not sure if contract holders are the only stakeholders with assumed risk. Agreed, contract holders are at a high risk for loss, but if the players owe x% of future earnings, they become assets to be liquidated to pay the contract holders and lien holders. Of course the lien holders get paid before the contract holders, but it's the players that do the paying as debtors. Could you imagine some bankruptcy judge saying "well, you have made 6 mil so far in your career, we think you'll play another decade, at rate of wage growth that should be an additional 50 mil. You owe 5.6 mil due today"