The check
field markup = (sum of every remaining team's title price − 100) ÷ 100
| Team | Title price |
|---|---|
| Team A | 40¢ |
| Team B | 30¢ |
| Team C | 20¢ |
| Team D | 15¢ |
| Total | 105¢ |
These four add up to 105¢, about 5% over 100. Spread evenly, each price is about 5% above its fair share.
Big fields, bigger totals
Early in a tournament, dozens of teams have title contracts, many at a few cents each. Each carries a little markup, and together they can add up well past 100¢. Long-priced contracts tend to carry the most, and fees take a larger share of cheap prices too.
Hedging: No vs. the field
To hedge a position on Team A, you can buy No on Team A's title contract, or buy the other teams' title contracts. Here the other three cost 65¢ together, while a fair No on A would be about 60¢. Compare the two each time and use the cheaper one.
Adjusting a price for the markup
To estimate a team's fair price, divide its price by the field total: 40 ÷ 105 = 38.1¢. That's a rough adjustment, since markup is usually not spread evenly, but it's a better starting point than the raw price.
