The document discusses the past, present and future of affiliate marketing. It notes that while the industry initially focused on ROI and CPA, this limited innovation and new publishers entering. The document then charts several key events and changes in the affiliate industry from the late 1990s to present. It analyzes how different commission structures and rules could impact the breakdown of publisher types. Several affiliate partners give opinions on challenges they face around attribution, returns, and declined transactions. Finally, the document models how adjusting various rules and structures may shift the program makeup between content, incentive and other publisher types.