Pro Football 2026 Index — Contract Specification
Contract construction
A Season Share is a bundle of exactly 100 component contracts, each with a redemption value of $1.00. Each component contract settles to $1.00 if its event occurs and $0.00 if it does not.
Regular season — 34 contracts. Each of the club's 17 games carries 2 contracts. Both redeem if the club wins the game; neither redeems if it loses; one redeems on a tie. League-wide, every game carries 4 contracts — 2 per participating club — and distributes exactly $2.00 regardless of outcome.
Post-season — 66 contracts. Playoff berth 2 · Round 1 4 · Round 2 8 · Round 3 12 · Title 40. Cumulative.
34 + 66 = 100 contracts. The $100.00 ceiling is not an imposed limit — it is the arithmetic result of 100 contracts at $1.00, all redeeming, which requires a 17-0 champion.
The component contracts are not separately tradable. The tradable instrument is the Season Share. Components settle independently against official league results, are not reversible once settled, and the unsettled residual remains tradable for the full season.
Per-share redemption
| Component | Contracts | Redemption if all redeem |
|---|---|---|
| Regular season (17 games × 2) | 34 | $34.00 |
| Playoff berth | 2 | $2.00 |
| Round 1 | 4 | $4.00 |
| Round 2 | 8 | $8.00 |
| Round 3 | 12 | $12.00 |
| Title | 40 | $40.00 |
| Total | 100 | $100.00 |
League-wide issuance and redemption
| Component | Contracts issued across 32 shares | Contracts redeemed each season | Value |
|---|---|---|---|
| Regular season | 1,088 | 544 | $544.00 |
| Playoff berth | 64 | 28 | $28.00 |
| Round 1 | 128 | 32 | $32.00 |
| Round 2 | 256 | 32 | $32.00 |
| Round 3 | 384 | 24 | $24.00 |
| Title | 1,280 | 40 | $40.00 |
| Total | 3,200 | 700 | $700.00 |
3,200 contracts issued, exactly 700 redeem, every season, regardless of results.
Every component contract is a whole-game or advancement binary that settles to $1.00 or $0.00 on official league results — the same unit a designated contract market already lists.
Term sheet
| Instrument | Bundled Event Share (Season Share) |
|---|---|
| Reference index | Pro Football 2026 Index |
| Underlying | A single Pro Football club's 2026 season outcomes |
| Currency | USD |
| Component contracts | 100 per share, $1.00 redemption value each, not separately tradable |
| Settlement events | 22 per share — 17 regular-season games, playoff berth, 4 bracket rounds |
| Settlement type | Cash, incremental — settles progressively across the season |
| Redemption schedule | 2 contracts per game won · 2 berth · 4 / 8 / 12 / 40 up the bracket, cumulative |
| Maximum redemption | $100.00 — all 100 contracts, requires a 17-0 champion |
| Minimum redemption | $0.00 |
| Aggregate, all 32 constituents | 3,200 contracts issued, 700 redeem, $700.00 per season, fixed at issuance |
| Initial listing price | Index methodology v1.1.0, fair value — Major League Markets applies no markup |
| Settlement source | Official league results as published by the league; where a result is subsequently corrected, the corrected result governs |
| Final settlement | Conclusion of the title game |
| Tick size, position limits, trading hours | Venue-defined |
A share has 22 settlement events but 100 component contracts — two different granularities of the same instrument, not a discrepancy. The 22 events are the occasions on which value is determined (17 games, the playoff berth, and 4 bracket rounds); the 100 contracts are the $1.00 binary units those events redeem (a game carries 2, the title 40). Both figures are correct.
Division of responsibility
Major League Markets provides the index, the methodology, the redemption schedule, and the reference price. The venue provides listing, matching, clearing, custody, KYC, surveillance, and jurisdiction.
A listing venue may designate its own settlement source of record for contracts it lists. The methodology specifies the settlement events; the venue specifies settlement.
References
Full index methodology: /method. Machine-readable feed: /api/v1/indexes/pro-football-2026, with constituents and history endpoints.
Products that reference this index are specified at /products.