The NBA's media rights deals have always grown exponentially. This one is worth so much because what used to be simple TV broadcast rights—first network and then network plus cable—now encompass streaming services and even ticketing, merchandising, and sponsorships in addition to licensing, production, and distribution.

The league is also better prepared this time to absorb the shock of such a massive deal, which means players, team owners, and fans may all sit back and enjoy the spoils. There will be more games on TV, more games livestreamed, a wider global audience, and a new hub of commentary and analysis without TNT's preeminent "Inside the NBA" show.

Growing pains are sure to follow with unseasoned broadcasters, but there's also the opportunity for expansion teams in Las Vegas, Seattle, and beyond—Europe, anyone?

The NBA already had the second-largest sports media deal behind the NFL, but it significantly stretched its advantage over Major League Baseball while gaining a foothold in the linear TV and streaming markets. The NFL is untouchable at the moment, but the NBA is catching up—it's already attracting a bigger worldwide audience, according to TVREV, which produces reports and insights on the media.

It should lead to growth and innovation in the market, but viewers will also have to navigate a further stratified viewing landscape—a problem that always existed with cable TV and led to Netflix's rise. If the deal successfully avoids those pitfalls and others, it could also clear a path that other leagues soon follow. More live streaming and digital viewing options also allow teams to gather valuable information about their fans that isn't possible when airing via broadcast channels. These viewer insights could result in increased revenues.

The last time the NBA signed a monumental TV deal, in 2014, it created a competitive balance problem. When the $24.2 billion contract with Disney and Turner kicked in two years later, the Golden State Warriors were coming off back-to-back NBA Finals appearances and a record 73-9 season. They still were able to spend $54.3 million over two years to sign Kevin Durant, one of the best players in the world. The Warriors won the following two titles and played for a third.

The league may have learned a valuable lesson. It will implement a smoothing process for this whopper of a deal, which means the salary cap will not rise by more than 10% annually.

The maximum 10% annual increase in the salary cap intends to spread the wealth among more players than just the 2025 free-agent class, unlike what happened in 2016.

The spike in 2016 enabled free agents to cash in, with 35 players earning $40 million. But others were left out in the cold: Just 32 players reached that threshold in the next two offseasons combined. And though Jayson Tatum of the Boston Celtics just signed the first $300 million contract, the first $400 million contract is already on the horizon.

That could lead to the fabled "discount," when a player settles for less money to allow their team to sign another star or a better cast of supporting players. Of course, there will also be unintended or unforeseen consequences, which will no doubt be exploited by the NBA's bounty of expertly analytical front offices.

Though WNBA viewership and attendance figures are about one-third those of the NBA, its average salary and media rights are roughly 75 and 35 times smaller. The league was undervalued, according to a statement by Women's National Basketball Players Association executive director Terri Jackson.

This media rights package is worth $2.2 billion to the WNBA, and the organization expects to bring in another $60 million per year with other rights deals. The WNBA's current media deal is worth just $43 million annually. The bump, while seemingly substantial, is still perhaps not big enough. However, it will help at a time when women's basketball is already more popular than ever. This season marked viewership, attendance, and other highs in the association's 28-year history, and the ongoing playoffs are only ratcheting things up a notch.

The new deal includes a clause that allows it to be reevaluated after three years, which means Jackson and Co. could get that greater valuation. However, as The Next's Howard Megdal reported, the incoming money seems set to fund charter flights and other general working condition upgrades rather than more substantial salaries.

Story editing by Carren Jao. Additional editing by Kelly Glass. Copy editing by Kristen Wegrzyn.