Research from the investment management firm Morgan Stanley estimates that Blizzard’s competitive eSports league could see a yearly annual base revenue of more than $100 million, or even as much as $720 million if certain conditions are met.

Of course, this requires some stars to align in Blizzard’s favor, but the estimates shared by Dot eSports offer some insight into the different conditions than can make or break a profitable eSports effort.

Dot eSports reports that Morgan Stanley has outlined four possible futures for the Overwatch League that all hinge its success on the growth of both monetization and audience.

If Blizzard plays its cards right, Morgan Stanley says the company can expect the League to bring in $32 million from licensing and advertising, $30 million through sponsorships, $27 million through merchandise, and $13 million in ticket sales.

All in all, the Overwatch League would need to average 72,000 active viewers and hit 7.7 million viewers during the playoff season to make this estimate a reality.

But, if Blizzard doubles the number of teams in the League from 16 to 32 and can successfully reach an average of 75,000 regular season viewers and 12 million playoff viewers, the company could see its competitive eSports league bring in as much as $720 million in revenue.