Live from the floor at The National: Conversation with Upper Deck CEO Jason Masherah

Walking the sprawling, 600,000-plus square-foot floor of the 2026 National Sports Collectors Convention in Rosemont, Illinois, can be overwhelming even for the most seasoned hobbyist. Navigating the endless showcases, breaking pavilions, and corporate booths is not for the faint of heart. Few people possess as much experience navigating this industry, both from the ground floor as a local card shop owner and from the executive suite, as Upper Deck CEO Jason Masherah.

I had the opportunity to sit down with him bright and early ahead of Day 2 to get his unvarnished thoughts on where we currently stand within this massive, beautiful, and complex ecosystem we call the hobby.

You opened your own card shop when you were 16 years old and have seen this industry from the ground up. Walking the floor at The National, putting aside the sheer massiveness of the crowd, what is the single biggest difference between the hobby when you started and the hobby today?

Jason Masherah: Well, I think where we’re at now, the biggest difference is the numbered cards. We didn’t really have numbered cards back in that ’93 to ’95 era, and when we did, they were numbered to 10,000 or 25,000. I think modern numbering helps protect the integrity of a lot of the rarer cards in the industry and gives people a lot of security. I think the other big thing from 30 years ago is the grading, which simply didn’t exist back then. That standardization allows people to transact globally, and when you pair that with the internet and online marketplaces, it just makes it easier to transact than before. It’s a global hobby now, which is fantastic.

 Looking around the room, do you think this is what a healthy hobby ecosystem looks like, or do we have some work to do?

Jason Masherah: I think the challenge with the industry is it’s so fun and it’s doing so well that whenever you have an industry like this, it brings in a lot of troublemakers at the same time. I think we have a lot of work to do to try to police some of the scammers, counterfeiters, and people who are trying to take advantage of the system. I don’t know that we as an industry have put a lot of safeguards in place yet that we need to work through.

There’s a fun mystery going on at The National regarding a 1997 Upper Deck Power Deck 1-of-1 Michael Jordan CD card and what might be on it. Do you remember that card, or are you familiar with it?

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Jason Masherah: It’s interesting, Chris McGill had actually reached out to me to see if I knew about that card, and I didn’t realize there was a 1-of-1 Power Deck. I remember Power Deck vividly because it was so innovative at the time to have player highlights embedded in that card, but I had no idea there was a 1-of-1. It was actually some of the inspiration for the Evolution cards that we did in 2011, which were the video trading cards that were way ahead of their time. The unfortunate part is that most computers now don’t have a CD-ROM drive where you could actually play those and check out what’s on them. So the answer is Michael video highlights. 

2011 Upper Deck Evolution Trading Card Example

 I want to talk a little bit about the “Legacy Partner” Michael Jordan announcement and the sealed packs. Are you able to give an update on if any of those have been found or redeemed yet?

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Jason Masherah: I haven’t seen any of them hit yet. We’ve been looking through Facebook, Twitter, and Instagram, but obviously we’re anxious to see the reaction when somebody pulls the first one. And naturally, if they decide to sell it, we’re curious to see what it goes for. It’s really interesting watching how quickly some things come out and how long it takes for other things to pop. For example, we just saw the Macklin Celebrini Gold Outburst get pulled, and that product has been out for a year and a half. Sometimes it just takes a while for things to start popping.

Another big event today from that legacy announcement is the auction kicking off for the sealed box. With the hobby bringing in so much capital, why is it important to you that these kinds of releases have a charitable giveback?

Jason Masherah: You know, one of the things that we do a lot of that we don’t publicize is getting involved with charities hand-in-hand with our spokespeople. For example, we were heavily involved in LeBron’s school in Akron when that was being built. We thought this was a cool opportunity to bring this 1-of-1 signed box and partner with a charitable organization that made sense. The Boys & Girls Club is a big part of Michael’s life, but it’s also a big part of what we do at Upper Deck. We partner with our local Boys & Girls Club, and right now we’re actually working on a building remodel for one of the clubs that desperately needs it. It’s the right thing to do when you have the opportunity. 

This is purely anecdotal, but walking around yesterday I heard from several vendors complain that everybody just wants to sell and nobody wants to buy. What effect do you think this will have on the market, or will it issue some sort of market correction where there are fewer people trying to instantly flip?

Jason Masherah: Look, yesterday was essentially day one, and I think people are less willing to part with things or take deals on the first day. However, we are in a strange time in the hobby right now where things are selling for 80, 90, 100, or even 110% of comps. People expect to get 100% of comps, which is a dynamic that didn’t exist a couple of years ago. As a store owner, you can’t make money buying at 110%, so it’s an interesting time and that environment can’t last forever. The question is when it corrects, do we get back to a normal environment where dealers are able to buy at 70 to 90%, or does it go further? A big part of it right now is that the economy is very healthy, people are spending money, and they love the hobby, so I don’t see an immediate slowdown.

 Last question—for somebody who is making today their very first National experience, what advice would you give them?

Jason Masherah: That’s always the million-dollar question, but I think you just want to take it all in. To me, that’s the simplest thing, just enjoy your time here. If you’ve only got a day, you’re probably not going to make it through the whole floor, so don’t try to rush yourself. Hopefully, you’ve got some kind of agenda or something you’re looking for, but mostly just take it in. This show is an experience unlike any other, so enjoy it because it only comes once a year.

Live from the floor at The