Alex Bazzell breaks down Unrivaled's new $650 million valuation, player equity model, and plans for the league's next five years.

The Unrivaled 3-on-3 women’s basketball league has raised funds that put its valuation at $650 million.

Co-founder Alex Bazzell tells says that “more than 95%” of Unrivaled players have equity in the winter 3-on-3 league.