typical fashion, league leadership has the luck piece all wrong. Without the players, there is no game
THIS is leadership. This is courage. We stand with Napheesa and @TheWNBPA in their fight for a fair contract.
— MLSPA (@MLSPA)
12:38 AM • Oct 1, 2025
In a show of solidarity, the NWSL Players Association wore ‘Pay Them What You Owe Them’ shirts in support of WNBA players as their collective bargaining negotiations continue
Back in July, the WNBPA wore ‘Pay Us What You Owe Us’ shirts before the All-Star Game
📸: @nwsl_players
— The Women's Game (@WomensGameMIB)
5:59 PM • Sep 15, 2025
Hoops & Hype: Media Picks
Check out some of the cool podcasts, videos, reads, and fashion I saw this week.
