If you’re surprised, and maybe even a little bit peeved, at Caitlin Clark’s rookie salary in the WNBA, you’re not alone.

In fact, you’re joined by the President and Vice President of the United States, both of whom have said publicly WNBA players aren’t getting paid their fair share compared to NBA players.

Iowa guard Caitlin Clark stands on the court during the second half of the Final Four college basketball championship game against South Carolina in the women’s NCAA Tournament, Sunday, April 7, 2024, in Cleveland. (AP Photo/Carolyn Kaster)

But, people in the world of sports economics are not shocked at the dollar amount. They knew it was coming, and say it’s a little more nuanced than a gender pay gap – it’s business.

You’ve probably seen the numbers. The No. 1 draft pick in the NBA will make about 137 times more money in salary than Clark, the NCAA women’s superstar shooting and point guard who lifted the sport to new heights.

The former Iowa Hawkeye and future Indiana Fever player is set to make $76,535 her rookie year, for a total of $338,056 over the next four seasons. Victor Wembanyama, the No. 1 pick of the San Antonio Spurs in the 2023 NBA draft, signed a contract with a starting salary of $12.2 million, to eventually make $55.1 million over four years.

The difference is quite stark, but so are many price differences between the two leagues.

Here are some numbers side by side, according to the latest data from the World Sports Network:

TV contract revenue: $60 million (WNBA); $2.7 billion (NBA)
Annual revenue: $200 million (WNBA); $10 billion (NBA)

Average attendance: 5,600 people (WNBA); 17,100 (NBA)
Average ticket price: $47 (WNBA); $94 (NBA)
Highest viewership for a game: 1.1 million viewers (WNBA); 12.4 million viewers (NBA) 

So, yeah, the NBA has more money on hand.

Denver Nuggets guard Christian Braun (0) fouls Los Angeles Lakers forward LeBron James (23) during the first half in Game 2 of an NBA basketball first-round playoff series Monday, April 22, 2024, in Denver. (AP Photo/Jack Dempsey)

But, let’s focus on their collective bargaining agreements first.

In 2023, the NBA and its players agreed to split the league’s basketball-related income (TV deals, ticket sales, etc.) 50-50. That will last until 2029 at the earliest.

In 2020, WNBA players agreed to take 50% of “incremental income” – meaning their percentage of earnings is based on expected revenues. But in recent years, the league hasn’t reached those thresholds, so economists estimate they’re taking in about 10% of league revenues.

The NBA has a rookie pay scale, meaning rookies can’t come in and make the same money as, say, legendary Golden State Warriors point guard Stephen Curry on his current deal. It also limits the maximum share of a team wage bill that any individual player can get, but its annual salary cap is soft, so there are many exceptions.

Golden State Warriors guard Stephen Curry (30) shoots between New Orleans Pelicans guards Jose Alvarado, left, and Dyson Daniels during the first half of an NBA basketball game Friday, April 12, 2024, in San Francisco. (AP Photo/Godofredo A. Vásquez)

The WNBA has a rookie pay scale and a salary cap too, but their collective bargaining agreement means those numbers fluctuate.

Another difference is WNBA players have the opportunity to make a lot more money overseas in the offseason. Yet, that comes with its own slew of challenges and did long before Brittany Griner’s case highlighted the risks of it. Still, many WNBA players refer to their roles in the league as their “summer jobs,” while their income overseas helps them pay the bills.

WNBA star and two-time Olympic gold medalist Brittney Griner speaks to her lawyers from inside a cage in a courtroom in Khimki, outside Moscow, Russia, on July 26, 2022. (AP Photo/Alexander Zemlianichenko, Pool, File)

Comparing the NBA and WNBA is unlike comparing most other professional sports because it transcends gender, and the game is essentially played the same.

Women use a slightly smaller basketball, shorter quarters and closer three-point lines. The leagues also have different roster requirements and draft rules.

The NBA, of course, had a 50-year head start over the WNBA. And the women’s seasons are much shorter – 40 WNBA regular season games versus 82 NBA games.

Caitlin Clark #22 of the Iowa Hawkeyes shoots during an open practice session ahead of the 2024 NCAA Women’s Basketball Final Four National Championship at Rocket Mortgage Fieldhouse on April 06, 2024 in Cleveland, Ohio. (Photo by Steph Chambers/Getty Images)

Plus, when the WNBA was first created, the NBA owned every WNBA team. Now, the WNBA has nearly 50-50 ownership between independent groups and teams owned by NBA ownership groups.

