Additionally, a sweet deal for Disney and the NFL also comes with complications for everyone else. With the NFL having a monetary stake in ESPN, the deal raises questions of partner favoritism or coverage bias.

“We’re in a very dynamic, fragmented, and rapidly evolving world here. The kinds of alliances that in the past would have raised a lot of red flags, now, it almost seems like it’s the Wild West,” Verna said.

However, the analyst noted that the NFL’s 10% stake—though it may “rub some people the wrong way”—is still relatively low, and there is plenty of NFL to go around: “If this had been the NFL taking a 30% or 40% stake in ESPN, the conversation might be different,” Verna said.

But could the deal affect how other leagues approach streamers like Peacock or Netflix? Or would Warner Bros. Discovery, which recently lost its NBA rights, want to team up with a league to help bolster viewership?

“I don’t know that it would make sense for the NBA or MLB to go all in with any broadcaster or digital streaming company, but it’s possible that they may carve out deals for small equity shares, the way NFL and ESPN have done,” Verna said. “Again, I think all options would be on the table.”