What does the failed Super League say about merit and markets?

Relegate.

Relegation. The idea that if your team is near the bottom of a league it could be demoted to a lower league. For sports fans in the United States, this is a bizarre concept. No matter how long the Timberwolves dwell in the cellar of the NBA they will not be demoted to the g-league. For fans, cheap tickets to see all the hottest teams can be had, and the teams are profitable. In the…