They are team specific, leading to the wild swings one observes in prices of similarly volatile assets.
In September 2005, Bears fan Greg Barnes bought the right to purchase four tickets at face value to this year's Super Bowl for $18 each. The Bears were coming off a 5-11 season, and Greg looks like a genius now.** During last Sunday's AFC Championship, Pats fan Mike Robertson collected $4000 when his offer of two would-be Pats tickets was taken up by a confident buyer, whose purchase became worthless when the Colts completed their comeback. Nice hedge, Mike!
I believe that irrational exuberance is an overused concept, but this market seems tailor-made to generate the phenomenon. Ticketreserve.com runs the market, and Vincent M. Mallozzi has the story in today's New York Times.
Futures for the 2008 BCS Championship game are available. While the market is admittedly embryonic, Florida and Michigan have attracted the highest prices ($156) thus far. Opening prices for teams judged as outsiders start at $15. Fans of Alabama, Maryland, Washington, and the perennially optimistic South Carolina Gamecocks have bitten on the offer.
**Thanks to Bartman for noting errors in the initial post, now corrected.