What is the end game? | Page 2 | The Boneyard

What is the end game?

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This. The whole point of expansion is to sweeten the pot. No school except for the name brand anchor schools of other P5 conferences will do that if the amount of money being thrown around here is real. The B1G isn't going to cut the pie into even smaller slices just to pick up a mid-major like UConn. Now if Delaney could kick out teams like Indiana you bet he'd do it in a second, but the grandfathered in schools of the B1G and SEC basically hit the lottery.
The pot has already been sweetened. Expansion now is about sustainability. In six years, the Big will need to prove their worth. The only way they do that is by showing growth and new market exposure. This can't be done by remaining stagnant.
 
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On one hand I completely agree, how can UConn ever justify $50 million of incremental revenue. On the other hand, I don't understand how the existing teams justify the revenue they are getting. What is the tv pricing structure of college athletics when Rutgers and Indiana are worth $50 million a year each, and the AAC schools are worth $2 million a year each. Is that relationship supported by ratings or any other metric?

Also, people need to stop posting expansion scenarios for the Big 10 and SEC. Why on earth would either league expand?
Its like the best of capitalism and socialism rolled into one. The Big 10, is about to get what the market says their worth. In turn, they prop up the hat in hand types within their own conference. I'd laugh at how this has played out if I didn't want to cry. Remember when UConn went to bat to have Rutgers and West Virginia added to the Big East for all sports?
 
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Why would the SEC or Big 10 add Texas? Does either league need the money? Is either league in danger of folding? How much revenue would Texas add to either league to move the needle on $50MM a year that each school is already receiving? Both leagues have teams (Nebraska and Missouri) that left the Big 12 because of Texas, and now Texas is their b#tch from a financial perspective. Why would those leagues agree to add a school that is a complete nightmare as a conference partner when they don't need the money?

The ACC and Big 12 have gotten the message that no one wants to work with them to give them a network as constituted, which is a clear indication that both league's TV partners think those leagues are overpaid. While i do not see why a FSU/Clemson game is worth less than a Michigan State/Ohio State game, TV clearly does.
The B1G will expand at least once more. There are two directions that they can go. They could pry away the top academic schools from the ACC for their research dollars, something that is near and dear to the heart of the B1G. Or going the athletics/TV route, there will be some very attractive properties available. For as long as we are alive schools like ND and Texas will always be highly coveted shiny objects for which people (read conferences) with deep pockets will be willing to overpay. Is Texas or ND worth $50M/year? I don't know. Is OSU, PSU, or Michigan? I have to imagine any school in the league that isn't one of those three definitely are not. How much of the $50M is simply goodwill, or are the breadwinners just taking a haircut for the sake of their conference mates?
 
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The end game is ND. Has the B1G created a revenue model and access to the FB NC game that ND can not ignore? Add ND to the B1G and you grab NYC and Boston easily in terms of CFB ratings. They dwarf everyone in any conference in both cities. They bring the incremental value to the B1G that no other team in the country can bring. I hate ND but that is the reality.

ND will not be a left behind and the truth is that as an independent, 1 loss keeps them out of the FB playoff picture. Like the Big 12 learned, you need to be in a conference championship game to have a legitimate shot to be in the playoff picture. The 5 games with the ACC annually does nothing for them.And they sure as hell are not bringing FB to the ACC as a full member. Their alums will not stand for it. The B1G? They can deal with that.

The revenue from the B1G is better than their NBC/ACC deal, the access to a conference championship game, maintenance of some long time rivals, the ability to keep USC and Navy as OOC opponents, the elements are all there.

Add ND, checkmate B1G.
 

nelsonmuntz

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The response to "why would the Big 10 and SEC expand again" is several posts of crazy expansion scenarios that do not make any financial or strategic sense.
 
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The response to "why would the Big 10 and SEC expand again" is several posts of crazy expansion scenarios that do not make any financial or strategic sense.
once you get past this doomsday scenario in your own head, further expansion actually does make both financial and certainly strategic sense.
 
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The end game is ND. Has the B1G created a revenue model and access to the FB NC game that ND can not ignore? Add ND to the B1G and you grab NYC and Boston easily in terms of CFB ratings. They dwarf everyone in any conference in both cities. They bring the incremental value to the B1G that no other team in the country can bring. I hate ND but that is the reality.

