In the arena of sports ...

The Arena Football League plans to cancel its 2009 season, according to a published report.

Executives and owners of the league's 16 teams say they need time to work on the league's economic model.

I've never been to an arena football game. There are too many other entertainment options.

Unfortunately for many sports team owners, the poor economy is going to have them looking for new economic models, ones that don't involve overpaying for overhyped and underachieving athletes. Ones that don't involve sticking it to longtime fans by charging exorbitant fees just to retain tickets you've had for years. Probably even ones that don't rely on ripping out regular seats in order to install fancy suites - a fair amount of which will likely go unoccupied if this economic malaise sticks around.

Oh, and it probably means a new economic model for municipalities and states that built stadiums for wealthy team owners, extended generous tax rebates or any other range of foolishness ... all to keep their city on the map. Because what would we be without professional sports? Well, with or without them, we'll be paying off the debts for a long time.

I come at this as a long-suffering fan of the woeful Kansas City Royals and Chiefs clubs. Hey, at least I don't have to worry about King Carl Peterson after this season, since he resigned. His sole goal had been to keep the team profitable by keeping the seats packed. And he was very successful nearly two decades into his five-year plan to take the Chiefs to the Super Bowl. In the end, it turns out you can't be an arrogant GM, mistreat your players and fans, and expect to stay on top. Especially when you can't field a playoff contender.

Is there a lesson for politicians and Wall Street in this?

As long as they retain their comfy suites, probably not.