Golden State Pro Basketball team, San Francisco Pro Football team, San Francisco Pro Baseball team, and the San Jose Sharks

All 41 constituent markets share an identical tenor of 1410 days to resolution, which means this is not a traditional yield curve but rather a flat-tenor cross-section of city championship probabilities. Within this single tenor bucket, the market prices a clear hierarchy across venues. The first-place contracts (representing the most likely outcome for each city) range from 33% (Minneapolis) to 84% (Los Angeles), while the cheapest YES probabilities appear in the tail outcomes, with fourth-place contracts trading at 1-9% across most cities. Los Angeles dominates the probability mass, with its top contract at 84% and second-place at 57%, suggesting concentrated confidence in an LA championship. Boston, Denver, Ohio, and Philadelphia show moderate consensus around 50-60% for their top contracts, while Bay Area, Miami, and Minneapolis appear as longer shots with 34%, 41%, and 33% respectively for their primary outcomes. The absence of a traditional yield curve structure—where probabilities typically decline predictably across time—indicates that market participants view the 1410-day resolution window as a single, unified event rather than expressing uncertainty about timing. The steep internal gradation within each city (first-place contracts 3-8x higher than fourth-place) reveals that the market is primarily pricing which city wins, not when the championship occurs. This flat-tenor structure suggests either that the event's timing is fixed and well-understood, or that participants have not yet differentiated their views across multiple resolution dates. The concentration of volume in Bay Area's first contract ($8.74) and Chicago's fourth contract ($576) indicates selective trading interest rather than broad curve-building activity.