ND will not be a left behind and the truth is that as an independent, 1 loss keeps them out of the FB playoff picture. Like the Big 12 learned, you need to be in a conference championship game to have a legitimate shot to be in the playoff picture. The 5 games with the ACC annually does nothing for them.And they sure as hell are not bringing FB to the ACC as a full member. Their alums will not stand for it. The B1G? They can deal with that.

The revenue from the B1G is better than their NBC/ACC deal, the access to a conference championship game, maintenance of some long time rivals, the ability to keep USC and Navy as OOC opponents, the elements are all there.

Add ND, checkmate B1G.
Yep. If ND sees the writing on the wall, it will take about a millisecond for both sides to sign on the dotted line. Ignoring the crazy expansion scenarios, there are still good deals for the B1G to make. I agree that I doubt they open the door to anyone that does not provide something truly unique. The B1G pretty much holds all the cards now and can afford to be picky.
 

IMind

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The response to "why would the Big 10 and SEC expand again" is several posts of crazy expansion scenarios that do not make any financial or strategic sense.

Given the current environment.. nope they aren't expanding... The only two scenarios I might see is the B1G and Texas or the B1G and ND. The first being far more likely simply because Texas is a huge market that the B1G just isn't in. The time zone thing works okay too... Notre Dame just because of historic BS... which is exactly why the second seems to be very unlikely. They aren't adding UConn to shore up Boston and NYC.. that's just dumb. I think Oklahoma is on the outside looking in... Nebraska should be a cautionary tale for anyone who thinks the long term viability of Oklahoma is rock solid. UConn's only chance to get into the B1G would be as a throw in with Texas/ND... the B1G isn't adding Kansas/UConn or Duke.

The only caveat being that no one really knows what cord cutting, etc. may do to the economics... or if the federal government gets involved. We better hope that we hook on with the ACC or the B12... and just accept being at the table. Everyone else is just getting scraps... but let's not pretend that this is any different that it's always been. College football has never been a meritocracy.
 
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Why would the SEC or Big 10 add Texas? Does either league need the money? Is either league in danger of folding? How much revenue would Texas add to either league to move the needle on $50MM a year that each school is already receiving? Both leagues have teams (Nebraska and Missouri) that left the Big 12 because of Texas, and now Texas is their b#tch from a financial perspective. Why would those leagues agree to add a school that is a complete nightmare as a conference partner when they don't need the money?

The ACC and Big 12 have gotten the message that no one wants to work with them to give them a network as constituted, which is a clear indication that both league's TV partners think those leagues are overpaid. While i do not see why a FSU/Clemson game is worth less than a Michigan State/Ohio State game, TV clearly does.

The only reason the B1G and/or SEC would expand is if they are trying to build their own multi-sport dynasty. The strength of college sports is blind loyalty that is often based on regional pride. The B1G has diversified its geography a bit, but it's still lacking. I still believe that if the B1G and SEC snuff out the other conferences, it will hurt them in the long run. I know that realignment and the devaluation of UConn (and even the Big East) has significantly dulled my interest.

I've pledged to not watch stuff in the past to prove a point (at least to my self). If it's something I enjoy, however, the results are like my typical dieting (I'm great for a few days/weeks and then go back to my full bad habit shortly thereafter). This time has been different, however. I watch no non-UConn college football, and very little non-UConn basketball. That wasn't the case before all of the realignment. I'm just not interested. If we wind up with a P2, I can guarantee that I won't have any interest in watching at all.

I can't blame the B1G and SEC for getting what they can. I think the networks are moronic for valuing a similar product at such higher multiples to the other conferences. The end-game seems to be a league of two conferences that will look like the NHL, MLB, NFL. But they will be flawed based upon limited regional diversity and interest. If that's what they are going for, they will need to plant flags in areas that bring in population and interest, even if the school doesn't bring in revenue directly. Looking at what the two conference currently have, they'll need New England, more in the southwest (specifically TX), more strength in the northern south / mid Atlantic, and the west (poach the PAC or lift the PAC up with them).
 

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The end game is the end of TV carriage contracts like this. The fact that the B1G conceded length of contract for a big payday hints at this. Everyone sees the writing on the wall - the days of RSNs and big national carriage contracts like this are numbered.

