We analyse the results of mass models derived from the HI rotation! curves of spiral galaxies and find that the slope of the luminous mass-circular velocity relation is close to 4. The luminous mass-circular velocity relation with a slope of about 4 can be explained by an anti-correlation between the mass surface density of luminous matter and the mass ratio of the dark and luminous components. We also argue that the conspiracy between luminous and dark matter exists in a local sense (producing a flat or smooth rotation curve) and in a global sense (affecting the mass ratio of the dark and luminous matter), maintaining the luminous mass-circular velocity relation with a slope of about 4. We therefore propose that the physical basis of the Tully-Fisher relation lies in the luminous mass-circular velocity relation. While the slope of the luminous mass-circular velocity relation is fairly well defined regardless of the dark matter contribution, the zero-point of the relation is still to be determined. The determination of the slope of the Tully-Fisher relation needs one more step: the mean trend of the luminosity-luminous mass relation determines the overall shape (slope) of the Tully-Fisher relation. The key parameter needed to determine the zero-point of the luminous mass-circular velocity relation and the slope of the Tully-Fisher relation obviously is the luminous mass-to-light ratio.