WNBA players share arenas with NBA teams and NHL teams, which sometimes get priority over WNBA games. And, women’s games are being played over the summer, which is the lowest season for TV viewership.

“There are a lot of factors that are kind of working against the WNBA anyway,” said Richard Paulsen, a sports economist at the University of Michigan, adding, “There are also a lot of institutional factors that apply to both the NBA and WNBA that suppress player salaries, especially rookies.”

Of course, both leagues and professional sports as a whole aim to promote competitive balance with reverse order drafts and payroll caps, hence the Indiana Fever’s newest guard with a five figure salary.

Iowa’s Caitlin Clark, left, poses for a photo with WNBA commissioner Cathy Engelbert, right, after being selected first overall by the Indiana Fever during the first round of the WNBA basketball draft, Monday, April 15, 2024, in New York. (AP Photo/Adam Hunger)

All this being said, you might be thinking, what about the “Caitlin Clark effect?” That’s still a thing, and it is already happening in the big leagues.

Whether you attribute her “wow” factor to her logo 3s, ball handling skills, long court passes or her record-breaking stats alone – 3,951 career points, 28.4 point-per-game career average – the “wow” factor is there and generated a buzz about women’s basketball that some experts say is the greatest we’ve seen.

The buzz was clear in the NCAA Women’s National Championship game – which averaged about 18.7 million viewers. That’s the most watched women’s college basketball game ever, the first time the women’s national championship got more viewers than the men’s national championship, and one of the most-viewed games in any sport aside from the NFL over the past year.

Caitlin Clark #22 of the Iowa Hawkeyes reacts during the second half in the 2024 NCAA Women’s Basketball Tournament National Championship against the South Carolina Gamecocks at Rocket Mortgage FieldHouse on April 07, 2024 in Cleveland, Ohio. (Photo by Steph Chambers/Getty Images)

Seven different TV networks and streaming platforms recorded their highest-rated women’s college games ever when Iowa was playing on their air. Iowa sold out all its games this year aside from just two on the road.

And that’s not to mention record-breaking ticket prices and attendance.

The effect is pouring over into the pros, too.

When Clark declared for the WNBA draft, the Indiana Fever’s average ticket price doubled. Teams playing the Fever are seeing games nearly sell out.

Clark’s Fever jersey sold out in most sizes on Fanatics within an hour of her being selected. Fanatics says her jersey is now the top-selling jersey for any draft pick ever.

Indiana Fever’s Caitlin Clark holds her jersey following a WNBA basketball news conference, Wednesday, April 17, 2024, in Indianapolis. (AP Photo/Darron Cummings)

The WNBA is showing 36 of the Fever’s 40 regular season games on its national broadcast and streaming partners, versus 22 last year.

The Washington Mystics and Las Vegas Aces announced they’re relocating their games against the Indiana Fever to bigger arenas due to “unprecedented demand,” and Chicago Sky fans are petitioning to do the same for the matchup between the friendly rivals, Clark and former LSU superstar Angel Reese.

LSU’s Angel Reese, left, and Iowa’s Caitlin Clark, right, pose for a photo before the WNBA basketball draft, Monday, April 15, 2024, in New York. (AP Photo/Adam Hunger)

The Caitlin Clark effect is real – but sports experts say athletes who have come before her with a similar effect got dealt the same hand in terms of rookie contracts.

“Michael Jordan, Kobe Bryant and Lebron James brought a lot more money to the league than they were ever paid,” said Michael Leeds, an economics professor at Temple University. “That is, to some degree, the nature of the beast, that there are externalities that the best and the most charismatic athletes bring to those around them That happens in every sport and in every generation, so, to say it’s unfair? Well, yeah, I mean, to a degree, it is. But she’s not alone in that.”

Los Angeles Lakers forward LeBron James (23) looks toward the Memphis Grizzlies’ bench during the second half of an NBA basketball game Friday, April 12, 2024, in Memphis, Tenn. (AP Photo/Brandon Dill)

Leeds also pointed out the WNBA players were able to secure a 30-40% increase in their salary caps in their 2020 negotiating, meaning top salaries for the players nearly doubled. That marks progress.

