Leicester City just became the biggest sports story of the year.
If you're a soccer fan, you knew that already. If not, let me explain why the club from the Midlands in England shocked everyone, even the sportsbooks across the Atlantic, by winning the English Premier League title this season.
Those sportsbooks are a good place to start. Leicester City was a 5,000-to-1 favorite to win the Premier League this season. You won't find a professional sports team in this country that has odds that long to win a title.
The longest odds to win the World Series this year were the Philadelphia Phillies and Atlanta Braves at 500-to-1. The NBA's Philadelphia 76ers were 350-to-1, and that team won 10 games. Hockey's longshot was the Arizona Coyotes at 250-to-1. You can't get an NFL team at longer than 200-to-1 to win the Super Bowl right now. That makes Leicester 10 times less likely than any underdog champion this country can provide.
The upset title was such a shock to the sportsbooks in England that they were offering to cash out bettors at a discount price before Leicester clinched the title. In the end, England's biggest sports books combined to lose more than $11 million.
As ESPN's Paul Carr pointed out, 15-seed Cal State Bakersfield was 5,000-to-1 to win the NCAA Tournament this year. A 15-seed has never made it past the Sweet 16 and with all respect to how bonkers it would be if a 15-seed was to win the NCAA Tournament, that's just six games. Leicester City did this over 38 games.
By the time the Foxes play out the last two games, they clinched the title early for an extra ounce of insanity, they will have played each team twice, once home and once away. This isn't a miraculous play like a Hail Mary or a massive one-off upset like the Miracle on Ice. This is a full season where a team that was expected to finish towards the bottom of the league won the championship and led the league for most of the season.
There have probably been more incredible moments and more incredible games in sports, but maybe never a more incredible season than what Leicester accomplished this year.
Leicester City wins the Premier League. Greatest underdog story I've ever seen.— Grant Wahl (@GrantWahl) May 2, 2016
Good luck ever topping the Leicester City story, Sports.— Paul Carr (@PCarrESPN) May 2, 2016
The reason the odds were so long is because there is no salary cap and there is no draft. Each team is truly on its own when it comes to creating a good team and the playing field is not even.
Imagine the New York Yankees and the Tampa Bay Rays fighting as division rivals in a world where instead of having a draft where the worst teams picked first, all amateur players entering the pros were free agents. Most of the players who would have been first round picks would wind up with the Yankees, Red Sox, Dodgers, etc. The poor Rays would have a lower payroll and no built-in mechanism to keep them competitive. That's what Leicester has to go up against when competing with the likes of Manchester United, Chelsea, Arsenal and Manchester City.
Then there's the promotion and relegation system most of the world uses in soccer. Leicester City wasn't even in the Premier League from 2004-2014. Last season the team returned to the Premier League and barely survived relegation. They even had a stint in the third tier in the 2008-2009 season.
Leicester were essentially playing the equivalent of Class AA baseball in 2008-09. No one will ever be able to explain this ...— Marc Stein (@TheSteinLine) May 2, 2016
In the Premier League era, which started in 1992, no team has ever been lower than third the year before going on to win the title. Leicester was 14th last season.
The mesmerizing stats are countless, but to close it out it's worth noting that Leicester is a 132-year-old club. It had never won the top league in England. Even Cubs fans think that's a long time.
Leicester City. Champions of England. pic.twitter.com/WRwfysTn2N— Leicester City (@LCFC) May 2, 2016