I own the no. 1 team in reputation at 2685 right now and the most demanding sponsor only asks for 1100. What does this much rep give me xP?
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Reading the update posts (which means this reply is partially a guess), it appears that the sponsors run on some algorithm that will increase the requirements if they are sponsoring more teams. This would mean that the rep requirements could balance out to be much higher in the future, as they do seem low right now. I don't think excess rep gets you anything at the moment unfortunately.