This week RetailDive reported on a new Michael Rubin victory: kicking out Adidas as the primary supplier of the uniforms for the NHL Shop.

* They signed a 10-year agreement; these deals are very sticky.

* Fanatics can offer more capabilities than Adidas regarding digital operations and fulfillment for the league.

* Fanatics was already running NHLShop so it was close to the business previously.

Fanatics continues marching forward into major sports leagues, as well as college athletics -- meaning there is a lot more upside to come. The best thing about the Fanatics business is that it was founded by a true operator in the industry who just made smart decisions consistently, and built an empire out of always being on the right side of the deal.

Even when Fanatics gets into something that looks like it will go upside down (NFTs) they get out and cut their losses rather than distract themselves from the many opportunities in front of them.

At this rate, is it too much to think that Fanatics could acquire its former customer Dick's Sporting Goods one day? (hint: Dick's market cap $12B, Fanatics market cap $31B).

At this trajectory, it may not only be possible for Fanatics but even likely if brick and mortar is in their future. Which it very well could be a great complement to the business model going forward.