This Storyboard - which we call our "stain" chart - shows you at a glance how strong or weak a given narrative is right now relative to its history.

For each narrative or "semantic signature" listed on the left of the chart, we have a series of blue dots on the right, each of which represents a specific weekly density or volume of that narrative. reading from within the date range that we are covering. The red arrow is the most recent reading, so it's just like the "YOU ARE HERE" spot on a map. The x-axis scale shows the range of index values.  If a dot is at 100, that means that story is 100% more present in media than usual. If it’s at 0, it means it’s at its normal level.

The light blue shaded box covers the middle 50% of readings across the date range, so you can see quickly if the current reading is typical (inside the blue box), depressed (left of the blue box), or elevated (to the right of the blue box).

If you hover over a specific blue dot, you will see the specific date and measurement that the dot represents.

Sports Gambling Concerns and Regulatory Debates Intensify (Again)

Sports Gambling Narrative Reaches Highest Levels in Years

Language advocating restrictions on sports betting reached unprecedented intensity in December, climbing to 420 percent above its long-term average. This represents a 62-point increase from mid-November and marks the strongest reading in Perscient's sports narrative-tracking dataset. The signature measuring language that supports expanded sports betting fell further to 9 percent below average, continuing a trend in the tenor of media coverage of sports gambling toward skepticism and concern.

The collision between prediction markets and state gambling law provided much of December's regulatory drama. Connecticut's Department of Consumer Protection issued cease-and-desist orders to Kalshi, Robinhood Derivatives, and Crypto.com, accusing these platforms of offering unlicensed sports betting despite their classification as derivatives products. Nevada courts weighed similar questions, and between Connecticut's enforcement actions and Nevada's court ruling, Kalshi has become the central test case for how far federal preemption applies when sports outcomes are packaged as derivatives.

Missouri's experience following its November 2024 legalization through Amendment 2 illustrated mounting public discomfort with gambling's ubiquity. The Missouri Gaming Commission established December 1, 2025 as the mandated launch date, and residents reported they "can't open TikTok or Instagram without getting three or four ads about gambling," with some describing the advertising as "predatory." The American Gaming Association launched its own campaign attacking prediction markets as unlawful, placing ads on YouTube and social media declaring "it's still sports betting."

Federal legislative proposals reflected this restrictive turn. The SAFE Bet Act, proposed by Senator Richard Blumenthal and Representative Paul Tonko, would establish a nationwide ban on sports betting and require the 38 states where sports wagering has already been legalized to go through a new application process with the U.S. Justice Department. Social media commentary captured the breadth of concern, with users describing gambling as "digital fentanyl engineered to chain you to your phone" and warning that "we are going to see a massive public turn against sports betting" as data emerges on poor outcomes for young men.

Private Equity Investment Narrative Reaches Record Intensity

The restrictive language around sports betting has emerged alongside a contrasting narrative of financial expansion in professional sports ownership. Language asserting that private equity funding will strengthen professional sports leagues surged to 723 percent above its long-term average in December, representing a 129-point increase from November and the highest reading Perscient has recorded. Language asserting that media rights values for professional sports are increasing rose in tandem, climbing 104 points to 199 percent above average as broadcast deals continued expanding alongside private equity interest.

The NFL's August 2024 decision to allow private equity funds to purchase up to 10 percent stakes in teams, with requirements that funds hold assets for at least six years, has accelerated a wave of transactions. Ares Management acquired 10 percent of the Miami Dolphins valued at $8.1 billion, while Arctos Partners purchased a 10 percent stake in the Buffalo Bills valued at $5.3 billion. By December 2024, private equity firms and executives were connected to 20 of 30 NBA teams, 18 of 30 MLB teams, 15 of 29 MLS teams, 10 of 32 NHL teams, and eight of the 32 NFL teams.

The trend has extended beyond traditional franchise investments into youth sports infrastructure. A company called Unrivaled Sports, run by two veterans of Blackstone, is rapidly consolidating baseball camps and flag football leagues, while Black Bear Sports is replicating a similar model for youth hockey teams along the East Coast. Global Sports Capital Partners' $100 million commitment to Mexico's Liga de Fútbol Americano marked the first U.S. private equity investment into a Mexican sports league.

Financial Times reported exclusively that KKR is in talks to acquire Arctos Partners, one of the pioneers of the private equity industry's push into professional sports, suggesting further consolidation among the firms driving this capital influx. Industry insiders noted that Wall Street's elite law firms are aggressively bidding for the small supply of top lawyers who control sports dealmaking, with one observer describing the talent pool as potentially "as few as 7 people" capable of structuring these complex transactions.

College Sports NIL and Transfer Portal Language Intensifies

While private equity reshapes professional sports ownership, college athletics continues grappling with its own financial transformation. Language claiming that name, image, and likeness deals are ruining college athletics stood at 65 percent above its long-term average in December, though it fell 17 points from November's higher levels. Language around transfer portal chaos rose 4 points to 38 percent above average, while language asserting that NIL rights provide deserved payment to college athletes fell 27 points to 20 percent above average.

Schools raced to finalize contracts before the House Settlement was complete, with programs financially taking care of arrangements through front-loaded deals that saw athletes cashing lump-sum checks to help offset the $20.3 million roster caps. Reports indicate that boosters are growing tired of spending money on lackluster results, with plenty of high-dollar donors across the country having grown tired of the lack of return on investment. One social media analysis of SEC spending noted: "$53M Kelly buyout, $90M Kiffin contract, $25M PER YEAR for NIL, Probably another $10-20M on assistant coaches. Honestly it just becomes more insane once you see it all in writing."

