Your consulting company was hired by a sports regulatory organization to build the model that related attendance over season for sports teams to all the different factors which affect attendance. They wanted to employ this model to evaluate expansion opportunities, to see whether the cities being proposed were likely to support good attendance. You run regarding a gazillion regression models with 60 or 70 independent variables, and find out that only one independent variable is significant -- the number of games out of first place the team finished last year. The R-squared isn't great -- just under .45.
Was this study just a failure? Why or why not?