Panini in WWE Cards: How Will the History Books Look Back on This Period of Time?

Although it could be a long drawn out process, the Panini era in wrestling cards looks to be in a state of flux. WWE has effectively terminated their relationship in favor of moving forward early with Fanatics, a move that was already in place to happen in 2026. With Topps under the Fanatics banner of hobby consolidation, many in the hobby are left wondering what brand name will be on the cards they are buying in the future. Will it be the originator of the modern wrestling card era with Topps, or the company responsible for the boom after Topps lost the license in Panini?

More importantly, if this is the end of Panini WWE, what can we take away from this 18 month period in the timeline of the hobby? I wanted to look back as a sort of retrospective, but also talk about the impact of Panini’s legacy in WWE even after Topps returns.

Part 1 – Panini Accelerated The Boom of WWE cards

When I started collecting WWE in 2017, it was easy to find wrestling cards in the budget area of a local card shop. Ebay listings were a small trickle of new cards, rather than the deluge we see today. Wax prices were beyond affordable, where many of the products could be bought by the case for the same price as a single box of cards in other sports.

When the Pandemic forced everyone to change their daily lives, and cards became the new hot collectible item, Wrestling cards lagged behind. Most prices in 2020 stayed pretty static, while the rest of the hobby exploded. While Topps was closing out their first run in WWE, Panini established themselves as the premier sports card brand, as Prizm, National Treasures and Contenders started churning out five figure sales every day of every week for multiple years.

Eventually, in mid 2021, Panini announced publicly that they had acquired the license to produce WWE cards. For the first time in the modern era, all the standards that funded the recent boom would make their way to wrestling. Because of the way Panini branded cards had performed in the years leading up to the boom, as well as during the boom, almost instantly WWE was on the radar for investors and thousands of new collector eyes.

Modern Topps WWE cards shot up in value almost overnight, with shiny sets like Chrome, Finest and others quadrupling in value. We also saw the first five figure modern wrestling card sale, and content flowing from podcasts, youtubers, and collectors on a new WWE hobby stage.

Although wrestling cards had started to trend upwards by the time the announcement was made, the acceleration of that growth after the Panini announcement was undeniable. Panini had started a fire, and the smoke around the future of WWE in the hobby was starting to get awfully thick. That wouldnt have happened in such an accelerated fashion without Panini in the mix. Love them or hate them for what they stand for in other sports, coming to wrestling brought a ton of attention and value to this niche area.

Part 2 – Panini Produced the Most Valuable Wrestling Card(s) of All Time

Ill get to the community divide here in a minute, but there is no amount of screaming or yelling that can offset the numbers Panini put on the board during this 18 month period. When Prizm was released in April of 2022, there were multiple gigantic sales of cards that created all new records for the history books. Prizm black 1/1s of big names started cranking out five figure sales beyond a number of expectations, and the Rock’s Prizm gold sold for absolute mega money to the point where it started challenging all time numbers.

The one card people were looking for took a while to surface, and when it did, the mainstream hobby took notice. The Rock’s Prizm Black 1/1 was pulled in a break and sold twice privately before ending up with prominent IG account “Thatstheoldprice.” His affinity for big time Prizm black cards is known hobby wide, thanks to his acquisition of gigantic cards of Patrick Mahomes, Tom Brady, and Lebron James. Adding the Rock to his collection set an all time sales record, but because the sale was private, many questioned it’s true number. When it was eventually listed for sale on PWCC’s elite auction over the spring of 2023, it was time to see the true power of the Panini brand.

Although the auction started slowly, the final price was something that no one expected. Selling for a massive $126k closing price, the Panini modern era of WWE cards had produced a unicorn sale. Not only did it more than double the price of the previous record wrestling card sale, it was a stake in the ground for what Panini was capable of in a smaller market area for the hobby.

Other huge sales followed, including another 5 figure sale of the Rock’s black prizm from the sophomore Prizm set. Panini brand power was on display during these last two years, and its a major component of the legacy they will leave behind. Its possible that Topps comes back and creates new standards, but the consistent value of the top end of Panini’s values look to be untouchable.

Part 3 – Panini Split the Once Harmonious Community

One of the main reasons that I loved wrestling cards more than any other type of card is because of the people. I loved how the community banded together for each other, helping collectors connect with each other, and cheering each other on as they achieved milestones in their PCs. It was truly a situation that should have been a model for the rest of the hobby, and it was the one thing that wrestling cards had above every other niche. It was one of the main reasons we were able to have so much success in creating the Main Event for the 2023 National Convention.

