The baseball fan is cautioned that such forward-looking statements involve risks and uncertainties that could cause our actual operating results and financial condition to differ materially. Although Commissioner Selig and the owners believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.

Much like the disclaimer on a public company's positive-spin press release suggests, the ramifications of Tuesday's announcement by owners that two teams will contract for the 2002 season, and the effect on the overall health of the Major League Baseball "company," will not be known for a long, long time.

Sure, reducing the number of teams should result in greater financial health for the game. Contraction would result in increased profits among team owners, who would receive a fatter chunk of revenues -- including larger pieces of a six-year, $2.5 billion television contract. But contraction is not entirely independent of world economics -- especially in times of war -- and more specifically of internal economics, with a Collective Bargaining Agreement resolution nowhere in sight.

Therefore, the intriguing topic of Tuesday's news conference, for the media and sports business analysts alike, wasn't so much about the specific details of contraction -- which Bud Selig steered clear of -- as it was about how the announcement itself affected the overall image of baseball.

Selig was certainly frank in characterizing baseball's position in contraction history.

"We're plowing historic ground here," he said. "Obviously, no modern American sport has done this, and so understand there will be a couple potholes along the way."

In baseball, contraction hasn't occurred since 1899, when the Cleveland Spiders, Washington Senators, Baltimore Orioles and Louisville Colonels disbanded from the 12-team league.

Yet, as any good CEO would do, Selig went on the defensive when a reporter asked him if it was a sad day in the history of the game.

"Why is it a sad day?" countered Selig, a confused look on his face. "Look, if that's true then every industry in America that has made adjustments, it was a sad day for them. Would you say that? Everything in life changes."

The admission that Major League Baseball's business model needs to be fixed, so that teams that cannot financially support themselves are folded, is not a negative event in itself, said sports business analysts.

"Perhaps the understanding that contraction is no longer a question might be a positive thing," said Kenneth Shropshire, a sports business professor at The Wharton School at the University of Pennsylvania. "But it could be a relief much in the way a tobacco company breathes a sigh of relief after a $3 billion settlement is awarded to the plaintiffs. The questions are no longer there. It's a definite."

Sports business consultant David Carter said that whether contraction will result in a rise or decline in baseball stock is dependent on whether Selig and owners are able to come up with specific reasons -- ranging from lack of public support to unstable markets -- so that further contraction is avoided.

"It's like having a disease on your arm and then cutting your arm off without finding out what's wrong," Carter said. "The disease can then spread to the rest of your body if you don't diagnose it correctly."

The way Selig was talking Tuesday, it is possible that other "body parts" are already infected and might have to be dealt with. "There was a remarkable amount of support for four teams (to contract)," Selig said.

If Tuesday's announcement meant anything, it made us realize how uncertain the circumstances of contraction are. Twins and Expos players were talking Tuesday as if they needed to find another team to play for.

But what is clear is that Selig did his best to characterize the day's events as necessary and not a sign that the sport is falling apart.

"I don't think this is an admission of anything, but an admission that we need to do this," he said. "I have every confidence that we'll solve the rest of our problems."

Darren Rovell, who covers sports business for ESPN.com, can be reached at Darren.rovell@espn.com.