The first Republican presidential primary debate is Wednesday night in Milwaukee. Fox News is moderating the event and eight candidates will hit the stage at 9 p.m. ET. But, former president Trump isn't one of them.

The big picture: Trump said on his Truth Social on Sunday he will "not be doing the debates." Which begs the question – do debates even matter anymore? We take a deeper look at the answer to that question.

• Plus, new apartment construction on the West Coast is plummeting - what that means for housing.
• And, ticket sales for college football are through the roof.

Guests: Axios' David Lindsey, Analis Bailey and Andrew Keatts.

Credits: Axios Today was produced by Niala Boodhoo, Alexandra Botti, Fonda Mwangi, Robin Linn and Alex Sugiura. Music is composed by Evan Viola. You can reach us at podcasts@axios.com. You can send questions, comments and story ideas to Niala as a text or voice memo to 202-918-4893.