When Panini came to town, everything seemed to change. The community became split over the new era, mainly the pre-conceived understandings of rising prices and exposure to parts of the hobby landscape that wrestling was previously immune to. A portion of the community longed for the chance to collect their favorite Panini brands for the first time in WWE, regardless of the price. The other side of the community felt like everything would change for the negative, given Panini’s history of issues in NFL and NBA.

Wrestling card social media became a very contentious place for collectors to engage, especially as Panini collectors and previous community members clashed over the impact the new cards were having on the market. Many felt they would be priced out, or unable to continue the way they had before, angry and bitter that higher prices and more eyes on wrestling cards had changed their ability to exist the same way in the hobby.

As for the people joining up, they were exposed to both sides of the aisle very quickly. A celebration of the new life that wrestling cards had taken on, combined with gatekeeping and vitriol from others. Some of the anger stemmed from a lack of understanding of the greater hobby and how Panini had created such an immense following, as many existing wrestling collectors werent familiar with the ways of the greater hobby and the way collectors assigned value to cards and parallels.

In similar fashion, the newer collectors coming in were subject to some culture shock a bit, as the Wrestling Card community was tight knit, and very particular in the way they approached their collections. Lack of understanding of why people werent wise to the modern hobby norms, or just general personality differences led to blowups all over facebook, twitter and other platforms.

Part 4 – Panini Showed What Was Possible in Modern WWE Cards

For years, Topps had a method of operations in their product releases. A focused checklist of current stars and legends that signed for each product, coupled with relic content that focused on pieces of mat provided by WWE from their events. Up until 2018, Topps did have access to things like shirts and other relics, but over time, they stopped using them in product as the supply seemed to run out and not be replaced.

When Panini came in, they turned everything on its ear. Huge signer checklists with readily available autograph content of seemingly every star on the roster, and all the top legends of the attitude era that Topps reserved for big product releases to drive value. Giant names like Stone Cold Steve Austin, Undertaker, Hulk Hogan and John Cena became available in every product, giving collectors access to autograph content that was out of reach during most of Topps’ run from 2013 on. Panini also dove deep into the annals of WWE lore, getting people to sign for sets that had rarely signed, or never signed. ECW, WWF, and even some of the older territory wrestlers became common checklist subjects, much to the joy of collectors who grew up during the respective eras.

Panini also opened up the doors on player worn relics, which brought a ton of variety and fun to products over their run. Instead of relying solely on match used materials, Panini and WWE coordinated to have superstars wear shirts and other items during signings to then cut up and include as swatch content in most of the releases.

For the first time ever, there were chases in WWE sets that mirrored the favorites in the mainstream four sports. WWE logos, patches, and relic content that used the extensive library of colorful shirts available on WWEshop became a standard, and with new content, brought huge value in the box hits for premium sets like Immaculate and Impeccable.

In Immaculate, the new relic content was coupled with on card signatures that was never achieved in the Topps era outside of some rare examples. Multi-signed on card autographs were also available for the product as well, something Topps only achieved in very specific circumstances in Transcendent. Stars like Roman Reigns, Becky Lynch, Rhea Ripley and others were paired with quad signed and triple signed cards across a product that might have been the most extensive wrestling product ever created.

Topps will have their work cut out for them to equal the level of content that Panini, but hopefully this approach will be possible across Topps legacy brands like Transcendent, Chrome, Finest and potential new brands like Dynasty. Because Panini was spending 3-4x in licensing costs with their time, versus what Topps was originally spending, there is a lot of hope within the community that having a larger budget could open up avenues unavailable previously. Topps has their own hobby standards that were similarly successful over the boom period, and now that they have this roadmap of possibilities, we might see how those standards are applied to wrestling cards in a similar fashion to Panini.

Part 5 – Panini Had Issues With Timing Across the Board

When looking back over the last year plus, it was clear that Panini did a lot of things that were great. They continually fell short in one area, and that is timing. Products releasing on time, autograph redemptions being fulfilled for certain superstars, and things like the Asia configurations being basically non-existent until a year after their release.

