Revenue Above Replacement

Matt Powell is the CEO of Moroch, a Dallas-based full-service marketing and communications agency known for helping multi-location brands grow by blending data, insights, technology, and creativity at scale. Matt is an evangelist for new platforms and emerging technologies and someone who got his start in media and built his career by weaving paid, owned, and earned media into integrated strategies that drive real business outcomes. Across more than two decades with Moroch, he has led the agency through seismic shifts in the industry  from traditional broadcast media buying to data-driven, programmatic advertising and AI-informed creative strategies. Under his leadership, the company has embraced relentless curiosity and collaboration as core values, constantly evolving to meet the needs of today’s brands while fostering a culture where innovation thrives.   Matt’s deep understanding of client challenges paired with his ability to spot opportunities on the horizon makes him a sought-after voice on the future of marketing, media, and the convergence of technology and cultural trends. And if he’s not thinking about strategy, you might find him quoting 80s sitcoms with as much confidence as he talks about media platforms.

A.J. Edds is the Big Ten Conference's Vice President, football operations, moving into that position in July 2022, after previously serving as the conference’s assistant director (and later associate director), sports administration since arriving at the conference in October 2017. In his present capacity, Edds oversees the day-to-day operations associated with Big Ten football, as well as coordinating relationships with the conference's numerous bowl partners. During his initial tenure at the Big Ten in the sports administration department, Edds served as a sport liaison, oversees the Olympic sport officiating program and was also a liaison to the Big Ten Sports Management Committee. Prior to joining the Big Ten, Edds worked as a regional manager at Rocksolid, LLC, in Chicago. A former Big Ten student-athlete, Edds was a three-year starter at linebacker for the Iowa Hawkeyes and earned Academic All-Big Ten honors on three occasions. As a senior in 2009, Edds was named second-team All-Big Ten and served as a team captain on a Hawkeyes team that finished the year No. 7 overall in the Associated Press poll and earned a trip to the Orange Bowl. Following his collegiate playing career, Edds was selected by the Miami Dolphins in the fourth round of the 2010 NFL Draft. He went on to play in the NFL from 2010-15, spending time with the Dolphins, Indianapolis Colts, New England Patriots, New York Jets and Jacksonville Jaguars. Edds graduated from the University of Iowa in 2010 with a degree in management and organizations. In 2019, he earned a master’s degree in sports administration from Northwestern University. Edds is the son of Anne and David.

In this episode, Adam Grossman sits down with Max Mitchell, a Northwestern MSA graduate student and teaching assistant, to unpack the findings from Max’s thesis research (and accompanying article) on NIL, the transfer portal, and player movement in college football. Using a novel, data-driven approach, Max challenges the popular narrative that NIL and transfers are chaotic and unsystematic. Instead, the data suggests something far more familiar: athletes are making rational, incentive-based decisions that closely resemble traditional labor market behavior. Max walks through how his research journey began with a simple observation during a Clemson–Florida State game—and evolved into a multi-year project involving tens of thousands of recruits, thousands of transfers, and hundreds of hours of data cleaning, matching, and modeling. Along the way, he explains how structural barriers before college shape player outcomes, why transfer behavior changed so dramatically after 2018 and 2021, and how NIL fundamentally altered the incentives facing college athletes. The conversation dives deep into what motivates players to transfer, why “upward” and “downward” transfers optimize for different outcomes, and how athletes balance short-term playing time with long-term professional upside. Perhaps most notably, Max shares a striking finding: NIL valuations are now a stronger predictor of NFL participation than high school star ratings—suggesting that dynamic, market-based signals may outperform static recruiting metrics when it comes to forecasting success. The episode also explores what this means for programs, conferences, and the future of college football. From NIL spend correlating with wins, to roster mobility increasing as financial incentives grow, the discussion reframes NIL not as chaos—but as a market finding its structure in real time. Whether you’re a student of sports analytics, a college athletics administrator, or just trying to understand how NIL is reshaping the game, this episode offers a rare, data-backed look at what’s really happening beneath the headlines.

