The Town with Matthew Belloni The NFL's Billion-Dollar Cash Grab and Whether There’s Any Left for Film and TV
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Mar 18, 2026 Alex Sherman, CNBC sports and media reporter who covers sports rights deals, breaks down why the NFL reopened its TV contracts and how networks may pay billions more. He explains shifting package values, streaming parity with broadcast, and what that means for other leagues jockeying for rights. Short, sharp takes on league leverage, new package ideas, and who stands to lose budget-wise.
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NFL Reopened Deals After NBA Shock
- The NFL triggered renegotiations to capture value after the NBA's massive new deals revealed it was underpriced.
- Alex Sherman explains the league used opt-out clauses and the NBA deal as leverage to push legacy partners like CBS toward paying roughly 50% more.
Networks Pay A Premium To Remove Opt-Outs
- Networks are willing to pay roughly $1B more per year to eliminate the NFL opt-out and secure rights through 2033-34.
- Sherman says CBS's change-of-control clause tied to the Skydance/Paramount deal forced them into early talks and higher pricing.
Streaming Gained Parity Changing Package Value
- The value of specific NFL packages has shifted as streaming platforms gained parity with broadcast.
- Alex notes Amazon's Thursday Night Football improved in quality and audience, prompting the league to reward digital partners with better games.