As per the contract, Pepsi will be able to use the NFL premium rights for its various brands such as Frito-Lay and Gatorade. The brand will also be able to showcase its logo during major NFL events including the famous NFL Draft.
Though the renewal terms were not disclosed, a report from CNBC states that the prior pact was worth $2 billion for over ten years.
Pepsi also announced that it will no longer sponsor the Super Bowl halftime show. For the past decade, the company has sponsored the tournament, having taken over from the previous sponsor Bridgestone.
Tracie Rodburg, NFL Senior Vice President of Sponsorship Management told CNBC, “Our priorities and their priorities have evolved, and we wanted to make sure that as we continue this partnership that we’re all working toward the same goal.”
According to Sports Business Journal (SBJ), the NFL was searching for a new partner for the event in February and was recruiting technology and media business companies. The league was looking for a deal valued between $40 million and $50 million.
According to reports, Pepsi paid about $114 million on NFL games in 2021, including the playoffs. Pepsi also has sponsorship agreements with 15 NFL clubs, including Dallas Cowboys.