Economics professors don't typically spend their time analyzing basketball players. But when Ryan Brewer, an associate professor of finance at Indiana University Columbus, was asked to quantify Caitlin Clark's impact on the WNBA, his findings were staggering: Clark was responsible for 26.5% of all WNBA economic activity in 2024. Not 26.5% of Indiana Fever revenue—26.5% of the entire league's economic engine.
That's not a player having a good season. That's one athlete fundamentally reshaping the economics of professional sports.
When Brewer projected forward to estimate her 2025 impact, the numbers became even more remarkable. "If things just go as they were, and we have an expanded season of 22 home games with modest inflation, I'm looking at $875 million," Brewer told NBC News. "And I could easily see that eclipsing a billion dollars on the economic impact of Caitlin Clark this year."
A billion dollars. From one player. In women's sports. Welcome to the Caitlin Clark Economy.
Building the Foundation: The Iowa Years
The economic phenomenon didn't start when Clark entered the WNBA—it was built over four legendary seasons at the University of Iowa. Clark's college career provides the blueprint for understanding how one athlete can transform an entire sport's financial landscape.
The numbers from Iowa tell the story:
| Economic Metric | Impact |
|---|---|
| 2024 NCAA Championship Viewership | 18.9 million (exceeded men's final) |
| 2023 Championship Viewership | 9.9 million (women's record at the time) |
| Single Game Attendance Record | 55,646 (exhibition game) |
| Iowa Season Ticket Revenue (2023-24) | $3.26 million (women's basketball record) |
| NCAA All-Time Scoring Record | 3,951 points |
These weren't just impressive statistics—they were market signals. Television executives, sponsors, and league officials watched as Clark single-handedly proved that women's basketball could command mainstream attention and generate serious revenue. Iowa's women's basketball program became a case study in sports economics, demonstrating that the right athlete at the right time could fundamentally shift consumer behavior.
The WNBA Transformation: Measuring the Clark Effect
When Clark was drafted first overall by the Indiana Fever in 2024, she didn't just join the WNBA—she transformed it. The league, which had operated largely under the radar for its 28-year history, suddenly became appointment television. And the financial impact was immediate and measurable.
Merchandise sales exploded. Dick's Sporting Goods reported a 233% year-over-year increase in WNBA merchandise. Fanatics, the league's official e-commerce partner, saw WNBA gear sales surge by over 500%. Clark's jersey became the top-seller across the league and ranked in the top 20 of all athletes across all sports on Fanatics—ahead of most NBA players.
Ticket sales told an even more dramatic story. According to Brewer's analysis, roughly 60% of the WNBA's attendance increase in 2024 was directly attributable to Clark. When the Fever played on the road, opponent attendance jumped 87%. StubHub reported that all ten of the WNBA's best-selling games in 2025 featured the Indiana Fever, with ticket prices spiking as much as 140% when Clark was in town.
Television ratings shattered records. A Fever preseason game at Iowa drew 1.3 million viewers on ESPN—more than all but two NBA preseason games since 2010 (both of which featured LeBron James). Regular season games featuring Clark routinely outperformed NBA broadcasts, a feat previously unthinkable for the WNBA.
Victor Matheson, an economics professor at the College of Holy Cross who specializes in sports economics, quantified it simply: "Looking at the typical attendance at games without Caitlin Clark and compared to games with Caitlin Clark, we can attribute roughly one out of every six tickets being sold in the WNBA to the 'Caitlin Clark Effect.'"
The Ripple Effects: Beyond Game Day
The Clark Economy extends far beyond box office receipts. Her presence has fundamentally altered how the WNBA operates as a business.
Franchise valuations have skyrocketed. Brewer estimates the Indiana Fever's value has quadrupled to approximately $340 million, driven almost entirely by Clark's arrival. That valuation increase isn't speculative—it's reflected in real transaction prices. The league has sold three expansion franchises at $250 million each, up dramatically from previous valuations.
Media rights tell the most important long-term story. In 2024, the WNBA secured an 11-year media deal worth $2.2 billion with Disney, NBCUniversal, and Amazon, starting in 2026. The contract will pay the league $200 million annually—more than triple the previous deal's $50-60 million per year. While Clark isn't the only reason for the improved deal, her ability to draw audiences made the league far more attractive to media partners.
Corporate sponsorships have flooded in. Since the end of the 2023 season, the WNBA has signed eight major new partnerships, including Delta Air Lines, Bumble, and New Balance. According to a 2024 study, these sponsors received a record $136 million in media value from WNBA partnerships—a return on investment that simply wouldn't have been possible pre-Clark.
League expansion accelerated. The WNBA added the Golden State Valkyries in 2025 (its first expansion team since 2008) and will add franchises in Toronto and Portland in 2026. Expansion requires confidence in future revenue growth—confidence that Clark's presence provides.
Even local economies benefit. Brewer projects Clark could have a $41 million economic impact on Indianapolis alone if current interest levels hold through 2025. Hotels, restaurants, and local businesses near Gainbridge Fieldhouse see measurable boosts on Fever game days.
