No Offseason: The Athletic Women’s Basketball Show

Episode: Will Project B Steal the WNBA's Biggest Stars?

Date: November 21, 2025
Hosts: Zena Keita, Sabrina Merchant, Ben Pickman

Overview

This episode unpacks the rapidly evolving landscape of women’s professional basketball, focusing on two massive storylines: the WNBA’s high-stakes CBA negotiations—with key details about salary proposals and player priorities—and the ambitious rise of Project B, a new globetrotting league aiming to lure away marquee stars with jaw-dropping offers. The hosts analyze Project B’s business model, its likely impact on the WNBA, and whether this splashy startup can reshape the power balance in women’s hoops.

Key Discussion Points & Insights

1. WNBA CBA Negotiations: Players Seek More Than Just a Raise

(02:23–12:04)

• Major Salary Increase Proposed:
  • WNBA offered to raise the maximum player salary to over $1.1 million—a fourfold jump from the current max of around $250,000.
  • Minimum salary proposed at over $220,000; average player salary moving to $450-460k.
  • “The league sent a proposal in which they offered more than $1.1 million of max salary back on October 29..." — Ben Pickman (03:17)
• Revenue Share Still a Sticking Point:
  • Players seek a structure where their compensation scales with league growth, not a fixed cap.
  • Current revenue-sharing tied to a 20% league revenue increase to kick in—which rarely happens—leaving most salary growth at a slow, fixed pace.
  • “If the WNBA is still proposing a revenue sharing system similar to what exists in the current CBA, there’s just so many other details that are of supreme importance...” — Sabrina Merchant (07:37)
• Strategic Choices for Players:
  • Players could accept a big short-term salary jump, then renegotiate in a few years, especially with opt-out clauses.
  • The league is in flux thanks to influx of new talent and momentum, making this a pivotal moment.

2. Core System & Roster-Building Constraints

(12:04–15:32)

• What is "Coring" and Why It’s Controversial:
  • Core designation lets teams retain a star free agent by limiting their negotiation rights exclusively to that team (in exchange for a one-year max-salary offer), thus restricting player mobility.
  • While movement IS possible even for cored stars (as seen with recent sign-and-trades), core gives teams “just a little bit more control... which is why you can understand why players would not want to surrender that control.” — Sabrina Merchant (12:04)
  • The core rule is also highly relevant with two new expansion teams joining the WNBA, as it affects how talent is distributed and retained.
  • “It becomes a lot harder for players to move to destinations of their own choice...” — Sabrina Merchant (12:04)

3. Prioritization Rule: WNBA vs. Overseas and Offseason Leagues

(15:32–22:13)

• Rule and Its Impact:
  • WNBA requires players to report at the start of training camp—or risk suspension—even if their overseas seasons run long.
  • Historically, top players (like Gabby Williams) could earn more in Europe, but as WNBA salaries rise, the calculus may change.
• Players’ Side:
  • Players want the ability to honor lucrative overseas contracts and view the rule as an intrusion unless the WNBA matches or exceeds global pay.
  • “Players were frustrated or have voiced their frustrations... basically saying, ‘We’ll prioritize you if you pay us.’” — Ben Pickman (16:48)
• Global Basketball Calendar Is Shifting:
  • WNBA’s growing financial power has started to force some European leagues to align their calendars around the WNBA season—a sign of women’s basketball’s shifting center of gravity.
  • “As the WNBA becomes more attractive... you can see it like actually have some strength, you know, to do things like, hey, we don’t want you playing in other leagues at this time.” — Sabrina Merchant (19:26)

4. Spotlight: Project B—A Disruptive, Mysterious New League

(25:23–46:46)

a. What is Project B?