Brandon Crone's career in sports spans nearly every level of the game, shaped by deep Indiana basketball roots and a people-first approach to leadership. A Butler University graduate, Brandon was a four-year scholarship basketball player for the Bulldogs before continuing his playing career professionally overseas. During three seasons in Europe, he competed in countries including France, Sweden, Poland, Germany, and Hungary—experiences that not only sharpened his understanding of the game, but also broadened his perspective on culture, independence, and leadership. After returning to the U.S., Brandon transitioned into college coaching, spending more than a decade on Division I basketball staffs in a variety of roles, including operations and assistant coaching. His time in college athletics gave him a front-row seat to the business of sports—recruiting, budgets, television deals, and, more recently, the evolution of NIL. He later served as Executive Director of All Good Dawgs, Butler’s nonprofit NIL collective, where he helped connect student-athletes with community service initiatives across Indianapolis while navigating the rapidly changing NIL landscape. Today, Brandon serves as the Athletic Director of the Carmel Dads’ Club, one of the largest and most respected youth sports organizations in the country. Under his leadership, the organization supports more than 15,000 participants annually across 13 sports, powered by thousands of volunteers and a strong community-first mission. In this role, Brandon oversees everything from facilities and scheduling to program development and parent engagement, applying lessons learned from high-level basketball to grassroots sports. A former player, coach, administrator, and now parent-coach, Brandon brings a unique perspective on how sports shape people at every stage—from youth leagues to professional arenas. His work today focuses on creating accessible, well-run, and values-driven sports experiences that emphasize development, discipline, and community over shortcuts and hype.

Ben Jaeger returned to Northwestern University in October 2025 as Director of Olympic Sports Performance, bringing with him a broad, high-level background in building and leading performance systems across collegiate athletics. Jaeger rejoined the Wildcats after previously serving on Northwestern’s sports performance staff from 2021 to 2023. Prior to his initial time in Evanston, he spent three years at Texas A&M University as an Assistant Sports Performance Coach, where he led annual training plans for swimming and diving and men’s tennis, while also providing temporary oversight for women’s soccer, women’s tennis, and men’s golf. Before his tenure at Texas A&M, Jaeger spent four years at Boise State University as Associate Director of Olympic Sports Performance, playing a key role in the development and execution of comprehensive training programs for a wide range of Olympic sports. His career also includes stops at Southern Illinois University, Oral Roberts University, and Oregon State University, with experience supporting football, basketball, baseball, softball, tennis, golf, swimming and diving, gymnastics, volleyball, soccer, and track and field. Jaeger holds a Master of Science in Education with a concentration in Kinesiology from Southern Illinois University and a Bachelor of Science in Health and Wellness from the University of Wisconsin–Stevens Point. He is a Certified Strength and Conditioning Specialist (CSCS) through the National Strength and Conditioning Association and is also certified by USA Weightlifting.

Brice Clinton is the Director of Solutions Engineering for CSG, a global interactive media company. He is responsible for international business development, technical evangelism, and translating technical capabilities into tangible business outcomes. In addition, Brice serves as the primary media liaison through writing and speaking. Since joining CSG International he has been responsible for client engagements across media, sports, and retail in North American, Europe, Asia, India, and Australia.  Along with his work at CSG Brice is the Faculty Director of the Masters in Sports Administration program at Northwestern university where he teaches graduate level courses in The Technology of Sports and the programs practicum. Along with Adam Grossman he is the host of the Revenue Above Replacement podcast.  Brice received a bachelor of the arts in Organizational Communication from Purdue University, and a master’s degree in Sports Administration from Northwestern University.

In a quarter century of design work, Bruce has earned the trust and respect of countless clients, colleagues and industry peers. Along the way, he’s amassed a portfolio of high-impact sports projects across the United States including the likes of Twin City icons Target Field and Allianz Field. He’s a sought-after source on stadium design, having guest lectured at New York University and been interviewed by national and industry media alike. Recruited to Populous upon his graduation from the University of Cincinnati with a degree in architecture, Bruce’s dedication to the firm has spanned the entirety of his career to date. Early in that journey, Sports Business Journal named him among the best young talent in sports business. His ability to manage complex projects showed in endeavors like Target Field, a beloved ballpark sitting on one of the smallest and most complex urban sites in baseball. More recently, he led the design of Minnesota United FC’s Allianz Field, a stunning soccer-specific stadium that raised the bar of the Major League Soccer match day experience. Throughout his work as an architect, Bruce has shown a keen ability to motivate staff to excellence, both as a mentor to others and as a member of Populous’ regional and global leadership teams. He’s an active member of the American Institute of Architects and is a LEED Accredited Professional.

