nearly as captivating as the rowdy participants think it is 
(ROOT (ADJP (ADJP (RB nearly) (RB as) (JJ captivating)) (SBAR (IN as) (S (NP (DT the) (JJ rowdy) (NNS participants)) (VP (VBP think) (SBAR (S (NP (PRP it)) (VP (VBZ is)))))))))
(ROOT (ADJP (ADJP (RB ) (RB ) (JJ )) (SBAR (IN ) (S (NP (DT ) (JJ ) (NNS )) (VP (VBP ) (SBAR (S (NP (PRP )) (VP (VBZ )))))))))