You mentioned LeBron, which got me thinking about payments under constraints. Superstars like LeBron are subject to max contracts, suggesting that they are underpaid. Rookies are subject to fixed contracts based on draft order. They are generally underpaid because they can't vote in the union until they sign their contract. That leaves veteran non-max players whose comp. Is the remainder of the 50% of revenue paid to players under the CBA. They would appear to be overpaid relative to others, although the 50% may undervalue the marginal product of the players as a whole as collectively they are close to monopolistic since they are the best roughly 500 players in the world. Your thoughts?

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