How can anyone say that players in sports leagues aren't employees? Of course they are!
In every field, there are elite individuals. There is competition to gain their services. The employee wants to find the best situation for them, and the employer wants to get employees that will help them remain profitable.
I don't see the relevance of anyone feeling 'privileged'. People are doing their jobs or running their businesses. Employees need not feel privileged, because they are offering their valuable labor and earning their pay. What they should feel is a sense of responsibility to do the job they are paid for.
All of this can, of course, be reversed if we want to talk about how the employer should feel. We could say that whichever team signs Lebron should feel privileged since they were chosen over competing teams. I just don't see how framing discussions this way is helpful.
They are products as far as the league is concerned. They are employees as far as the team is concerned.
I personally kind of think of the players as tools, and the games and merchandise as the product.
I find this all very interesting, and just wanted to throw out another viewpoint.
What's the single most important thing for a league (and a team specifically too) to be financially viable? In my opinion, it's corporate sponsorships. That's where the real money is made for any franchise, and why the WNBA still exists in some form. That's why the LPGA head got bounced out, and why the NHL was so close to folding.
With that idea in mind, the audience that watches the games are the real product. The teams put together the best attraction they can to garner the audience, and then in turn sell that gathered audience to TV/radio stations for broadcast rights and corporate sponsors for in stadium advertising and high visibility sponsorship.
Using the buyer-seller-product model, it's:
Buyer- Media, corporations, potential sponsors
Seller- Teams and leagues
Product- Captive audience / fan base