Golf.com: Tiger Absence Could Cost Golf $15 Billion!?

I've tried to figure out Josh Sens' item on golf.com asserting that the $68.8 billion golf industry could see a $15 billion hit from a prolonged Tiger Woods absence.

I want to give Sens the benefit of the doubt because he does fine work, but this really makes no sense as far as I can tell:

According to Brad Adgate, senior vice president and director of research for Horizon Media, a New York-based media services company, the 25 – 30 percent ratings drop we’re accustomed to seeing at Tiger-free events threatens to translate into similar percentage losses the board.

Adgate and other analysts say it’s impossible to a put a precise price tag on Tiger’s absence. But if we do the math and arrive at a ballpark number in a golf industry valued at around $68.8 billion, it pencils out at roughly $15 billion. Gulp!

Key word, pencils.

Meanwhile thanks to all here who voted in the Friday poll on tournaments without Tiger. With just over 900 voters, 38% says they're less likely to watch a tournament without Tiger and 51% said you were just as likely to watch.