The Compensation Paradox
Here's where the Clark Economy reveals its most glaring inefficiency: the player generating all this value earns almost none of it through her WNBA salary.
Clark made $76,535 in her rookie season. In her second season, even as she's projected to generate nearly $1 billion in economic activity, her WNBA salary is just $78,000. The disparity is so stark it seems like a typo.
"She is making a shockingly low salary for the amount of money she is bringing into the league," Matheson noted. Even as the highest-scoring women's NCAA basketball player ever and the No. 1 draft pick, the current collective bargaining agreement caps her earnings far below her market value.
Clark's off-court earnings tell a different story. She reportedly signed a $28 million deal with Nike, has partnerships with Gatorade, State Farm, and others, and Forbes estimated her total earnings at $8.1 million in her rookie season. Her endorsement portfolio ranks her fourth on Forbes' 2025 Most Powerful Women in Sports list.
But those personal earnings don't capture the externality economists discuss—the massive value she creates for others. When Clark plays, WNBA attendance increases 105%. Road teams see their gates jump 87%. The league negotiates billion-dollar media deals. Yet under the current CBA structure, she can't directly negotiate for a share of that value through her playing salary.
This isn't just about Clark—it's about the fundamental economics of the WNBA. The league operates with a salary cap that reflects revenue levels from before Clark's arrival. As revenue grows (and it's growing fast), the compensation structure lags behind.
The WNBA and WNBPA are currently negotiating a new collective bargaining agreement, with the current deal expiring at the end of November 2025. The proposal reportedly includes raising the maximum salary to over $1.1 million starting in 2026, with potential for growth tied to league revenue. If approved, it would represent a historic shift in women's professional sports compensation.
The Cultural Shift: Beyond Economics
Numbers capture part of the Clark Economy, but they miss the cultural transformation. Debbie Antonelli, an NCAA and WNBA analyst for ESPN with 37 years in broadcasting, coined the term "Clarkenomics" to describe the phenomenon: "Caitlin is the greatest economic disruptor in the history of [women's basketball]."
Clark didn't just attract existing basketball fans—she created new ones. Four WNBA franchises moved Fever games to larger arenas to accommodate demand, sometimes tripling or quadrupling their typical capacity. The crowds weren't just basketball diehards; they were families, young girls wearing Clark jerseys, and casual sports fans who'd never attended a WNBA game before.
"It's pure joy in the arenas she plays in," Antonelli observed. That joy translates to sustained fan engagement, merchandise purchases, and most importantly for long-term growth, a new generation of girls who now see professional women's basketball as aspirational.
The Clark Economy isn't just about revenue—it's about changing perceptions. When a women's basketball game outdraw NBA broadcasts, when merchandise sales increase 500%, when franchises sell for $250 million, it fundamentally alters how investors, media companies, and sports executives view women's sports as business opportunities.
What Happens Next?
The Clark Economy is still being written. She's only in her second professional season, recovering from injury but expected to return stronger. The WNBA is navigating unprecedented growth, with expansion teams, new media deals, and CBA negotiations all happening simultaneously.
Several key questions will shape the next chapter:
Can the league sustain this growth? The billion-dollar impact projected for 2025 depends on Clark staying healthy and maintaining fan interest. Early signs from her second season suggest both are likely.
Will compensation structures evolve? The new CBA could reshape how the league shares revenue with players, potentially creating a more sustainable economic model.
Does the Clark Economy lift all boats? Early evidence suggests yes—overall WNBA attendance, merchandise sales, and viewership are up across the board, not just for Fever games.
What about life after Clark? The ultimate test of the Clark Economy is whether it creates lasting infrastructure (better media deals, expanded rosters, higher salaries) that outlasts any single player's career.
One thing is certain: Caitlin Clark hasn't just been a great basketball player. She's been an economic force of nature, fundamentally reshaping women's professional sports in real time. From college arenas in Iowa to WNBA venues nationwide, from merchandise sales to media rights negotiations, her impact touches every aspect of how women's basketball operates as a business.
The billion-dollar projection isn't hype—it's economics. And the Caitlin Clark Economy is just getting started.
Sources:
- NBC News: "Caitlin Clark's impact on the WNBA could eclipse 'a billion dollars'" (May 2025)
- The Hoop Doctors: "The Caitlin Clark Effect: Accelerating Economic Progress in Women's Basketball" (July 2025)
- DC Report: "The Caitlin Clark Effect Is an Economic Engine for Women's Basketball" (January 2025)
- Ocean Tomo: "The Caitlin Clark Effect, Salaries and Name, Image, Likeness in the WNBA" (September 2024)
- Business Wire: "Women's National Basketball Association (WNBA) Business Analysis Report 2025" (November 2025)
- Forbes: "2025 Most Powerful Women in Sports" (October 2025)
- Yahoo Sports: "Caitlin Clark Could Help WNBA Generate Nearly $1 Billion in 2025" (May 2025)