Or to put that in context of a basic data structure:
C = Actual content to be published
MS = User accounts, user permissions, user authentication options, user authentication logging, meta change logs (user X removed tag Y at time Z), behaviour logs (user X viewed revision Y of article Z at time A)... and that's just scratching the surface of a very, very basic CMS.
I'm being generous and assuming articles, tags, bylines, and attached media (with full change history) is all "C".