Sports and Entertainment Real Estate Global Holdings (Seregh – pronounced “surge”) has acquired data and analytics firm Revenue Over And Above Replacement (ROAR), and in this episode we break down what that means for the future of sports-anchored mixed-use development. Our guest, Adam Grossman, and cohost of this podcast — President of ROAR, A Seregh Company and newly appointed Chief Analytics Officer at Seregh — joins us to discuss the launch of Smart Districts as a Service (SmartDaaS), a new platform that uses AI, machine learning, and a customer data platform to help teams, developers, capital partners, and cities better plan, finance, and commercialize Sports and Entertainment-Anchored Districts (SEADs). Adam, a leading voice in sports strategy, commercialization, and analytics, draws on his experience as founder of Block Six Analytics, his work with Excel Sports Management, and his role as a lecturer in Northwestern’s Master’s in Sports Administration program to explain how SmartDaaS can shape decisions around partnerships, leasing, fan engagement, and foot traffic. If you’re interested in how data is transforming the way sports districts are conceived and monetized, this conversation is a roadmap to what comes next.

Noah Henderson is the Director of the Sport Management Program and a Clinical Instructor at Loyola University Chicago’s Quinlan School of Business. A widely recognized voice in sport management, his work explores the intersection of law, economics, and the social consequences of college athletics –– with a focus on name, image, and likeness (NIL), athlete labor rights, and sports gambling. Through his teaching, Henderson prepares students to lead in a dynamic era where college sports are rapidly professionalizing. Henderson was at the forefront of NIL implementation. He helped amend Illinois’ NIL legislation and played a direct role in establishing early frameworks that facilitated the legal payment of college athletes. He continues to advise athletic departments, brands, and sports agents nationwide on NIL policy, legal compliance, and best practices. He has also provided written analysis that has been entered into the public record, contributing to national discourse on antitrust, roster structures, and athlete access in college athletics. He contributed extensively to Sports Illustrated’s NIL Daily, where his reporting and commentary helped shape public understanding of the evolving business of college athletics. His insights have been featured by ESPN, NPR, CNN, PBS, Sportico, the Chicago Tribune, and others. He regularly speaks at accredited seminars and national symposiums, offering expertise on athlete rights and the future of college athletics. He holds a Juris Doctor from the University of Illinois College of Law and a degree in Economics from Saint Joseph’s University, where he was a four-year letter winner on the golf team.

In a quarter century of design work, Bruce has earned the trust and respect of countless clients, colleagues and industry peers. Along the way, he’s amassed a portfolio of high-impact sports projects across the United States including the likes of Twin City icons Target Field and Allianz Field. He’s a sought-after source on stadium design, having guest lectured at New York University and been interviewed by national and industry media alike. Recruited to Populous upon his graduation from the University of Cincinnati with a degree in architecture, Bruce’s dedication to the firm has spanned the entirety of his career to date. Early in that journey, Sports Business Journal named him among the best young talent in sports business. His ability to manage complex projects showed in endeavors like Target Field, a beloved ballpark sitting on one of the smallest and most complex urban sites in baseball. More recently, he led the design of Minnesota United FC’s Allianz Field, a stunning soccer-specific stadium that raised the bar of the Major League Soccer match day experience. Throughout his work as an architect, Bruce has shown a keen ability to motivate staff to excellence, both as a mentor to others and as a member of Populous’ regional and global leadership teams. He’s an active member of the American Institute of Architects and is a LEED Accredited Professional.

Jon Fascitelli is the Founder and Chairman of Seregh and the former Chief Executive Officer of Harris Blitzer Sports & Entertainment Real Estate. He led the Philadelphia 76ers' new $1.5 bn arena development as well as significant projects for the New Jersey Devils. This included rejuvenating the Loew’s Theatre in Jersey City and fostering growth in the vicinity of Newark's Prudential Center. Jonathan is deeply committed to enhancing neighborhoods, aiming for positive social change through economic growth and job creation. At HBSE, he built and managed his team and related consultants to over 100 people. In addition to his role at HBSE, Fascitelli worked closely with HRS Management and BOLT Ventures, the family offices of Josh Harris and David Blitzer. On behalf of HRS Management he was an active board member at Mosaic Development Partners, a black-owned developer with a strong community focus. He played a lead role in the acquisition of the Washington Commanders. In New York, he oversaw the operations of Central Park's Wollman Rink, partnering with Related and Equinox. He also advised on behalf of Bolt Ventures, Vessel Technologies, a firm that is looking at innovative approaches to affordable housing and works closely with the Cleveland Guardians. Early in his career he held positions at Colony Capital and UBS. On the academic side, Jonathan is a graduate of Brown University and holds an MBA from Harvard Business School.

