And my salary is this big

ALTHOUGH this year's Super Bowl pitted only the Pittsburgh Steelers against the Green Bay Packers, well over half of America tuned in. The match easily surpassed last year's contest as the most-watched television programme in American history, capping a season of record ratings for the National Football League (NFL), the association of 32 teams that runs the top level of the sport.

For the NFL that dominance translated into some $9 billion in revenues last season. But the league's players and its team owners are now arguing over how to divvy up the spoils. The owners have threatened to lock the players out if they cannot reach an agreement. The players in turn say they will dissolve their union and file an antitrust suit against the league. This could result in a most unusual labour dispute, where employees try to break up their union, while management fights to keep it together. If neither side gives in, the 2011 season could be at risk. As The Economist went to press, the two sides were still working with a mediator to iron out their differences. The talks have already been extended twice.

Professional football has enjoyed the longest period of industrial peace among America's three main sports leagues. But shortly after the NFL's current labour deal was signed in 2006, the teams' owners began to grumble about its terms. Under the agreement, they get $1 billion up front for operating and investment expenses and 40% of the remaining pot. The players receive the other 60% through salaries and benefits. The team owners now want an extra $800m up front and a fixed wage scale for first-year players.

Roger Goodell, the NFL commissioner, says the renegotiation is justified “so we can make the kinds of investments that grow this game.” He notes that the league has not commissioned a new stadium since 2006. But the players are sceptical. They want the teams to open their books so they can assess their financial positions, a move the owners have resisted for good reason. According to Forbes magazine, teams' values rose 171% between 1999 and 2009. No team appears to be unprofitable.

But recently the estimated commercial value of NFL teams has fallen slightly and owners see fewer avenues for growth. Revenues from ticket sales have flattened out, and strapped local governments are unlikely to subsidise the costs of luxurious new stadiums, as they have in the past. Even the growth of the league's lucrative television contracts has begun to slow.

Still, America's recovery will surely help values recover again. And most of the league's television contracts will soon expire, potentially allowing it to negotiate huge new deals. Digital media has also opened up new opportunities for growth, and the league is trying to expand into international markets. A tweak to the current labour agreement may be in order, but the only way to do serious damage to the game's near-term prospects would be to shut the stadium doors.