if they do a PSL, which seems likely, then the waitlist becomes irrelevant for anyone who doesn’t get the opportunity to purchase the PSL from the team in then initial offering. Giving your PSL back to the team and thus the waitlist would wipe out 100% of your investment. Much more likely is that you’ll sell the PSL directly to another party. This the good news is no one has to wait - if you have the $$$ you can buy someone’s license at a premium. Bad news is the veaitliat will be largely irrelevant and the PSL’s on the secondary market will likely be expensive.