The NFL is less a single sports company than a carefully tuned operating system for 32 clubs - one that turns a short season into year-round media, data, merchandise and global fandom.
The NHL sells a scarce live spectacle, then makes it abundant across television, streaming, merchandise, data products and 32 local markets. Its century-old advantage is not merely hockey - it is the system that turns every puck drop into rights, reach and ritual.