A re-evened playing field, dictated by actual fannies in front of some consumption device, helps UConn long term. We have the eyeballs on our own, we just haven't been in the "in" crown long enough to be one of the "popular kids"
 
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The BIG will expand again because it now finally has the financial leverage to draw the teams it wants. This was the BIG's end game when they took Rutgers/Maryland.

There are several teams which immediately improve the BIG's financial and academic standards. These teams include:
1. UNC
2. Texas
3. ND (*I am listing them as an automatic even though they are not a state land grant)
4. UVa

Moreover the following programs potentially add value to the BIG but are missing a core characteristic (public flagship, AAU, populated area) of traditional BIG schools
5. Oklahoma
6. FSU
7. GT
8. Duke
9. VT
10. UConn
11. Kansas

Delany has shown he does not rest on his laurels. Think about his rationale for the Rutger/Maryland move which was predicated on" it is more dangerous to nothing than to take a chance."

The money gap between the BIG/SEC is becoming larger. The attractive ACC/Big12 schools will start looking to the BIG/SEC. Do you think the BIG wants to see an SEC with a UNC and UVa? If the BIG can add any of the above 1 -4 schools they will....if 1 -4 does not bite now then the BIG can wait them out. The money will eventually win.

The Rutgers addition shows the recruiting benefit the right add can bring to the BIG. One can only assume the BIG wants to move toward growing population areas with superior football recruiting. That is the Southeast/west United States (translation Virginia, NC, Georgia, Texas.)

Schools 1 -4 make both financial and strategic sense. If the BIG can get 2 (or 4) of them, they make that move. If the BIG can only get 1 of them then perhaps they couple them with one of the programs in the 5 -11 list. Either way, time is on the BIG's side and my guess is the ACC/Big12 teams will inevitably flock to them. Money is a great predictor of behavior.
 

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The BIG will expand again because it now finally has the financial leverage to draw the teams it wants. This was the BIG's end game when they took Rutgers/Maryland.

There are several teams which immediately improve the BIG's financial and academic standards. These teams include:
1. UNC
2. Texas
3. ND (*I am listing them as an automatic even though they are not a state land grant)
4. UVa

Moreover the following programs potentially add value to the BIG but are missing a core characteristic (public flagship, AAU, populated area) of traditional BIG schools
5. Oklahoma
6. FSU
7. GT
8. Duke
9. VT
10. UConn
11. Kansas

Delany has shown he does not rest on his laurels. Think about his rationale for the Rutger/Maryland move which was predicated on" it is more dangerous to nothing than to take a chance."

The money gap between the BIG/SEC is becoming larger. The attractive ACC/Big12 schools will start looking to the BIG/SEC. Do you think the BIG wants to see an SEC with a UNC and UVa? If the BIG can add any of the above 1 -4 schools they will....if 1 -4 does not bite now then the BIG can wait them out. The money will eventually win.

The Rutgers addition shows the recruiting benefit the right add can bring to the BIG. One can only assume the BIG wants to move toward growing population areas with superior football recruiting. That is the Southeast/west United States (translation Virginia, NC, Georgia, Texas.)

Schools 1 -4 make both financial and strategic sense. If the BIG can get 2 (or 4) of them, they make that move. If the BIG can only get 1 of them then perhaps they couple them with one of the programs in the 5 -11 list. Either way, time is on the BIG's side and my guess is the ACC/Big12 teams will inevitably flock to them. Money is a great predictor of behavior.



Think this is laid out really well. I think ideally for the B1G they'd take 2 of UNC/UVA/OU and call it a day. In a perfect world the B1G adds OU and strengthens the western part of the league and compliments them with UNC or UVA on the eastern side
 

CTMike

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There is going to be many years (decades?) of transition before cords are fully cut. For now, still going to get lions share from tv deals like this. If you are smart (and the B1G is), streaming is treated like a new revenue stream. Over time, traditional tv will decline, streaming will pick up slack, and some day in the future maybe overtake traditional tv deals. With streaming, a league just needs a widely distributed app for viewing - the need for an ESPN is diminished to maybe some announcers, cameras, and encoding... These are even debatable. Point is, streaming should be higher margin - maybe you only need 1 new streaming customer for every 2 traditional tv cord cutters.
 
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Clemson is the school that really seems to be in a crappy scenario. The SEC will add Duke and FSU before Clemson.
 

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Am I the only one who thinks that the B1G is going to add either ND, GTech, UVA or UNC? Then we backfill the replacements and join the ACC.

