Having 2 teams 300 miles apart probably hurts national ratings a bit too. I don't know that dynasties are necessarily bad for interest. It gets to be a story in of itself, and it is exciting to see if a team can finally knock off the champ. It worked for WWF all that time Hulk Hogan was champ! Boxing does a whole lot better when there is a dominant heavy weight champ, especially a hated one. Maybe its just that the Patriots lack some sexiness. They don't have a Peyton Manning or Michael Vick. Or even a flamboyant personality ala Dion Sanders or Terrel Owens.
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