Jason Sinnarajah joined the Royals in August 2023 as the Sr. Vice President, Chief Operating Officer. In this role, Jason oversees the business analytics, ticket operations, technology and stadium operations departments as well as the team’s relationship with its food and beverage and retail partners at Kauffman Stadium. In 2024, Jason led the revitalization of our concession experience on the Plaza level, the implementation of new local food offerings and an improved GoEntry fan experience to reduce wait times for entering Kauffman Stadium. Prior to joining the Royals, Jason was Senior Vice President of Business Administration for the Buffalo Bills from 2020-23 where he oversaw ticket and premium sales, marketing, community relations, stadium operations and strategy and analytics. In that time, he led stadium operations during a period of COVID-19 fan protocols with New York State, managed the concessionaire partnership at Highmark Stadium, created a strategy and analytics teams to support the Buffalo Bills and Buffalo Sabres, grew the team’s marketing app audience to Top 5 in the NFL across engagement and registered users and increased overall revenue by 40%. Jason also helped lead efforts to secure a new stadium for the Bills through the building of economic business cases to ownership and local/state government officials for a new stadium in Orchard Park, N.Y. Jason had prior sports experience with the Cleveland Guardians Strategy and Analytics team from 2012-15. During his tenure, he negotiated a new partnership for their food and beverage business, acquired capital to renovate Progressive Field, set and managed revenue and sales compensation goals across premium seating, ticket sales and corporate partnerships and led efforts to bring an All-Star Game to Cleveland. Outside of sports, Jason spent five years in media and corporate development at Ziff Davis and the Weather Company. At the Weather Company he led business development partnerships with large global media platforms such as Apple, Meta, X and Google, and negotiated media deals with international media companies. At Ziff Davis, Jason led data and e-commerce focused business units and was involved in several M&A transactions to expand the company’s presence in e-commerce and media. Jason also spent five years at Google where he was responsible for an internal consulting team across the Asia-Pacific region and lived in Tokyo and Sydney. He also held a role leading Google’s partnership across global media and sports and helped build out Google’s early entrance into sports-related content through partnerships with ESPN, and sports leagues such as MLB, NFL, NBA and the NHL. A native of Toronto, Canada, Jason earned his MBA from the University of Virginia’s Darden School of Business and a bachelor’s degree in finance and marketing from Boston College.

Ken Belson covers the business of professional sports, focusing on the teams, personalities, and complex issues that shape America’s most popular form of entertainment — from finances and stadium development to medical issues and major lawsuits. He rejoined The New York Times Business section in 2023 after 14 years in Sports, where he primarily covered the N.F.L. His earlier reporting at the Times included coverage of New York City transportation, economics, and energy for the Metro section, as well as media and telecommunications for Business. From 2001 to 2004, he was based in Tokyo covering the Japanese economy. In 2011, Belson was part of a Times team that was a finalist for the Pulitzer Prize in International Reporting for its coverage of the Japanese tsunami and Fukushima nuclear disaster. Before joining The Times, he reported for Bloomberg, Reuters, and Business Week in Tokyo. A graduate of Columbia University’s Graduate School of Journalism, Belson attended on a Japan-America Friendship Commission Fellowship and received the Pulitzer Traveling Scholarship, which he used to report from the Cook Islands on the economic aftermath of national bankruptcy.

In the fifth season premiere of Revenue Above Replacement, Adam and Brice reflect on five years of conversations at the intersection of sports, business, and innovation. From the early discussions on COVID-19’s impact to today’s debates around AI, real estate, and media disruption, the duo explores how the sports industry has transformed — and where it’s heading next. They kick off the episode with a look back at how the show has grown and evolved, highlighting the unique access it provides to experts shaping the sports landscape. The conversation then dives deep into several major themes that will define the season ahead.

In this season finale of the Revenue Above Replacement podcast, hosts Brice and Adam reflect on a dynamic year of conversations across the sports business landscape. From the rise of sports-anchored mixed-use developments and the evolving role of private capital to the explosive growth in women's sports and new monetization strategies for content creators, the episode dives into key themes that defined the season. Brice and Adam revisit highlights from interviews with top industry professionals, including insights into NIL, digital fan engagement, sports sponsorship amid economic shifts, and how content—like Benny the Bull’s TikTok dominance—is shaping brand and fan acquisition strategies. They also discuss the economic and cultural impact of rising stars like Caitlin Clark and the crossover appeal of women’s sports. As always, the conversation comes back to the importance of relationships in sports—whether it's building lasting industry connections or creating authentic bonds with fans. Join us as we wrap up a standout season and look ahead to what's next in sports business. As always, thank you to the listeners for the continued support.

