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"Market size" equals how many baseball fans there are in a market to draw or who are particularly drawn to that team overall. It is not directly related to media markets or populations. Example is the Cubs have a much larger market than the White Sox. Likewise for the Giants and Athletics.
"Fan Loyalty" is how loyal those fans are to the team. Essentially this determines how likely fans are to stay committed to the team through bad seasons.
Neither of these factors changes fast in either direction.
Lastly, there is "Fan interest". This is how interested fan are on the team. This number is driven by winning and player popularity. Basically how hyped people are about the team. It is much more variable. My guess is the why you're thinking of Fan Loyalty you are actually thinking of Fan Interest.
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