You know you're in La-La land when you don't have an NFL team, you don't have an NFL-approved stadium, but you do have the most enormous branding deal ever.
Today billionaire Phil Anschutz' AEG took a major step toward building a $1 billion state of the art stadium next to his Staples Center and L.A. Live. AEG hopes the facility will attract one, possibly two, existing NFL franchises, as well as the Super Bowl (the first Super Bowl was played in LA), and even the NCAA Final Four. Farmers Insurance has agreed to a naming rights deal which sources tell CNBC is worth $700 million over 30 years if one football team comes and could be worth $1 billion if two do. The new stadium will be called Farmers Field.