Caitlin Clark is used to breaking records, and as she was selected as the number one pick in the 2024 WNBA draft, another one fell.

Nearly 2.5 million people tuned in to watch. That's more than four times the number of people who watched last time and it begs the question: what is all that extra interest worth?

To the future of the league and to ESPN, a hell of a lot.

To the woman everyone was there to see the value is less financial. 

Because no matter the star power of the number one pick, the person who signs that WNBA rookie contract will be paid $US76,535 ($118,600) for their first year of work.

As the WNBA collective bargaining agreement states, Caitlin Clark's four-year optioned contract with the Indiana Fever is worth $US338,056 ($524,000).

Over recent days, Caitlin Clark's salary has been compared to that of the last NBA number one draft pick, Victor Wembanyama; a man whose proportions are almost as unbelievable as the pay gap between him and Clark.

When Wembanyama was selected by the San Antonio Spurs as the 2023 number one draft pick, he signed a contract for $US55.7 million ($86 million) over four years, a figure 20 per cent higher than the minimum.

The Spurs saw Wembanyama's obvious talent and potential to draw a crowd and topped up his contract, as the NBA collective bargaining agreements allow clubs to do for their male players.

To describe the difference in these figures as a gap seems inadequate.

The gaping chasm of difference between what Clark will earn for her work in the WNBA and what Wembanyama earns at his job has sparked outrage across the United States, around the world and of course online.

Even President Joe Biden is questioning how a women's player of exceptional skill and crowd-pulling power can be paid less than "their fair share". 

For those who have followed not just the trajectory of the WNBA, but the fight for inclusion and equal pay by women across all industries, this is a case study. 

It's a real-time example playing out on the world stage of how salaries are impacted by structures that were built for men decades before anyone thought to include women.

But as league watchers, commentators, former players and even the commissioner have spoken about this week, it's also a perfect moment for the women's game to expand.  

Caitlin Clark and class of 2024   

Watching Caitlin Clark play basketball feels like a massive lesson in self belief.

On more than one occasion, groups of misguided men have decided to chant "overrated" at Caitlin Clark's games. When she was in high school, her response was to drop 40 points.

Imagine throwing up a half-court shot and being so sure it was going in, you turn away from the hoop while the ball is still floating towards it to ask the referee for a foul too.

Confidence is key to her game, and she told a young reporter at a post-game press conference it was no accident.

"That's what I'm most proud of throughout my career. I've worked really hard to be in this moment and that's where my confidence comes from," she said.

In her four years at college, she broke countless records.

The 22-year-old now holds the record for the most points scored by a division one college basketball player. Not in women's college basketball. In all of American college basketball. 

Associate professor of sports management at Georgetown University La Quita Frederick said the commercial interest in Clark was huge. 

"That is the magic we're witnessing – sold out games and venues, increased ticket sales and prices, and multi-million-dollar Name, Image, Likeness (NIL) deals that will follow her to the pros.

"She's worth $3.1 million and has yet to play a WNBA game."

The NIL market has allowed college players to sign endorsement and merchandise deals to start making money before playing professionally, and many of those will follow them to the WNBA. 

Clark jerseys, with their $150 price tag, sold out within an hour of the draft announcement. 

And the Las Vegas Aces have shifted their first game against Indiana to a bigger stadium, anticipating the so-called 'Caitlin Clark effect' and its ability to sell tickets.

Clark is rumoured to be in final-stage talks over a new "lucrative, eight-figure endorsement deal with Nike".  

And it's not just sports brands interested in this year's WNBA recruits. 

As well as the record viewership, there were certain elements of this year's WNBA draft ceremony that signalled the commercial potential of the women's game was changing.

After a weekend cameo on SNL, Clark walked the draft's orange carpet on Monday night in head-to-toe Prada; it's the first time the Italian house has dressed any player for the draft. 

Number two pick Cameron Brink, who is headed to LA Spark, wore Balmain — moves Dr Frederick said showed the WNBA could move beyond sport. 

"When we see sports — in this moment we're talking about women's basketball — being embraced at the intersection of other cultural dynamics, fashion, entertainment, merchandising … we know we're on the right path and we're moving in the right direction," she said. 

"The momentum is not just a one off, but it's sustainable." 

