Alliance of American Football

The AAF's business model was structured around a single-entity ownership, where the league owned all eight of its teams, to control costs and ensure parity. The teams were strategically located in southern and western U.S. markets, many of which lacked an NFL presence but had a strong football fanbase. Revenue was intended to be generated through traditional streams like ticket sales, sponsorships, and broadcast rights. The league secured television deals with CBS, NFL Network, and Turner Sports. A significant part of the AAF's long-term strategy was the development of a proprietary technology platform for in-game, real-time fan engagement and predictive gambling, which attracted investors like Peter Thiel's Founders Fund and MGM Resorts International.

The league's product was professional football with rules modified to speed up the game, such as eliminating kickoffs and television timeouts, aiming for a 150-minute game length. It positioned itself as a development league, offering players three-year, non-guaranteed contracts worth $250,000, plus health insurance and educational scholarships. This structure was intended to provide a platform for players aiming to make it to or return to the NFL. The AAF kicked off its inaugural 10-week season on February 9, 2019, to generally positive reviews for its on-field product. However, the league was undercapitalized from the start. Financial difficulties surfaced almost immediately, leading to a majority-owner investment of $250 million from Carolina Hurricanes owner Tom Dundon just weeks into the season. After eight weeks of play, Dundon suspended all football operations on April 2, 2019, following failed negotiations with the NFL Players Association to make the AAF an official developmental league. The AAF filed for Chapter 7 bankruptcy on April 17, 2019, bringing its only season to an incomplete end.