Pizza Hut pioneered online ordering in 1994, peaked at nearly 8,000 U.S. locations, and was once the #1 pizza chain in America. Today, Yum! Brands announced it's selling the entire brand for $2.7 billion.

The collapse wasn't about missing the digital shift - Pizza Hut saw it coming. The problem was structural. Its growth depended on franchisees like NPC International, which scaled through debt-fueled acquisitions and was operating hundreds of outdated dine-in locations by the time delivery took over. When corporate pushed for expensive modernization - smaller formats, delivery-optimized stores - the operators who'd have to pay for it were already underwater. By 2020, NPC filed for bankruptcy. The machine that built Pizza Hut became the thing that kept it from changing.

This episode traces that story through Pizza Hut's own ads, from stuffed-crust euphoria in 1995 to the slow unraveling of a model built for a world that no longer exists.