In terms of releases, Products rarely hit their timelines, which is beyond problematic. It was a horrific issue for Topps as well, but given the circumstances, it doesnt change how frustrating it is to have consistent delays across the board. There were multiple products that released weeks to months after they were supposed to hit shelves, and I can only imagine what it must be like for the breakers who have to pay for allocations and then not get them on time.

Similarly, many products, especially Immaculate, had redemption issues for top guys. Its one thing if the redemption is for Ivar or Chad Gable, but Roman Reigns, Hulk Hogan and the Undertaker were all late in getting their cards back. I want these people in the products, and I understand the logistical issues that align with hard signed cards. However, it doesnt make it less of a problem. Thankfully most of the redemptions are at a better spot now, but some remain woefully on the indefinite calendar of waiting.

Part 6 – Panini’s Photos in Every Product Might Be the Best in the History of Trading Cards

Yes, this is a very hot take, but Ive been collecting cards for a long time, and I have never been so impressed with photos the way that they were used in every Panini WWE product. There are very few instances where a photo sank a Panini WWE card, but very many instances where a photo choice made a Panini WWE card more valuable.

Panini’s focus on moments that made fans excited for the product on television made perfect sense, especially in cards that define Panini WWE as a whole. Topps was notorious for snoozeworthy photo choices or relying on renders supplied by WWE to make their products. Panini had a wonderful balance of epic moments, championship moments, and history in all their products, and it made every single set stand out among the crowd.

With Select, the photos became the selling point as much as the cards themselves, with almost universal praise for how much better the cards looked as a result of how the photos were chosen. Adding in a wide ranging checklist of current stars and legends, and it became abundantly clear the amount of care that went into choosing the photo for each subject.

There have been awesome photo focused sets in other sports too, Stadium Club Baseball comes to mind. The consistency of greatness across every Panini WWE product is unparalleled.

Part 7 – Product Quality Was Up and Down for the Biggest Sets of the Year

I remember seeing the first packs of Prizm WWE opened, and I couldnt help but notice all the issues that were in place for centering and surface of the cards. I hadnt opened a Panini product in a long time, and I hadnt had the experience of how Panini QC could impact a product.

Prizm seemed to be the tip of the iceberg, and even worse, it seemed to get worse year over year. In 2022 Prizm, the vertically oriented base cards and the white sparkle parallel packs were filled with centering issues. In Select and Impeccable, there were major issues with collation, and how the cards were put into the packs themselves.

Although design, photos and autograph content were all top notch, the way those cards were put into practice had a very up and down life at Panini. This is pretty consistent over the entirety of their business, and its unfortunate they couldnt get past it in WWE circles.

Part 8 – Panini Found Ways to Make People Aware of What They Were Doing in WWE

From the time that Prizm was announced, to their recent booth setup at the NSCC, Panini made WWE a focus for their entire brand across the hobby. They found ways to incorporate their WWE license into new spaces that Topps was never able to do, and as a result, many more people saw that wrestling cards were a viable focus for a trading card or memorabilia collection.

I remember when I first saw Panini WWE cards being advertised during the live broadcast of WWE RAW and Smackdown and how cool that was. I may not have the clearest memory, but I dont remember the last time cards got a spotlight on any sort of WWE programming.

Additionally, there was a gigantic WWE wall on their booth for the national convention, cards in the giveaway packs delivered for wrapper redemptions, and wrestling cards in the VIP packs for the party that is held annually.

Panini also got WWE superstars to make videos ripping packs, which were then showcased all over social media. These types of activities are all exceptionally helpful in driving new attention for the wrestling card market.

Overall, there were some major issues that happened during the last few years, but I cant help but talk about how shocked I am at the success that Panini has had. I went into this era with VERY low expectations given my experiences in the other sports. Panini found a niche to do some great things in a small market, which has created undeniable buzz and entertainment for collectors. That is a legacy that hopefully stands the test of time.

WWE vs Panini – Updates and Information as Fanatics Waits in the Wings

Coming into last Wednesday, I dont think anyone expected things to blow up the way they did. Its like the end of Monday Night Raw where the match ends, the champion’s hand is being raised, and then the heel attacks from behind. Eventually the entire locker room comes running down the ramp and a giant brawl fills the screen as the show goes off the air. Starting the entire legal landscape of Fanatics vs Panini with a steel cage match over the WWE license seems fitting, and I wanted to make sure there is a place where people can come to get caught up if they are feeling their head spinning.