(25:23–28:11)

• Six teams, 11 players each; global, tournament-based format debuting Fall 2026 (the WNBA offseason).
• Player contracts reportedly reaching up to $2 million/season—plus equity in the league.
• “We’ve heard numbers of up to $2 million for individual players... and they get equity within the league.” — Sabrina Merchant (27:18)

b. Star Power and Recruitment Tactics

(26:34–30:09)

• Recent signings: Jonquel Jones and Jewell Loyd join Nneka Ogwumike and Alyssa Thomas.
• Project B targets veteran stars, many of whom did not benefit from college NIL deals or the WNBA’s new pay era.
• Money and the promise of equity, not “team allegiance,” are driving recruitment.
• “They’re all over-30 players who did not come up in the NIL era... haven’t yet seen a young player publicly commit to this league.” — Ben Pickman (30:09)

c. Individual Branding vs. Hometown Teams

(28:11–32:46)

• Project B is unapologetically player-centric, aiming to build fan bases around star personalities—not cities or franchises.
• “It’s incredibly individualistic. It’s really about the player, the name on the back of the jersey.” — Zena Keita (28:11)
• Tension: Gen Z and younger fans might gravitate toward personalities; traditional fans value rooting for local teams.

d. Business Model and Global Footprint—Still Unclear

(32:46–38:59)

• Project B’s financial backers include tech titans (Skype, Meta) and, possibly, connections to Saudi Arabia’s sovereign wealth fund—prompting comparison to LIV Golf’s disruptive launch.
• Exact league funding, media rights plan, and level of infrastructure are still unknown.
• “There’s a lot of opacity... we just don’t quite know what’s happening with where the money’s coming from, how the money is going to be distributed.” — Zena Keita (35:15)

e. Potential & Pitfalls for Women’s Hoops

(38:59–46:46)

• Pros:
  • Raises earning power for top women; offers global exposure; may spotlight overlooked international talent.
  • “I personally am excited about the prospect of getting to see international players that I don’t know enough about alongside these American players.” — Zena Keita (40:12)
• Cons / Open Questions:
  • Can players handle the physical/mental grind of year-round, globetrotting basketball?
  • Can a league succeed without local allegiances and with only highlights/streaming for fans?
  • Will the vagueness and lack of infrastructure scare off stars or fans?
  • “I don’t see the value in two week tournaments and then points get added up... it’s not the way I’ve ever wanted to watch basketball.” — Sabrina Merchant (43:30)

5. Rookie Week Debate: 2024 vs. 2025 WNBA Draft Classes

(51:25–55:23)

• Fun, hypothetical debate: Which recent WNBA rookie class would win a pickup game to 21?
• 2024 class boasts “historic” individual seasons (Caitlin Clark, Angel Reese, etc.), but 2025’s rookies showcased versatility and team impact.
• “I think I’m going to go with the 2025 team. I just like the versatility right now.” — Ben Pickman (53:02)
• “2024 by an edge... not a very large margin here. We’re talking like 21–18 kind of situation.” — Sabrina Merchant (53:55)

Notable Quotes & Memorable Moments

• On WNBA’s $1.1 Million Salary Offer:
  • “The number is certainly buzzy, right? The 1.1 million. The question is... is that going to resolve the core financial differences? I would not expect an agreement over the next 10 days either.” — Ben Pickman (06:15)
• On Project B’s Individual Focus:
  • “It’s all about the player. The name on the back of the jersey.” — Zena Keita (28:11)
• On Funding and Transparency:
  • “It raises a possible comparison again to LIV Golf... you’ve got some big namers, but where is Project B going to sign 66 players from?” — Ben Pickman (37:20)
• On the Challenges for New Leagues:
  • “I don’t see the value in two week tournaments and then points get added up... Not the way I’ve ever wanted to watch basketball.” — Sabrina Merchant (43:30)

Timestamps for Key Segments

• WNBA CBA and salary negotiation deep-dive: 02:23–12:04
• Core system and free agency/expansion impact: 12:04–15:32
• Prioritization rule and overseas leagues: 15:32–22:13
• Project B breakdown and implications for player movement: 25:23–46:46
• Rookie class 2024 vs 2025 hypothetical game debate: 51:25–55:23

Episode Tone & Takeaways

Candid, skeptical, and analytical, the hosts—bolstered by insider knowledge—pull few punches as they size up the high-stakes negotiations and emerging competition. While they express excitement about potential new opportunities (for players and fans), they’re clear-eyed about the risks, unanswered questions, and the potential for disruption—both good and bad—in the evolving eco-system of women’s pro basketball.

Final note: The hosts urge listeners to email their thoughts on whether Project B is truly filling a void in women’s basketball, and tease future coverage as more details emerge about this ambitious league.