Most of the discussions have surrounded Zillow's desire to crush its competitors and be the only contender left standing. A popular theory is that Zillow will dominate online market share, connect directly with brokers nationwide, and disintermediate local MLSs to become the de facto national MLS. That scenario gets plenty of downstream momentum for those convinced that the new ZLS will let every buyer and seller go FSBO and turn real estate agents into low-fee transaction managers. We'd be remiss if we didn't explore just the opposite scenario, however. Zillow feeds on agent revenue.