Let me start by saying there are a lot of people weighing in on this topic, as its a subject that hits home with almost every WWE collector, but also the many enemies Panini has deservedly made across NFL, NBA, and the other licenses they have owned since forming out of the ashes of the Donruss, Leaf, Playoff company. Additionally, because the hobby on social media is a very tribalistic, opinionated hellscape at times, there are lots of angry individuals with axes to grind as well. Some of those axes are very sharp having been at the wheel for years, others are dull much like the people sharpening them.

It can be a tall task to differentiate between sources you can trust and sources that just want to watch the world burn, so Ill try my best here to showcase the people and conversations to keep close to your inner circle, and avoid others whose conversations are more like you watching a train barrel through a car on the tracks.

First – lets start with the more official reporting. I wont have much commentary here, just links to use for your information.

Here is the tweet from Darren Rovell that kicked off this whole fiasco:

Here is the report from Fightful Wrestling:

Here is the report from the Wrestling Observer:

Now lets get into some of the reaction commentary, of which ill have more to offer in terms of feedback and how they approach the different areas of their coverage. There are a few main sources for wrestling knowledge out there, and a handful of them do a great job of covering the different aspects of what has gone down over the last few weeks.

Ill start with the content I have made in partnership with WrestlingTradingCards.com, which has been one of the most trusted sources of wrestling card content for decades. I joined up with Tony back last year because I valued what his mission was, and having Paul from WrestlingCardPriceGuide.com and Ryan Schear join up as well has made us a dream team of coverage from all sides of the collecting spectrum. Tony is a shop owner, and a long time wrestling collector, promoter and jack of all trades. Paul is a master set collector and an incredibly intelligent individual when it comes to the business side of the market and the hobby. Ryan has been well versed in all areas of the hobby from his decades of experience in cards.

I also was able to put together a recap after the hearing on the restraining order that happened last week.

Moving onto some of the other content creators who do a tremendous job in wrestling cards and covering the hobby. These are the places that I go when I want to watch or listen to content related to wrestling cards, and I absolutely love the way these guys approach their consideration. Each of them brings a unique perspective, and I think its important to read through, watch or listen to what they put out.

Here is a tremendous tweet thread breakdown of all the legal proceedings by Paul Lesko, who has meticulously documented every piece of this case, the TRO hearing, and everything.

Zhan Mourning has been covering wrestling cards on his youtube channel for a very long time, and does a great job with production, and his coverage. He is also one of the most balanced sources in his coverage, given that his collection is so widespread across basically everything. He did a live video (brave man!) to cover the topic which hits on a ton of different areas, and the hour long session is worth a watch, along side all the other content on his channel.

The boys from the Card Foundation are a must listen with their podcast that airs weekly on the Major Pod Network. The episode that contains the breakdown of all of this is part of their Patreon right now, but will be available tomorrow for everyone who wants to listen. You can get all of their episodes at the spotify link below, and it is absolutely worth joining their patreon for access to their facebook group and the early content.

Brett from Stacking Slabs has been a frequent guest on WTC panel discussions, and I have been a guest on his show a number of times as well. He recently put out an episode where he gives his thoughts on the termination of the license and the impact it has on the collectors of wrestling cards. Brett is a huge wrestling fan and its beyond important to have content creators with big audiences that talk frequently about WWE cards.

Sports Card Radio and Sports Card News, run by Colin and Ryan Tedards did a live broadcast recently as well, where they used their large youtube following to talk through some of the ins and outs of how they see the different parts of this going down. They cover a wide range of topics, usually stemming from outing scams, breaking down scandals, and being overall hobby watchdogs, so check them out.

Lastly, Dan Nguyen, otherwise known as the Great Curator has become a big wrestling card collector over the last year, and was a guest at the Main Event when we hosted it at the National Convention earlier this year. His show “Between 2 Slabs” covered the topic here as well on their live broadcast, and this is probably one of the more follower heavy channels in the hobby to cover it. There are other platforms as well, but Im not going to signal boost people who I dont support like Geoff Wilson.

Bottom line guys, there is a ton of content to consume any time a big story breaks in this hobby, and I rarely care as much as I do with this particular story. There are ways to engage with collectors on facebook and instagram as well, as groups like Wrestling Cards and Collectibles have threads with tons of conversation about how individual collectors feel about the license.

