The NBA formally launched bidding for Seattle expansion after owner approval, marking the league's first new franchise pursuit in nearly two decades. The move reflects franchise valuation inflation: recent NBA sales and expansion models suggest entry pricing north of $2.5B, a multiple expansion from the 2014 Sacramento relocation ($402M). Seattle's arena infrastructure readiness and media market ranking (14th in Nielsen DMAs) position it as a high-confidence expansion target versus alternative markets. This expansion cycle will test whether institutional capital remains willing to deploy at current NBA multiples or whether supply constraints have finally loosened after years of scarcity-driven valuations.