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Lack of investment. 3/12 teams in Stage 2 of the NA league were either Universities or FA Orgs. SaD and YFP only play in Valorant yet show little investment into the actual rosters besides GC. DarkZero and FLUFFY both signed FA teams and are seemingly pulling out already.
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Lack of NEW talent. I don't think you name me more than 1 player that showed themselves to be promising in NA T2 this year that we didn't already know last year. Most of the teams are filled with T1 or T2 vets and then some older well known T3 players. Maybe Bones? There are so many younger players in just Americas Ascension proving themselves from South America. There are a lot of younger players in NA hitting top radiant and winning bigger tournaments in the region but they are all like 15.