Brett's write-up is pretty spot on too. There are a few additional things I'd point out though if you want to be less pessimistic about the payroll: 1. The last two years payroll has averaged ~225. That may be a more accurate baseline than just 2020, as clearly the idea was to splurge, then get just under the tax, and repeat. So if you lop 25%/15% off of that baseline, you're talking more like 170/190 2. Marquee is now fully up, and they got their carriage deals with all of the providers you would have reasonably expected. For ~5 years this was supposed to be the payroll silver bullet, and now it's here That said, Brett is generally captain optimism, and he is vaguely connected, so if he's saying to pump the brakes, you probably should pump the brakes. Also, the next time PTR exceeds expectations will be the first since he poached Theo.