The U.S. Supreme Court will hear arguments in a case later this week that some are touting as pivotal in the business of sports.

American Needle Inc. v. the NFL, a supposed David vs. Goliath-type case that could help define the NFL's antitrust status, is on the docket for Jan. 13.

It dates back to 2004, when American Needle, an Illinois-based hat maker, brought an antitrust case against NFL, claiming the league was using its monopoly power to muscle it out of its fair share of revenue for caps it made bearing NFL logos. The NFL won the case at the trial and appellate levels, but American Needle appealed all the way to the Supreme Court.