Negotiations between NFL owners and its player's union were granted a 24-hour extension yesterday, avoiding the first work stoppage since 1987. When asked if he would arbitrate in any way, President Obama scoffed, saying "My working assumption at a time when people are having to cut back, compromise and worry about making the mortgage and paying for their kids' college education is the two parties should be able to work it out without the president of the United States intervening."  But amidst the battle between millionaires and billionaires, it's easy to forget that football plays a big role in the American economy. For evidence, one need look no further than Jerry Watson, owner of the legendary Stadium View Bar and Grille in Green Bay, Wis. If the NFL were to cancel its 2012 season, it is more than just the players who could find themselves out of work, Americans like Watson would struggle.   For more we also speak to Takeaway sports contributor  Ibrahim Abdul-Matin  and  Lou Dubois, small business, sports and social media writer at Inc.com.