The 2025 transfer portal saw unprecedented volume. Reports from early June showed more than 3,400 Division I entries in baseball, marking the largest single-year spike in transfer portal submissions in the history of college baseball, with nearly 6,000 total from Division I to Division III. Through early December there were already more than 1,300 FBS college football players in the portal, with all signs pointing to that number growing past 3,000, meaning more than 25 percent of all scholarship football players in FBS are entering the portal annually.

Larger programs with established NIL collectives can offer substantial financial packages, some reaching $500,000 or more for individual players, which has particularly impacted Group of Five and smaller conference programs. President Trump warned that NIL deals are ruining college sports and threatening Olympic success as schools cut lesser sports to fund football programs, saying he's willing to use federal power to intervene. The Players Era Festival introduced a novel model, with founder Seth Berger announcing that on average every team will earn in excess of $1 million in NIL compensation, with guarantees ranging from $1 million for the winner down to $200,000 for fourth place.

Transgender Athlete Narrative Continue to Fade after Early 2025 Spike

For much of the year, federal intervention in college sports had extended beyond NIL concerns to questions of athlete eligibility, but after a flurry of early-year activity with the incoming administration, these topics are rapidly disappearing from the zeitgeist. Language arguing that transgender women should not compete in women's athletic categories, for example, fell by 51 points from mid-November to a level barely above its long-term average. Language arguing that excluding transgender women from women's sports is discriminatory also weakened further, falling by 20 points to 23 percent below average.

That is not to say that there have not been developments in the real world. On February 5, 2025, the White House issued Executive Order 14201 "Keeping Men Out of Women's Sports," relying on definitions of sex, male and female as an individual's gender at conception. The NCAA announced its Board of Governors voted to update the Association's participation policy for transgender student-athletes following the Trump administration's executive order, with the new policy limiting competition in women's sports to student-athletes assigned female at birth only.

The Trump administration announced investigations into potential civil rights violations at San Jose State University, the University of Pennsylvania, and the Massachusetts Interscholastic Athletic Association that allowed transgender athletes to compete on women's teams. Senator Bill Cassidy launched an investigation into 18 blue states and Washington, D.C., over alleged infractions against Title IX related to President Trump's order.

In December 2024, the Ladies Professional Golf Association and the United States Golf Association published new policies stating that to compete as female in their tournaments, players must either be assigned female at birth or have transitioned to female before undergoing male puberty, with policies going into effect in 2025. USA Fencing said it is committed to "earning and maintaining the trust of our athletes, fans, and the wider fencing community" after a tough year marked by transgender controversies.

The International Olympic Committee set an early-2026 target for a new policy on eligibility in female sports that could see transgender athletes excluded from the Olympic Games, with IOC president seeking consensus on "protecting the female category." A 2023 Gallup poll showed that nearly 7 in 10 Americans believe that transgender athletes should only be allowed to compete on teams that conform with their sex assigned at birth. But for the moment, they – and the media – seem to be fatigued by the conversation.

Broadcast Rights and Media Deals Show Continued Growth

To the extent that they aren’t built through NIL deals, private equity cash infusions, and gambling profits, the financial foundations of professional sports have been heavily supported through expanded media partnerships. Language asserting that media rights values for professional sports are increasing rose by 104 points to 199 percent above the long-term average. Language asserting that media rights values are plateauing or declining fell 10 points to 52 percent below average, while language asserting that professional franchises generate positive economic impact strengthened by 15 points to 91 percent above average.

This seems to be less related to attempts to promote a ‘narrative’ and more to do with very real announcements of very real – and huge – media deals. The NBA announced new 11-year agreements with ESPN/ABC, NBC Sports, and Amazon Prime Video that will last from the 2025-26 to 2035-36 seasons. NBA viewership rose 30 percent in the first month under the new media rights deals, with NBC/Peacock averaging 3.6 million viewers, ESPN up 24 percent to 1.62 million, and Prime at 1.12 million. The WNBA's new deal skyrocketed from $50 million per year to $200 million, amid record viewership and booming popularity for women's sports.

Formula 1 announced a five-year partnership with Apple TV starting in 2026 in the U.S., with Apple paying $140 million per year, up from ESPN's $85 million per year. NASCAR's new seven-year rights agreements began in 2025 with Prime Video, Fox, NBC and TNT, with the new deal equating to $1.1 billion, up from its previous $820 million deal.

Major League Baseball announced in mid-Novembeer that it has formed new three-year media rights agreements with Netflix, NBCUniversal, and ESPN covering the 2026-2028 seasons, marking the return of NBC to regularly airing MLB games on its broadcast network for the first time in 26 years. NBC took over Sunday Night Baseball broadcasts from ESPN, with ESPN's Sunday Night Baseball recording its best season since 2013, averaging 1.8 million viewers, a 21 percent increase over last year.

Ampere Analysis forecasts that the total value of sports media rights in the U.S. across TV and streaming will surpass $30 billion by 2025, with global sports rights spending projected to reach $78 billion by 2030. The 20 percent increase reflects how new NBA and MLB deals are reshaping the landscape, with U.S. spending alone expected to exceed $36 billion in 2030.

Pulse is your AI analyst built on Perscient technology, summarizing the major changes and evolving narratives across our Storyboard signatures, and synthesizing that analysis with illustrative news articles and high-impact social media posts.