And, when it comes to Clark, as Leeds put it, “she’ll be able to eat.” Her name, image and likeness are valued at over $3 million. She’s expected to make plenty from endorsement deals with State Farm and Gatorade, and she’s set to sign an 8-year deal worth up to $28 million with Nike, including a signature Nike shoe.

A customer looks over Caitlin Clark merchandise in the Indiana Fever team store in Indianapolis, Tuesday, April 16, 2024. (AP Photo/Michael Conroy)

Yet, that’s still extra work Clark has to do outside of basketball, and money that doesn’t come from the league.

Paulsen said there has to be restrictions on what players are paid.

“If any of the teams could compete for Caitlin Clark’s talents, I’d imagine there would be plenty of bidders that would be willing to pay a lot more than $76,000 for her next season,” he said. “I could see a WNBA team wanting to pay her at least $5 million, which suggests her potential impact on the league is huge. I think I heard a quote from an anonymous GM saying he’d trade his entire roster for Caitlin Clark.”

But, some experts caution against putting so much pressure on the Midwesterner.

Iowa guard Caitlin Clark (22) drives past South Carolina guard Bree Hall (23) during the first half of the Final Four college basketball championship game in the women’s NCAA Tournament, Sunday, April 7, 2024, in Cleveland. (AP Photo/Carolyn Kaster)

“I don’t feel it’s fair to put all that on her,” said Dennis Coates, an economics professor at the University of Maryland, Baltimore County. “There’s some pretty darn good players in the WNBA already. There’s no guarantee she’s going to come into the league and clean up the way some people think she’s going to. She’s going to be playing against much better players at the WNBA level than she did on an average night in college.”

Overall, why Clark’s salary is 137 times lower than her NBA equivalent is mostly business, and time.

As the economists noted, there has been progress, but the WNBA is still at a five-decade disadvantage. It would be an uphill battle to switch the timeline of the season, add more games, relocate teams or put up new venues.

Paulsen said there’s been talk of shortening the NBA season for years, but with those previously mentioned revenue numbers, that could just be an idea that never comes to fruition.

Iowa guard Caitlin Clark signs autographs during an Iowa women’s basketball team celebration, Wednesday, April 10, 2024, in Iowa City, Iowa. (AP Photo/Charlie Neibergall)

But, the tide is changing, and the more people who tune in and pay attention, for whatever reason, the better.

“If [people] say [Clark’s salary] is unfair, I think it’s partly their fault,” Leeds said. “Are they watching the WNBA on TV? Are they going to WNBA games? If they go out and spend their money, the teams get the money to pay the players.

“You’ve got a relatively rich organization (NBA) and a, comparatively speaking, poor organization (WNBA). Yeah, that organization is going to pay the players over there a lot more than this organization will pay its players over here.”

Paulsen also pointed to the historic bias in media coverage, that viewers are much less likely to see women’s basketball in a headline on ESPN. He said that’s already starting to crack with the amount of coverage of not just Clark, but other players who have risen to stardom in recent years, including Paige Bueckers, Cameron Brink, Kamilla Cardoso, and the list goes on.

South Carolina center Kamilla Cardoso celebrates after cutting down the net after the Final Four college basketball championship game against Iowa in the women’s NCAA Tournament, Sunday, April 7, 2024, in Cleveland. South Carolina won 87-75. (AP Photo/Carolyn Kaster)

More than 2.4 million people tuned into this year’s WNBA draft, beating the previous record by more than 300%.

It may just be a transformational moment for women’s basketball, despite Clark’s less-than-thrilling rookie contract. The WNBA and Players Association each have the option to opt out of their collective bargaining agreement next year – and economists believe players have more bargaining power than ever at this rate.

“If you see the same bump over the course of the coming WNBA season that you saw in the NCAA Tournament, the players in the WNBA are going to take very careful note of that,” Leeds said. “They’re going to want a piece of that.”

Coates said it’s a matter of hardball – how hard the players are willing to fight for a bigger share of the revenue, and how much owners are willing to fight for their bottom line.

UConn guard Paige Bueckers reacts as the game ends during an Elite Eight college basketball game against Southern California in the women’s NCAA Tournament, Monday, April 1, 2024, in Portland, Ore. (AP Photo/Steve Dykes)

Paulsen said the fans are showing up, so the ball’s in the court of the institution.

“The outrage will help. Supporting the Fever and all of the league will help,” he said. “But we also need the help of major media. We need institutional forces to allow that support to come behind Caitlin Clark and the WNBA.”

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