CJ O’Brien is the co-owner of the Chicago Union, a professional ultimate frisbee team competing in the Ultimate Frisbee Association. A lifelong athlete with roots in football, CJ discovered ultimate frisbee while attending the University of Illinois, where he became a standout player and competed at the national level. After college, he entered the consulting world but remained closely tied to the sport, ultimately transitioning from player to part-owner of the Chicago franchise. Since 2016, CJ has been instrumental in transforming the Union from a niche club team into a growing professional sports organization. He has worn nearly every hat—player, marketer, operations manager, and community builder—investing both time and resources into the long-term vision of the sport. Under his leadership, the team has focused on grassroots fan engagement, youth programming, and creating a family-friendly, hyper-local game day experience. CJ also works full-time in consulting, leveraging his skills in project management and strategic communication to support the Union’s growth. A passionate advocate for emerging sports and community-based entertainment, CJ is committed to expanding the visibility of ultimate frisbee while building a sustainable and inclusive model for professional sports. He lives in the Chicago area with his family and continues to champion the values of accessibility, participation, and purpose-driven growth in sports.

Jason Hartlund is the Chief Commercial Officer for the Buffalo Bills, where he leads the team’s commercial strategy, including corporate partnerships, premium seating, media sales, and all revenue-generating initiatives tied to the new Highmark Stadium. With over two decades of experience in the sports and entertainment industry, Jason brings a deep understanding of how to drive fan engagement, build long-term brand value, and create innovative revenue solutions. Prior to joining the Bills, Jason spent more than a decade with the Milwaukee Brewers, ultimately serving as Executive Vice President and Chief Commercial Officer. During his tenure, he played a pivotal role in securing one of Major League Baseball’s most high-profile naming rights deals with American Family Insurance and oversaw the successful integration of major concerts and events into the ballpark experience. He also held leadership roles in digital strategy, marketing, and ballpark operations, helping to shape a more personalized and data-driven approach to fan engagement. Jason’s career in sports began with the Green Bay Packers, where he helped grow the team's corporate sponsorship portfolio. He currently serves on the Executive Committee of Visit Milwaukee’s Board, where he continues to advocate for the role of sports and entertainment in regional economic development. A graduate of the University of Wisconsin–Eau Claire, Jason now brings his Wisconsin-rooted experience to Western New York, helping shape the future of the Bills organization and the broader NFL fan experience.

Keith Friedenberg serves as Chief Analytics & Insights Officer of Endeavor Group Holdings, Inc. which owns and operates Ultimate Fighting Championship (UFC), World Wrestling Entertainment (WWE), William Morris Endeavor (WME), IMG, 160over90, On Location, and OpenBet/IMG Arena. Keith is founder of Endeavor Analytics, LLC, a global knowledge and insights company that provides strategic consulting, media intelligence, valuation services, and consumer insights. Endeavor Analytics boasts a global team of 80 who leverage AI & machine learning and third-party data providers to inform decision-making across media & sports properties, talent & athletes, and Fortune 500 brands. Prior to joining Endeavor in 2008, Friedenberg spent eleven years with Warner Bros. Media Research & Insights, where he supervised consumer, media and brand research operations for divisions including domestic television distribution, gaming, consumer products and emerging technology. Keith is an alumnus of the Marshall School of Business, University of Southern California.

On this episode of the Revenue Above Replacement Podcast, Adam and Brice take a break from the great guests and dive deep into Adam’s newest venture, ROAR (Revenue Over and Above Replacement). Built from insights gained through his past experiences at Block Six Analytics and Excel Sports Management, Adam shares his innovative approach to breaking down industry silos across technology, advisory services, and sales within sports business. The discussion explores the critical role of fan engagement, leveraging AI and data analytics to create meaningful connections and drive revenue, and reveals strategies to maximize partnership value. Brice and Adam also discuss the realities and challenges of entrepreneurship, sharing personal stories about the excitement and anxieties of building businesses from the ground up. The episode further touches on emerging industry trends, such as sports-anchored mixed-use developments, media rights monetization amidst fragmented viewership, and the impactful integration of artificial intelligence and agents in the fan experience. Listeners will gain actionable insights into the rapidly evolving landscape of sports business, partnership valuation, and innovative strategies to navigate technological disruption effectively.

Katie Morgan is the Vice President of Business Analytics and Ticket Strategy for the Texas Rangers. Katie has held various positions beginning as an Inside Sales Representative, transitioning in the CRM & Database Manager, and now as the Vice President of Business Analytics and Ticket Strategy. Prior to her time with the Rangers, she played college basketball and spent a year coaching. Katie loves working for a baseball team and enjoys using analytics to help bring the experience of a Rangers game to fans throughout the area.