Cincinnati is neither a bustling metropolis nor a massive media market, but the Reds have a lovely riverside ballpark that has been a cash cow for nearly a decade. They also have a unique sort of X-factor when it comes to revenue streams.

Indianapolis, Louisville and Columbus are all larger cities than Cincinnati, yet each has only a Triple-A ball club. While Indianapolis and Columbus are split between Reds, Cubs and Indians fans, Louisville is almost exclusively Reds territory. So, too, are Lexington, Ky., and Dayton, Ohio.

The Reds fans diaspora is considerably wider than that of most teams. They also get a boost from baseball tourism, owing to the city's proximity to Louisville (home to the Louisville Slugger Museum). 

The Bengals do not intrude much on the Reds' market share for sports in Cincinnati, nor does the city host an NBA or NHL team. Civic pride in a franchise nearing 150 years of age cements the team's place, and allows it to occasionally act like a mid-market team.

The truth of the matter, though, is that the changing baseball economy is only going to emphasize its small-market status in coming years.