"Boston College will block us." This time I say no way

We will continue to get better at Football and now have our finances moving in the right direction. We are not going to join the B1G over those aforementioned schools, no shot in hell. So pray for another invasion or we're back in the Big East by 2020.
 

The Funster

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The response to "why would the Big 10 and SEC expand again" is several posts of crazy expansion scenarios that do not make any financial or strategic sense.

Why would they expand? How about "ego"? How about, "My legacy is that I built a 20 team conference encompassing some the finest institutions this country has to offer. Oh, and I made those schools a crapton of money doing it."
 
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On one hand I completely agree, how can UConn ever justify $50 million of incremental revenue. On the other hand, I don't understand how the existing teams justify the revenue they are getting. What is the tv pricing structure of college athletics when Rutgers and Indiana are worth $50 million a year each, and the AAC schools are worth $2 million a year each. Is that relationship supported by ratings or any other metric?

Also, people need to stop posting expansion scenarios for the Big 10 and SEC. Why on earth would either league expand?

It's their Manifest Destiny.
 
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The end game is ND. Has the B1G created a revenue model and access to the FB NC game that ND can not ignore? Add ND to the B1G and you grab NYC and Boston easily in terms of CFB ratings. They dwarf everyone in any conference in both cities. They bring the incremental value to the B1G that no other team in the country can bring. I hate ND but that is the reality.

ND will not be a left behind and the truth is that as an independent, 1 loss keeps them out of the FB playoff picture. Like the Big 12 learned, you need to be in a conference championship game to have a legitimate shot to be in the playoff picture. The 5 games with the ACC annually does nothing for them.And they sure as hell are not bringing FB to the ACC as a full member. Their alums will not stand for it. The B1G? They can deal with that.

The revenue from the B1G is better than their NBC/ACC deal, the access to a conference championship game, maintenance of some long time rivals, the ability to keep USC and Navy as OOC opponents, the elements are all there.

Add ND, checkmate B1G.

I think that ND was the "end game" all along for Delaney. Has been for years and still is.

But, ND was supposedly "checkmated" back in 2010 by Delaney. That bold prediction proved false. Now? It may be again. Time will tell.
 

ConnHuskBask

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I'd say the SEC would be interested in expanding with UNC and UVA/VT to get into both those big states with prominent athletic programs.

I'd say the B1G would take Texas, Oklahoma or UNC.

Basically our only hope is to be ACC backfill (which I'm happy to be and is our best option).
 

The Funster

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If the B1G wants to get to 20 UNC, Duke, GTech, UVA, Kansas and Texas gets them there. That is 20 AAU universities with academic prestige, top tier athletic schools and tons upon tons of eyeballs. If Texas doesn't want to come maybe you decide to take Missouri. Maybe you reach for Colorado. I'm sure Delany can figure it out. I'd say B1G is a pipe dream for us and, if the SEC and Pac decide to go to 20 our best hope is wind up in the conglomerate. Who knows, maybe the SEC takes a shine to getting an NYC presense and adds us to get to 20. Either way 4 conferences is the way they have to go if the end number is 20 per. That means we "should" be OK.
 
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Why would they expand? How about "ego"? How about, "My legacy is that I built a 20 team conference encompassing some the finest institutions this country has to offer. Oh, and I made those schools a crapton of money doing it."

The obvious answer is money. They will expand if they can make more money. The answer to Nelsons question is that simple. Its the same reason that Sheldon Adelson and the Koch brothers remian active in business and politics, they don't need more money, but there is more to be made so they are making it.

If a school can bring more money to the conference, it becomes a potential expansion candidate. If adding a school can damage another conference (thus hurting the competition) that schools becomes a potential expansion candidate.

Many years ago the BCS was created and 6 conferences were given automatic bids to BCS bowls. Those conferences we're given loftier status than the rest. Then one of those conferences got raided and effectively killed, and the BCS6 became the P5. Now were are looking at the potential for the p5 to become the P4 or perhaps even the P3. It's like the movie Highlander: "There can be only one!"

