A palpable air of excitement and anticipation settled over Honolulu this past weekend, as it became likely that the Eddie Aikau Big Wave Invitational surfing contest would be a go. Traffic jammed, cameras rolled and an estimated 50,000 people lined the shores surrounding Waimea Bay on Sunday, as monster waves curled and pounded into the bay, reaching the rare heights sufficient to trigger the contest.

The Eddie’s powerful waves, and the death-defying rides taken during the contest, have become the stuff of legend. People from all parts of the world tune in to see the massive waves and to watch an elite few with the skill and courage required to ride them. On Sunday, 28-year-old North Shore resident Landon McNamara won first place, riding waves averaging at least 20 feet tall, with 40-foot wall-of-water faces.

The awe inspired, athletic prowess demonstrated and numbers drawn to watch were all off the charts. Cash raked in? Maybe not so much, at least not so much as for a planned sporting event, like the Honolulu Marathon. But that’s part of the Eddie’s allure, too — wave energy this unpredictable can’t be tamed into a convenient commercial event.

Because of the Eddie’s unpredictability, the in-person audience for these feats of courage, strength and agility is largely made up of locals — locals by the tens of thousands who are willing to start out for the North Shore before 3 a.m., park miles away and walk to Waimea. That’s highly visible evidence of our local pride and enthusiasm.

The Eddie may not bring in the profits of a major sporting event or concert of the same magnitude. However, it certainly benefits Honolulu, as an only-on-Oahu phenomenon that intrigues millions, highlighting this island’s natural wonders and inspired by contest namesake Eddie Aikau, a Hawaiian champion surfer and North Shore lifeguard who lost his life in 1978 when he “would go” to seek help for crew of capsized voyaging canoe Hokule‘a.

Tangible economic benefits arise from the Eddie, of course. There’s the publicity factor, as highlights from the big-wave contest are seen worldwide, with picturesque Waimea Bay as a backdrop. And there’s the uptick in North Shore tourism that accompanies each big-wave season, pumped to a higher magnitude because of the Eddie’s attraction. Shops do more business directly before and after surfing events — and those who visit the North Shore often return again and again, according to Carol Philips, vice chair of the North Shore Chamber of Commerce.

The excitement, entertainment and publicity value, local pride and bump in local commerce are sufficient returns to justify civic resources Honolulu invests in the Eddie — deploying additional lifeguards and jet ski rescue units, ambulances and police, and adding public transit routes direct to the Eddie from park-and-ride locations.

Three years ago, state Sen. Glenn Wakai pushed the Hawaii Tourism Authority (HTA) to form a Surf Advisory Group, exploring new ways to leverage surfing’s popularity with tourists. That idea is worthy of renewed consideration, as Hawaii seeks to maximize the benefits of sports tourism.

Indeed, the HTA currently is considering a two-year contract with the Los Angeles Rams, at a cost of about $3.86 million. It’s tentatively enticing: The agreement would include appearances in Hawaii, including practices, a football camp and a community day on Maui — as well as a designation as the “L.A. Rams Home in the Hawaiian Islands” and a Hawaii-themed game day in Los Angeles, with the use of Rams branding to co-promote Hawaii tourism.

There’s $17 million-plus budgeted for HTA sports and signature events spending over the next two fiscal years, but the proposed L.A. contract would take up more than 20% of it, and currently, details of a Rams commitment are vague. As bargaining continues, it’s imperative that HTA be clear on costs and benefits, agreeing to a contract only if the Rams commit to deliver equivalent value for Hawaii’s spending.