This is going to be a long and arduous process to sort out the litigation, the relationship, the outstanding products and redemptions, and all sorts of stuff that come along with how a partnership breaks down. This was a ten million dollar license that was terminated in an instant, and its almost guaranteed to be messy.

As a result of the messy legal proceedings, using contextual information from collectors braving the same set of circumstances is a great exercise to frame your approach, or at the very least, come to a better understanding yourself. Find a balance between the guys who think redemptions are the work of Satan and the journalists who do this for a living. As scary as it is, our experience in this hobby may not change if the ongoing product stream is removed, but a consolidation plan that impacts people, businesses and jobs within the hobby landscape could definitely change the way we engage. Its best to educate yourself as it goes through its process.

Is the the Panini WWE License Termination a Marker For Greater Hobby Implications?

When we look back on September 20th, 2023 years from now, it will absolutely stand out as a red letter date in wrestling card history. Pending the outcome of some litigation, it might actually be a date that has implications across the entire trading card world. For someone like me, it has direct impact as a wrestling card collector since 2017, but for others, it could be a bellwether for many other trading card licenses that Fanatics is set to acquire in the coming years.

On Wednesday, Darren Rovell announced that at the end of August, WWE had effectively terminated Panini’s WWE trading card license, the second licensor to do so in as many months. Previously, the NFLPA had also terminated their Panini trading card license. Unlike the NFLPA, WWE immediately went on the offensive, filing an injunction in the southern district of NY with a temporary restraining order to prevent Panini from releasing any further product under said terminated license.

For a video breakdown of everything associated with this post – check out our WTC Supershow Panel Discussion Here:

As expected, Panini immediately sued WWE for breach of contract, to which WWE countersued. We have the public filing of Panini’s suit, WWEs was filed under seal. According to Panini’s suit, it looks like WWE had used financial benchmarks to terminate the license claiming the license had fallen short of delivery on minimum guaranteed performance. Given that trading cards is in one of its biggest boom periods in the history of the hobby, this is a tall order to prove, and Panini promptly claimed in its filing that it had over-performed across every quarter of its WWE license tracker.

This begs the question – what happens now?

Well, a few things need to be decided before we get to the litigation. First, a judge needs to rule on the temporary restraining order, and determine if Panini needs to stop all product releases while they determine whether a breach of contract happened. If the TRO is granted, Panini is basically dead in the water until the termination is held up or dismissed. We also dont know the full details of the termination, because most of what WWE has filed is not public information. There could be other details leading to why the contract was terminated, and we just dont have them yet.

Similarly, once two parties get to litigation like this, I think its very unlikely they come back to a situation where both are going to be working together in a cohesive way. A judge could force the issue, uphold Panini’s suit and say to reinstate their contract, but even then, what does that relationship look like? Can Panini continue to work with WWE to get card designs approved, autographs for their products, access to superstars for relics? I think its hard to believe that wont be contentious.

We also found out through the filings that Panini was set to have the license through October of 2025, which effectively puts them in control of WWE through the end of that year with the typical 90 day grace period to clear out inventory. We were set to get another 2 years of Prizm, Select, and the like, and now we are left with less than half of that amount. Its going to be interesting to see how the litigation rules for this time period, because WWE has demanded $5.6M in royalties due for the contract over the remaining years. That isn’t a small amount of money.

If that isn’t enough, Panini has already sued Fanatics under an Antitrust (monopoly) statute, which is what kicked all of this off this past July. This means its entirely possible that the SEC and FTC could get involved in sorting this out through some sort of litigation coordination to ensure that filings in multiple districts dont deliver conflicting results. At some point, Michael Rubin and the Fanatics conglomerate will have to be judged for their process, and this is one domino in a long line of dominos to fall.

Here is where this gets interesting. If the restraining order is granted, it basically signals to other licensors that this process now has precedent, and can be replicated. Its unlikely that the NBA, NBAPA, NFL and other pending licenses wait until 2026 to move over to Fanatics, especially given their equity stake in the company. Ultimately, this is a losing battle for Panini, its just how long they have before the guillotine blade comes slicing down through their neck.

For WWE collectors, this could be a long road without much on the market, even if the restraining order fails. If Elite is not complete, getting WWE to cooperate with filling outstanding holes in the autograph checklist could be a non-starter. If it is done, its already been pushed back quite a bit, likely to accommodate for the challenges in the courts. If the judge sides with WWE, then its basically a waiting game. Topps might not be able to jump right in either. The understanding is that Fanatics will effectively take over, but even so, it could take 4-6 months before we see any new WWE sets. It would have to be a simplified set, likely a port from baseball with sticker autographs and a smaller checklist. Sets like Chrome and Finest with on card autographs could take a year plus to get back to their previous successful states due to production timelines. This is all if everything goes perfectly.