 
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I’ve long said that I come to the BY because its posters understand CR more than any of the other boards I’ve visited. Unfortunately the news of the B1G TV deal seems to have sent a wave a stupid out over part of the board. I’m not about to come here and tell you what will happen next, no one knows at this point. “Diamond” Jim likely doesn’t even know yet let alone anyone on this board or any other board. What I can say is that from my point of view the world didn’t change 48 hours ago because FOX wants to give the B1G a bunch of money. Some act like this is new but the SEC and the B1G have been the P2 for a while. The ACC, the Big XII and even the PAC have not been and are still not a threat to steal schools from either of them. None of those three has really made a push to pass them in revenue for a long time. Everyone knew the gap was going to grow and some, that we thought were crazy, even said it would be this big of a jump. I see no reason for UConn to start the move to DIII, you have the same great school and the same great AD as you had 49 hours ago. I know CR has been more than unfair to UConn but the last 48 hours didn’t change that.

As for how could Indiana and others (I hate that you guys use IU as an example, do some research. IU is not the bottom of the B1G…Purdue is. Do I come here and talk about UConn being below Rutgers or BC...no because I F…ING know they aren’t) sorry, anyway as for the question of how the schools of the B1G are worth $50 million…they aren’t. OSU, Michigan…none of them is worth that. The B1G is and has always been a lesson in the idea that the whole is greater than the sum of its pieces. The B1G has huge fan bases, and the fans run from coast to coast. The people that are leaving the north are B1G fans retiring to the south or moving for jobs. Do you think they step off the plane and burn their home state gear? I now live in Texas, I work in an office that is at least 1/3 B1G fans, the last company I worked for here in Texas, the office was also at least 1/3 B1G fans. I lived the first 36 years of my life in Indiana and I’m sure I never worked with a Big XII fan. No Indiana is not worth that kind of money but the B1G is or they wouldn’t get it. FOX is not out to lose money, they aren’t “doing the B1G a favor” and stop talking about cord cutting. It’s like some of you think the B1G, SEC, ESPN, ABC, NBC, FOX…are all just going to die. Don’t you think they will change with the times, don’t you think they will squeeze every last drop out of the cable system while planning for it to be gone at the same time. The SEC and B1G were the most followed conferences when this crap was on the radio. Do you think people were saying, “boy when TV takes over no one will even remember the B1G”? Sorry for the rant, I love this board but the last 48 hours here IMO has been mostly an overreaction to news we all expected or at least nearly expected anyway.

Finally, why will/would the B1G expand? I’ve already said I have no idea what will happen but I do know the B1G is looking 50 years down the road. Holding onto that huge fan base may be hard that far out. I think most of you are off in thinking the B1G only cares about money. I think the end game is not the money, I think the end game is an expanded conference that takes in areas of growth. That would be the southeast and or Texas. The money is a means to that end, not the end. They are grabbing the money while it’s there in the hope they can get the schools they want/need to join before the money goes away. IMO Diamond Jim is just doing what he thinks he must to make sure that the B1G is still the B1G 50 years out and beyond. That’s called being proactive, the alternative would be to set back and slowly die while people point and say, “why didn’t they do something, they used to be a big player in college sports?” Kind of like “why couldn’t the Big East just come to an agreement and stay together?” or “why can’t the Big XII agree on anything?” I don’t know if CR or big media money will kill college sports but I do believe that doing nothing to move forward has just as good a chance of killing it. Bye bye WAC, SWC, Big 8, Metro, Big East v1.0, who do we say bye to next? The B1G didn’t kill those conferences, the B1G isn’t going to kill UConn, just keep fighting, that’s all you can do.
 

pj

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I’ve long said that I come to the BY because its posters understand CR more than any of the other boards I’ve visited. Unfortunately the news of the B1G TV deal seems to have sent a wave a stupid out over part of the board. I’m not about to come here and tell you what will happen next, no one knows at this point. “Diamond” Jim likely doesn’t even know yet let alone anyone on this board or any other board. What I can say is that from my point of view the world didn’t change 48 hours ago because FOX wants to give the B1G a bunch of money. Some act like this is new but the SEC and the B1G have been the P2 for a while. The ACC, the Big XII and even the PAC have not been and are still not a threat to steal schools from either of them. None of those three has really made a push to pass them in revenue for a long time. Everyone knew the gap was going to grow and some, that we thought were crazy, even said it would be this big of a jump. I see no reason for UConn to start the move to DIII, you have the same great school and the same great AD as you had 49 hours ago. I know CR has been more than unfair to UConn but the last 48 hours didn’t change that.

