The quasi-one-dimensional bond-alternating S=1 quantum antiferromagnet NTENP is studied by single crystal inelastic neutron scattering. Parameters of the measured dispersion relation for magnetic excitations are compared to existing numerical results and used to determine the magnitude of bond-strength alternation. The measured neutron scattering intensities are also analyzed using the 1st-moment sum rules for the magnetic dynamic structure factor, to directly determine the modulation of ground state exchange energies. These independently determined modulation parameters characterize the level of spin dimerization in NTENP. First-principle DMRG calculations are used to study the relation between these two quantities.