Yesterday I wrote about how the union has come to find itself in the extraordinarily weak position it’s in. The upshot: their leadership and their membership, happily wealthy by virtue of gains realized in the 1970s-1990s, has chosen to focus on small, day-to-day, quality of life issues rather than big-picture financial issues. As a result, ownership has cleaned their clock in the past few Collective Bargaining Agreements. If the union is to ever get back the considerable amount of ground it has lost over the past 15 years, it’ll require a ton of hard work and perhaps drastic measures.

A few hours later, Yahoo’s Jeff Passan dropped an absolute must-read that expands on that topic. Through weeks of interviews with league officials, agents and players, he explains why the free agent market is as bad as it is for players right now and why so many of them and so many fans seem not to understand just how bad a spot the players are in, business wise.

Passan keys on the media’s credulousness regarding teams’ stated rationales for not spending in free agency. About how, with even a little bit of scrutiny, the “[Team] wants to get below the luxury tax” argument makes no sense. About how the claim that this is a weak free agent class, however true that may be, does not explain why so few players are being signed. About how so few teams seem interested in actually competing and how fans, somehow, seem totally OK with it.

Passan makes a compelling argument, backed by multiple sources, that, even if there is a lot of money flowing around, the fundamental financial model of the game is broken. The young players are the most valuable but are paid pennies while players with 6-10 years service time are the least valuable yet are the ones, theoretically anyway, positioned to make the most money.