very small crowds. Nevertheless, the emergence of the ABA boosted the salaries of referees just as it did the salaries of players. The freewheeling style of the ABA eventually caught on with fans, but the lack of a national television contract and protracted financial losses would spell doom for the ABA as an independent circuit. In 1976, its last year of existence, the ABA pioneered the now-popular slam dunk contest at its all-star game in Denver. The league succeeded in forcing a merger with the NBA in the 1976 offseason. Four ABA teams were absorbed into the older league: the New York Nets, Denver Nuggets, Indiana Pacers, and San Antonio Spurs. As part of the merger agreement, the four teams were not permitted to participate in the 1976 NBA Draft. The merger was particularly hard on the Nets; the New York Knicks were firmly established in their arena, Madison Square Garden, and would not permit the Nets to share dates there. For drawing audience away from the Knicks, the Nets were forced to pay $4.3M to the Knicks organization. The Nets offered league superstar Julius Erving instead but the Knicks declined. The Nets had to settle for an arena in Piscataway, New Jersey and, to meet expenses, were forced to sell the contract of Erving to the Philadelphia 76ers. Two other clubs, the Kentucky Colonels and the Spirits of St. Louis, were disbanded upon the merger, with each getting a buyout: the Colonels received a one-time buyout that owner John Y. Brown, Jr. used to purchase the NBA's Buffalo Braves, while the Spirits owners negotiated a cut of the other ABA teams' television revenues in perpetuity. This deal netted the ownership group of the Spirits over $300M through nearly four decades due to a large increase in television revenues. In 2014, the NBA and the Spirits ownership agreed to phase out future payments in exchange for a one-time payment of $500M, making the total value for the deal over $800M. The seventh remaining team, the Virginia Squires, received nothing, as they had ceased operations shortly before the merger. The players from the Colonels, Spirits, and Squires were made available to NBA teams through a dispersal draft; the four teams absorbed by the NBA were allowed to choose players from this draft. One of the more significant long-term contributions of the ABA to professional basketball was to tap into markets in