As Clark said when she started to address the crowd in Indiana at her first press conference for her new team, making the WNBA "is a dream come true".

"Women's basketball in general, people know it's special, people know this draft class was special [with] the talent level across the board," she said. 

"I think it's just going to continue to elevate the league and take it to greater heights."

Also in her draft class was number three pick Kamilla Cardoso, who will go to Chicago, where she will now play with her longtime college rival Angel Reese, adding huge star power to their roster.

Three Australian players made the draft too, including Nyadiew Puoch, Isobel Borlase and Jaz Shelley. 

With Puoch picked in the first round, her starting salary at Atlanta will be $109,000 ($US70,344); an improvement on the average salary in Australia's WNBL, which is $76,000, although some players are on the minimum $20,000 deal.

Clark is careful to pay respect to the women who have come before her — players who were in college before NIL deals and who were the ones to set the records now being broken.

Dr Frederick said looking back at that history can help explain why Clark's sponsors might be willing to pay her eight figures, when her employer can only pay her five.  

Some NBA mascots are paid more 

There are some cold hard facts about how long the NBA has been around, the size of the league, how much money it makes and how much power its players union has that underpin why Wembanyama gets $86 million while Clark gets $118,600.

They also speak to why several people employed as NBA mascots are reported to be on salaries much higher than the new WNBA rookies, including a very well-paid mountain lion in Denver, Colorado.

As Dr Frederick says: "The NBA benefits from decades of marketing, exposure, and investment, establishing itself as a global sporting behemoth."

In fact, the men's league benefits from an extra five decades of those things.

The NBA was founded in 1946. And while there were times when the league was struggling, it now generates annual revenue of more than $15 billion. 

It wasn't until 1996 that the National Basketball Association formed a women's league; it generates annual revenue of about $310 million, but it still makes a loss.  

Dr Frederick said pay disparity reflected the difference in the age and size of the leagues, as well as "historical … cultural and systemic biases" across all of society.

"It is a reflection, it is a mirror, we're looking at ourselves, what have we done to contribute and or not contribute to what is unfolding?," she said.

"Achieving equity and parity in sports needs a cultural shift.

"It requires challenging entrenched stereotypes, biases, and norms that perpetuate inequality and discrimination in sports and beyond." 

Where that leaves some modern WNBA players is in a relatively insecure financial position. 

The collective agreements require teams to cover some housing costs, but players often travel to different leagues in the off season to top up their earnings. 

In her first press conference after being freed from jail in Russia, Britney Griner said: "The whole reason a lot of us go over is the pay gap."

"A lot of us go over there to make an income, to support our families, to support ourselves … as much as I would love to pay my light bill for the love of the game, I can't, you know?"

When it comes to player salaries, they're heavily impacted by the value of the league and the amount of revenue it generates and the NBA has had an extra 50 years to become a multi-billion-dollar business. 

Players have also had that long to bargain for better contracts, in particular for something called "shared revenue".

"The concept of shared revenue refers to income generated by a sports league, such as broadcasting rights, licensing and merchandise sales, as well as corporate partnerships, sponsorships and other income or revenue streams which is then distributed among teams and players," Dr Frederick said. 

"In the NBA, shared revenue streams are substantial. This enables the league to distribute substantial sums of money among its teams and players, leading to the high salaries." 

But WNBA players have historically fought to increase the percentage they're paid. 

It's estimated the NBA distributes 50 per cent of its sizeable revenue to players, while women players receive just 10 per cent of the WNBA's takings.

It's also important to note the regular NBA season runs for about seven months and teams play 82 games each, while WNBA teams play 40 games over about five months.

The WNBA commissioner this week signalled the league could expand, meaning more teams and more games — developments designed to drive up the value of the competition. 

There is hope a new broadcast rights deal could drive up revenue, and this group of rookies who join the league with a ready-made story of formidable competition will help.

The current WNBA collective bargaining agreement lasts until 2027, but players can opt out to renegotiate after the upcoming season. It's a chance to again push for contracts and conditions considered to be more equitable.

Caitlin Clark is only just beginning her professional career, but her presence has sparked renewed debate about how much the players themselves should be paid for their work.     

When the NBA was the same age the WNBA is now the year was 1974. 

The number one pick that year was Bill Walton. He signed to the Portland Trail Blazers for a five-year contract that was reported to be worth $2 million.