As for how could Indiana and others (I hate that you guys use IU as an example, do some research. IU is not the bottom of the B1G…Purdue is. Do I come here and talk about UConn being below Rutgers or BC...no because I F…ING know they aren’t) sorry, anyway as for the question of how the schools of the B1G are worth $50 million…they aren’t. OSU, Michigan…none of them is worth that. The B1G is and has always been a lesson in the idea that the whole is greater than the sum of its pieces. The B1G has huge fan bases, and the fans run from coast to coast. The people that are leaving the north are B1G fans retiring to the south or moving for jobs. Do you think they step off the plane and burn their home state gear? I now live in Texas, I work in an office that is at least 1/3 B1G fans, the last company I worked for here in Texas, the office was also at least 1/3 B1G fans. I lived the first 36 years of my life in Indiana and I’m sure I never worked with a Big XII fan. No Indiana is not worth that kind of money but the B1G is or they wouldn’t get it. FOX is not out to lose money, they aren’t “doing the B1G a favor” and stop talking about cord cutting. It’s like some of you think the B1G, SEC, ESPN, ABC, NBC, FOX…are all just going to die. Don’t you think they will change with the times, don’t you think they will squeeze every last drop out of the cable system while planning for it to be gone at the same time. The SEC and B1G were the most followed conferences when this crap was on the radio. Do you think people were saying, “boy when TV takes over no one will even remember the B1G”? Sorry for the rant, I love this board but the last 48 hours here IMO has been mostly an overreaction to news we all expected or at least nearly expected anyway.

Finally, why will/would the B1G expand? I’ve already said I have no idea what will happen but I do know the B1G is looking 50 years down the road. Holding onto that huge fan base may be hard that far out. I think most of you are off in thinking the B1G only cares about money. I think the end game is not the money, I think the end game is an expanded conference that takes in areas of growth. That would be the southeast and or Texas. The money is a means to that end, not the end. They are grabbing the money while it’s there in the hope they can get the schools they want/need to join before the money goes away. IMO Diamond Jim is just doing what he thinks he must to make sure that the B1G is still the B1G 50 years out and beyond. That’s called being proactive, the alternative would be to set back and slowly die while people point and say, “why didn’t they do something, they used to be a big player in college sports?” Kind of like “why couldn’t the Big East just come to an agreement and stay together?” or “why can’t the Big XII agree on anything?” I don’t know if CR or big media money will kill college sports but I do believe that doing nothing to move forward has just as good a chance of killing it. Bye bye WAC, SWC, Big 8, Metro, Big East v1.0, who do we say bye to next? The B1G didn’t kill those conferences, the B1G isn’t going to kill UConn, just keep fighting, that’s all you can do.

This is a great post. What all the money deals have shown is that there are synergies among schools:
  • Media rights to school X, whether that school is UConn, Michigan, or Stony Brook, is worth 10x more if the opponent is Notre Dame, Michigan, or Texas than if the opponent is Temple, Tulane, SMU, BC. So clustering with the right opponents matters.
  • Then there are synergies based on the size and passion of the league's fanbase. If the league crosses a threshold in which enough people "must have" the live content, then the league can name a high price, say 2-3% of cable revenues, and cable companies will pay it because they would lose 2-3% of subscribers if they didn't provide the content. But if a league is below the threshold, no subscribers are at risk, the league has no bargaining power at all and gets pennies.
What this means is that if a school like UConn enables the B1G to cross that threshold in a large market, like New England plus New York City, then UConn can be worth $50 mn-$100 mn per year to the B1G. Yet UConn can be worth only $5 mn in the AAC, because there are no synergies and no critical threshold is crossed.

I think what the money means is that the B1G can be selective about who it adds, and strategic considerations, like academics, geography, culture, and influence, rise in salience.

UConn is not out of the running for the B1G but things would have to play out the right way, e.g. with the right partner available and ending with the right B1G configuration.

Also, however things shake out, UConn will end up better off than it currently is. We add too much value and the school will find a way to extract that.
 

Fishy

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Where is UConn's path to the P5?

Right now, absent the Big 12 expanding, it simply does not exist.

The 'we add too much value' line has been used, but conferences have already added terrific amounts of value to themselves and here we are.

If the idea is that someone is going to have to backfill the ACC in ten years and that's our path, fine - but that is gonna hurt.
 
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