For everyone else, this is likely the beginning of a long 3 years before 2026 and the true beginning of the Michael Rubin as Thanos inevitability plan. If he finds that his playbook is successful and the licenses can be terminated early, the courts could tie up that plan for months and months. If its unsuccessful, who knows what the implications could be?

There are also numerous questions about things like redemptions, which are a bane for many collectors currently waiting on signatures from people like Roman Reigns and the Undertaker on the WWE side of things. Again, I have to believe those areas of the battle are the ones with the most question marks, and probably ones I would tag for pieces of a settlement if Panini indeed sees that there is no path forward.

My opinion is this – regardless of how people feel about Panini, I think this whole situation is bad for the hobby. Competition is good. Exclusives are bad. Ive lived by that platform on this blog for almost 15 years. Fanatics swinging their big dick around to ensure that every aspect of the hobby is under their control doesnt benefit collectors – no matter how much they say it will. By 2026, they will own all the major sports licenses, an auction house, a vault, a breaking platform, all the distributors, the card printers, among other things. Aspects of the hobby like what COMC and PSA provide are likely on the target list. It might not serve as a monopoly enough to get the government to shut them down, but in a functional aspect, it is a monopoly for the layperson. That’s just a bad situation where few will have accountability for any real issues. If you have been around this hobby long enough, you know how many issues there are.

Looking at the WWE, we all need to pay close attention to what is going on, because it could be a clear indicator as to what could be going down with all the other licenses. Get ready people, this is about to get pretty fucking nuts.

NFLPA Terminates Panini – What Impact Does This Have on the Greater Hobby?

Image

As mentioned almost everywhere yesterday, the NFLPA has terminated their license with Panini three years early. We already knew the Fanatics plan for total hobby domination was going to take effect in 2026, with eventual exclusive control over NFL, NBA, MLB, WWE, F1, and other major licenses, but this was a bit of a surprise. It was the hobby equivalent of the movie scene where the hero clips the wrong wire on the ticking time bomb, and the timer drops from one minute to five seconds.

That wire that was cut is a pretty well covered wire as well, with Panini deciding to sue Fanatics for their consolidation plan in an anti-trust (monopoly) lawsuit, which promptly forced a countersuit. Because the leagues have ownership stakes in Fanatics, it was likely a contributing factor to wanting to end the Panini relationship early, although there really arent a lot of details as to how they were able to move forward with the termination in this manner. All will be revealed shortly, I would guess.

Background

Lets talk about what this means, because Im not sure people truly understand how card licensing works. To make a licensed trading card with current player likenesses, photos, logos, stadiums and everything one would need to associate with a league, a trading card manufacturer needs A MINIMUM of two licenses. First is the properties license that governs the uniforms, logos, and everything that isnt player related. Currently the MLBP license exclusive is owned by Topps, the NFLP, and NBAP exclusives are owned by Panini.

The second license they need is the player’s association license, which grants them access to all current players and their names and likenesses. Currently, Topps owns the MLBPA license, and seemingly, the NFLPA license. Panini also owns and MLBPA license, which grants them the ability to make logoless products, as well as an NBAPA license. Without an NFLPA license, Panini can make cards of legends, and team cards with lots of players on them, but they cant use current players in their sets.

What Impact Does This Have?

Let’s state the facts first – it doesnt look good for Panini overall. They poked the sleeping bear that wasnt supposed to come out of hibernation until 2026, and that was likely a survival move to begin with. The lawsuit over Fanatics’ control of the trading card industry seems to have standing, but it also isnt a slam dunk either. Right now, its going to be really hard for Panini to make football products without current players and rookies under contract to appear in their set. The PA was also one of the main bodies Panini likely used to ensure the autograph contracts the players signed actually got fulfilled.

Topps will not be able to produce fully licensed NFL products at this point. They still need an NFLP license before they can do that. Right now, that seems to be an inevitability, but it hasnt happened yet. I think the entire hobby would like exclusive licenses to go away in their entirety, but having one company with one side of the license and another company with the other side of the license isnt a good situation. It almost happened in 2015 when the NFLPA signed its exclusive deal with Panini before NFLP had a chance to decide on their exclusive rights – but eventually gave in and signed with Panini later that year.

