IN AMERICA, the National Football League is more popular than ever, generating an estimated $8 billion in annual revenue. Last year, the Super Bowl, football's extravagant season finale, attracted 106.5m viewers, making it the most watched broadcast in the country's history. This year's Super Bowl, on February 6th, should draw an equally large audience, as it promises an evenly-matched contest between two of the league's most storied franchises, the Pittsburgh Steelers and Green Bay Packers. Advertisers will spend $3m for each 30-second spot aired during breaks in the game. 

The National Basketball Association—worth around $4 billion per year—is also undergoing something of a renaissance. The final game of last year's championship series garnered the highest single-game basketball viewership since 1998, when Michael Jordan clinched his sixth and final championship with the Chicago Bulls. In July, nearly 10m people tuned in to watch a one-hour special in which LeBron James, the league's biggest draw, did little more than announce his departure from the Cleveland Cavaliers to play for the Miami Heat.

Against this background, it seems extraordinary that the 2011-12 seasons for both the NFL and NBA are now in doubt. But owners and players are at loggerheads over money and playing conditions. The collective bargaining agreements that govern the sharing of revenues between league owners and the players' unions will expire in March for football and June for basketball. Without new agreements before the deadlines—and the omens are not good—stadiums across the country could fall silent when new seasons are meant to begin in the autumn. 

Cassandra wonders whether the potential disruption of two of America's largest sports leagues will impact the country's still-fragile economy. Some industries will undoubtedly be hit hard (pity the poor sports agents). Overall, however, research suggests that the sudden absence of major professional sports has no significant effect on overall economic activity. That said, a lack of football and/or basketball is sure to darken the national mood, as American sports fans are grudgingly forced to find new ways to spend their time. They might even start watching soccer.