“The Magic of the FA Cup” is a curious phrase. The FA Cup itself is steeped in folklore, tradition and memory, but the tactile meaning of the competition in 2016 is debatable. With the vastly increased stakes of the league as well as the allure of playing European football, what is the meaning of the FA Cup in the modern footballing world? Is there any magic left in the chalice?

Part of the “magic” has to do with the giant killings, the upsets, the little guys beating the big guys. Exeter City would have had one of the most famous days in their history if they had beaten Liverpool on Friday, but this isn’t the Liverpool of vintage… or even November. It had a forgotten fullback playing center back, teaming up with a player of lost promise who had just been recalled from a loan spell, with only one recognized “first teamer” starting. Exeter City beating the Liverpool U-21’s still would have meant something to the club in the fourth tier and had been in non-league football of late, but this isn’t Bournemouth beating Manchester United in 1984 (not 2015). Taking a cursory glance at the details meant the giant killing would have been one on paper, but that paper might have not even been worth a pound.

Speaking of that, what happens when most teams end up with massive rotation in their squads, even the little guys? The stakes are too high in the respective leagues for full XI’s to be trotted out, especially if you’re say Everton at home to Dagenham & Redbridge. Even Championship and League One sides rotate because they know what’s at stake in the league with even more fixtures to come. So the odd giant killing is possible, like Bradford beating Chelsea at Stamford Bridge just last year, but even Bradford’s upset came with a grain of salt considering their not-so-distant run to the League Cup Final back in 2013 when they were in League Two.

The only teams that really can’t lose anything with a run in the FA Cup are teams that are locked in the middle of their respective league tables. Teams at the top wouldn’t jeopardize title runs or a run for Europe for a cup run (though many supporters would want that), nor would the teams in relegation scraps do the same, and at this stage in the season, the middle of league tables isn’t that well-defined.

And all of this is only made worse with one word: Replay. It used to be that these FA Cup ties could have endless amounts of replays, which would go on and on, alternating grounds until someone finally won in 90 minutes. Even the famous final at Wembley could end up in a replay.

Extra fixtures at this time of the season are something no manager wants on his plate, even with the inflated and ballooning squads of the day.

And the cynic in us all wonders: does it behoove these smaller sides to beat the big boys at home, or hope to cash in on a replay like Exeter will at Anfield, or Cambridge United had last season at Old Trafford? For those clubs, the half of the gate receipts that they receive could help immeasurably in stabilizing finances, or even making a charge up the league table, as Bradford supporters will tell you about their League Cup run.

So the FA Cup doesn’t have much magic left when all aspects are dissected and foraged through. But with everything stacked against it… there still is something about the competition that brings about buzz, energy and excitement. There really is no logic to it, especially in the face of everything mentioned above, but maybe it is the history and the cache that comes with saying “(insert team here) have won the FA Cup!”. Hoisting a trophy at Wembley is a cathartic experience for any player, no matter the stakes or the circumstances. Even for players that have come to England for the promise of riches and exposure, there’s something about those FA Cup days at small grounds littered throughout England and Wales that means something.

Ask Ronnie Radford, whose name now is forever etched in the annals of English footballing history for his goal against Newcastle in 1972.

So the FA Cup doesn’t mean what it used to, is a competition most managers rotate heavily for, and the even the giant killings could be tossed aside for a payday. But don’t say that to Exeter, Wycombe Wanderers, Oxford United, or any of these other clubs that have strung runs together in the FA Cup.

One of the dictionary’s definitions for magic is ‘any extraordinary or mystical influence, charm, power, etc’. In spite of it all, maybe there is still a little magic left in the FA Cup.