Could Other Licenses Follow Suit?

This is the real question that everyone is asking, and I think the answer is more complicated than people imagine. There are four licenses that have future Fanatics deals in place – NBAP, NBAPA, NFLP and WWE. I think there is a significant chance that a few of them could terminate early if the precedent set by the NFLPA holds up. They are four separate organizations with four separate sets of corporate standards.

In my opinion, the outlier is WWE, which is slated to likely switch over in 2025 – a year earlier than the major sports licenses. WWE has no ownership stake in Fanatics, and this could end up being Panini’s Alamo if the tidal wave seems to go the opposite direction. Im curious if Panini could be in the middle of a Jerry Maguire moment here, where they are calling all their clients wondering who is sticking around. If they are trying to get a sense of where things stand, keeping WWE in their stead until that license ends would seem to be a major focus for their team.

The Post 2026 Landscape

Overall, we all have speculated that the Panini dream ends in the near future, which is why the monopoly focused lawsuit was not a surprise. We know that Fanatics will own the most profitable sports licenses, an auction house, a breaking platform, a vault, all the distribution, the top printer, and a number of other important hobby adjunct businesses. It was clear that Michael Rubin’s plan was to consolidate the entire landscape around a singular brand. As a result, most people in the hobby speculated that Panini would sell their trading card intellectual property to Fanatics, and ride off into the international sunset, where they could remain successful selling stickers and being a gigantic Italian company where things were in 2009.

When that deal fell through, Fanatics targeted and poached a significant number of Panini employees instead, which seemed like a coup in itself. Now it seems even more like Panini will have more struggles trying to figure out how to survive in a world without a major license that can drive profitability the same way the NFL and NBA used to.

Similarly, there seems to be much celebration around the hobby that Panini is getting what is coming to them. A few years ago, I probably would have been among that group of people. This company has notoriously had issues with customer service, redemptions, and all sorts of other things, and seeing the company squander the remaining time on their contracts has to be pretty satisfying for a number of collectors out there.

Let me say this – I dont like exclusives. I dont like monopolies. I dont like having one throat to choke in this situation. Competition is a major factor in creating great things in any marketplace, and without two companies going at it, I fear that we are setting ourselves up for a lot of new problems that most of us have never even fathomed could be possible. Because Fanatics now owns or partially owns so much of the major support mechanisms of the hobby’s landscape, there are very few reasons to continue to challenge the status quo. They will claim they can invest more into their business because their money is secure for a long period of time, but the collector is robbed of the choices they had before as a trade off.

I want to have Topps Chrome NFL and NBA back in the mix. I want to have Dynasty across more sports than just MLB. However, I also understand that also having Prizm and National Treasures is something that other collectors would like to have as well.

It used to be that trading cards were such small potatoes in the licensing game that the leagues didnt want to have to deal with more than one company. Now that trading cards are big business, the leagues realize that signing exclusives can be lucrative, especially if those exclusives are baked in with organizations they have equity stakes in.

Everyone needs to take inventory of how they feel and quickly, because this is about to get really dicey. We all think that Panini getting their comeuppance is what’s best for business, but Im not so sure they are the heel people think they are. Especially if the new overlords taking over the rest of the industry have literally no check on their power. Fanatics is more in bed with the leagues than any other company has ever been, and that could lead to some very interesting outcomes.

Dealers and Collectors at the NSCC – CAN THEY COEXIST?

Ah yes, the age old wrestling trope – putting the two guys who are about to face off in an upcoming match together in a tag team. The announcers bang the table and say “This could break down any moment! Can these two guys work together? Can they co-exist?” This common storyline has been done so many times, that its now a meme-worthy cliche.

At the NSCC, I think it fits. On the floor of the show, dealers and collectors commonly face off trying to get deals done to move cards both ways. Although rarely contentious like its played out in WWE, its something that has brought so much challenge to the show, that collectors have started to find ways to circumvent the confrontation all together.

With the boom of 2020 taking hold at big shows across the country for the last few years, trade nights have become the draw as much as the show itself. For some collectors who dont have funds to straight up buy the cards they want, but plenty of equity in their collections, trading becomes a worthwhile experience for them to drive their time on their trip.

