I've sat in enough weekly UA reviews to know the pattern: someone flags a channel because CPI jumped 20%, and the room panics. But CPI moving is not the same as a channel losing money. I've watched founders kill a channel that was still profitable and keep funding one that never was, because nobody put CAC next to LTV and did the arithmetic out loud.
Running acquisition across five gaming launches taught me the same lesson every time: retention is the number that tells you whether a channel pays back, and it's the number teams check last, if at all. Meta at $0.85 CAC with strong D30 retention can be your best channel even as CPI creeps up. Google at $1.20 CAC with soft retention can be bleeding you dry even when the CPI looks "fine" next to industry benchmarks.
This audit does the arithmetic I'd do in that meeting - CAC against LTV, per channel, with a payback window attached to a verdict, not a vibe.
The teams that scale acquisition well aren't the ones with the cheapest CPI. They're the ones who kill a channel two months before it would've quietly drained the budget, and double down on the one everyone else dismissed because "the CPI looked high."
Reading this won't tell you which of your channels is which. Running it will - with your actual numbers, not a benchmark deck.