Napheesa Collier lit up the scoreboard at the WNBA All-Star Game in Indianapolis with a record-breaking 36-point performance. Yet, the game’s defining moment may have occurred before tipoff — when players took the floor wearing bold warmup shirts reading: “Pay us what you owe us.”
This unified message underscored growing frustration within the league as players and the WNBA have yet to reach a new collective bargaining agreement. The debate isn’t just about numbers — it’s about value, equity, and transparency in a league that’s rapidly growing yet still under-compensates its athletes.
The Financial Fog Around the WNBA
Evaluating athlete pay has always been complicated. But in the case of the WNBA, that complexity is intensified by the league’s deep, sometimes murky financial ties to the NBA. Though many WNBA franchises now operate independently of their NBA counterparts, both leagues remain structurally intertwined — sharing media deals, resources, and, increasingly, scrutiny.
NBA commissioner Adam Silver once described the leagues as “integrated,” and they currently share a media rights package reportedly worth $200 million annually — a massive leap from earlier valuations. Still, conflicting messages about the WNBA’s financial health persist.
Back in 2018, Silver stated that the WNBA was losing around $10 million a year. Recent estimates have placed that number at up to $40 million in 2024. On the surface, this suggests ballooning losses — but those figures contrast sharply with the league’s visible momentum:
- Attendance is rebounding to pre-pandemic levels, with stars like Caitlin Clark helping push averages near the 10,000 mark.
- Broadcast rights, once negligible, are now valued in the tens of millions annually.
- Total league revenue, according to Bloomberg, has nearly doubled from 2019 to 2023, jumping from $102 million to upwards of $200 million.
Where Is the Money Going?
Expenses have undoubtedly risen. The WNBA now invests $25 million annually in charter flights — a major shift from the commercial travel norm of previous seasons. The salary cap has also increased, rising from a 2003 inflation-adjusted $1.1 million to $1.5 million in 2025.
But despite these developments, player compensation remains disproportionately low. Today, WNBA players receive less than 10% of league revenues — a stark contrast to the roughly 50% shared in leagues like the NBA. The rookie minimum salary? Just $66,000. Compare that to the NBA’s $1.27 million.
It’s not only how much players are paid — but also how many get paid at all. WNBA teams are limited to 12 roster spots, and some operate with just 11 due to salary cap constraints. One recent Phoenix game featured only eight active players.
Team Valuations Tell a Different Story
The rising valuations of WNBA franchises paint a different financial picture than the one described by operating losses. The New York Liberty sold for roughly $10–14 million in 2019. Today, based on a minority stake sale, the team’s valuation sits around $450 million.
This kind of growth suggests that investors see long-term upside in women’s basketball — even if reported short-term losses tell a more cautious tale.
A Growing Call for Equity
The “Pay Us What You Owe Us” shirts worn by WNBA All-Stars were no spontaneous gesture. They reflect years of underinvestment in a league that’s now delivering record crowds, national headlines, and rising commercial value. The players aren’t demanding NBA salaries — but they are calling for a fairer share in a growing league that’s becoming a bigger part of the sports landscape.
As women’s sports continue their post-pandemic surge, the pressure on league officials and team owners to evolve compensation structures is mounting. With more eyes on the WNBA than ever before, public sentiment may soon match the players’ message.
And in an era defined by athlete empowerment and commercial transparency, this conversation is only just beginning.