Dealers have major objections to this situation, because of the sheer cost it takes to set up at any show. Whether its the table cost, inventory cost, travel costs, or staff, the entire show can be an extreme expense. To lose potential business to collectors coming to the show who can do the same thing with no overhead is frustrating.

This has created a standoff that could be on the verge of exploding as we approach NSCCs coming down the road. Table costs are high, booth setup costs are higher, and collectors are not responsive to seeing prices on cards that are 50%-100% above the recent selling prices on eBay. On the flip side, its close to impossible to wall off the show to a point where trade night is a big attraction, and shutting them down might be worse press than high prices on the floor.

At this year’s NSCC, impromptu trading at the Loews hotel had to be stopped by the police as the giant crowds of collectors congregating in the hallways and conference rooms created fire hazards and inconvenient walkways for the staff and guests. The official NSCC trade night, hosted by Roadshow Cards and CardCollector2, was so packed with people – it spilled out into the lobby where people were waiting in line to get in. There were a number of complaints about waiting in line and just overall crowds.

These situations are extreme enough to warrant a discussion of how to fix this issue. How do you appease the throngs of people who want this experience as an outlet during their trip, while at the same time not step on the toes of dealers who spend 5-6 figures for their booths on an annual basis?

Here are some suggestions from people I talked to at the show with my comments:

24 Hour Trade Space – Give Collectors a space to have a trade night going through the whole show. Just a room that exists there and you can come and go as you please. Personally, this would be an ideal solution, but there are a few things to think about. First security needs to be provided, and that’s extra cost, same with the extra space. The access all day and all night with bathrooms and food/drink might be a challenge, but theoretically, this could be done in a hotel space.

Hourly Booths at the Show – Give people an option to purchase slots at the show to set up on an hourly basis, without having to incur the cost of the entire week. I think this is a really interesting idea to explore. The NSCC could offer perks to VIP or Super VIPs by offering them time at the show to set up their own table as part of the cost of their badge. Again, space would be an issue if you saw the amount of VIPs, but it could be something that people could just purchase on their own. Specific rules about buying too many slots, bots buying all the tables, or reselling the purchased slots would be an absolute requirement, but this could be a way to solve for some of the issues.

Offer Official Trade Night Every Night – I personally think this is a must. Right now there is trade night on Thursday, and that’s it. Finding a way to offer it every night might cut down on the issues with crowds a bit, and create sponsorship opportunities to offset costs. The sheer lift to do one night is huge though, and the planning to get that one night off the ground must be immense. Expanding it to the whole show could be an undertaking not available.

Reduce Corporate Space in Favor of More Booths – I think this was suggested the most times by people I talked to. For the most part, corporate booths for people not offering giveaways were empty. It was wasted space. However, this funding is likely a good part of the way the show makes money. So taking away this space would be taking money away from the bottom line. I dont think this is a feasible suggestion for any business looking to turn as much profit as they can. As a community, we all agree with moving space away from Goldin, Sports Card Investor, and Grading Company ABC and letting more people set up, but I dont think it will solve issues with pricing of single cards on the floor in the slightest.

Reduce the Cost of the Booths – Honestly, I dont think the majority of the cost people have is booth cost. Its what goes in the booths. Signage, cases, staff, travel, inventory, etc. Its all overhead. For people that do the NSCC well, its a six figure cost. Reducing the cost of the booths wouldnt really do much there, but adding a low rent district might help some collectors have an opportunity to set up that wouldnt normally do so.

Allow Collector Planned Trade Nights to Thrive – I really think there is some way to allow trade nights to be unaffiliated and also not impede the results of the show. People are going to come whether the trade nights are there or not. That’s the barrier here. If the NSCC cancels all trade nights, and gets all the bad press around that, the show still goes off and likely still sets records. I think the discussion around lost opportunity cost of MORE people not attending because trade nights arent thriving is a big point of order among the entirety of the community. Dealers want more people at the show so they have more people to sell to. Collectors want more opportunities to acquire their wanted items. Its a win win, but a loaded one. At least this option might keep people out of the hallways to an obstructive degree.

Again, there is no one size fits all solution to this. None of these solutions have 100% pro and zero con tied to their success. Its going to be a give and take from both sides, of which Im not sure there will ever be a peaceful resolution with both sides being 100% happy. I think everyone would agree that impeding a hotel lobby to the point of being shut down by police is not the experience anyone would like.