How damaged is England's brand?
Would you pay good money to look like members of the England team? Would you bank with an organisation whose values are those of England's £160,000 per week "stars"?
I suspect that many of you would prefer to pay good money to distance yourselves from footballers who've been widely criticised for failing to perform as a team and as individuals, and for behaviour off the park widely seen as churlish and selfish.
In modern times, I cannot remember a similar descent from hero to zero of any sporting individual or team, even those accused of cheating.
And the reason, of course, is that the high hopes of a nation were dashed not simply by an incompetent performance, but by a collective inability of the players to show esprit de corps and national pride, or to apologise and explain.
So when the players were filmed still wearing their official Marks & Spencer suits as they disembarked in England last week, having been trounced by Germany and then not bothering to thank the thousands of England supporters who had paid fortunes to cheer them through thick and thin, all I could think was that Mr Marks and Mr Spencer would be gyrating rapidly in their tombs.
Also, quite how comfortable does Nationwide's board feel that their logo is impossible to miss when England players are interviewed or when supporters click on to the official England website?
This England team represents the diametric opposite of what the M&S and Nationwide brands are supposed to embody.
The Nationwide, as the largest building society, characterises itself as the antithesis of supposedly high-charging, bonus-driven banks and - by implication - the antithesis of footballers who won't get out of bed for less than 100 grand.
As for M&S, it would be a frail thing if its reputation for offering quality at an affordable price was seriously impaired. Yet the 23 members of the England squad, whose collective annual earnings (including sponsorship) are considerably more than £100m, are symbols of something else.
It will be fascinating to see whether the market as it relates to the earnings of the FA and footballers will operate in an efficient way.
If it does, the sponsorship earnings of individual members of the England team will collapse. And the FA will suffer a significant fall in income, when it seeks to persuade the Nationwide to renew as official team sponsor or tries to find a new sponsor (the deal with the Nationwide expires this month).
Were the FA and the team hit where it hurts, in their wallets, there would be a pretty powerful incentive for players and FA to learn the lessons of the debacle in South Africa. Market forces would spur renewal rather than embedding decline.
If however the money continues to gush in, then - as David Bond implied in a recent post contrasting regulated German football with free-market England -we would surely have to conclude that the global commercial success of the Premier League etiolates the national team (although the relative success of the Spanish team challenges the idea that it's utterly impossible to build a great national team on the back of phenomenally wealthy club teams).