Football Wiretap

The NFL has sold more than $600 million in U.S. high-grade private bonds, according to people familiar with the matter, tapping a funding source frequently used by major sports franchises. The league borrowed roughly $338 million in June through its NFL Ventures LP subsidiary before returning to the market recently with an additional $300 million deal through a separate subsidiary.

Bank of America arranged both transactions, according to sources who spoke anonymously because they were not authorized to discuss the deals publicly. Fitch Ratings assigned an A+ rating to senior notes issued by NFL Ventures at the end of last year, citing the league's standing as the most popular professional sports league in the United States.

Fitch's July 10 report pointed to the NFL's multi-year national media contracts, revenue sharing among member clubs, and a collective bargaining agreement featuring a hard salary cap through 2030 as key factors supporting the league's financial strength. NFL Ventures debt typically carries high ratings partly because it is backed by the commissioner's assessment rights, which allow the league office to request funds from member clubs to service the debt, according to Fitch.

The NFL generated more than $23 billion in total annual revenue for the fiscal year ended March 2025, according to Sports Business Journal. The league's notes have drawn interest from buy-and-hold institutional investors, including life insurers seeking long-dated assets to match against their liabilities.

Other sports organizations have similarly turned to the private placement market for financing, including the NBA through its Hardwood Funding LLC vehicle and English soccer club Manchester United. Leagues and privately owned franchises often favor private markets over public offerings to avoid additional disclosure requirements. FC Barcelona sought to raise $1.7 billion through similar channels in 2023, while Everton approached institutional investors last year for a $401 million stadium refinancing deal.

The NFL and Bank of America both declined to comment on the transactions.

Free agent wide receiver Tyreek Hill said he still lacks power in his surgically repaired left leg, suggesting his return to the NFL may still be some time away. Hill posted a video Wednesday night detailing his recovery from a dislocated knee and multiple ligament tears suffered in Week 4 last season against the New York Jets.

"So it's about 10 months after doing two surgeries," said Hill. "My left leg is the one that I injured. I have no power in my left leg, so I'm trying to regain all the power back in my left leg. But it's one day at a time."

Hill, 32, said doctors initially told him he might not walk again following the injury, though he now feels significantly better a year removed from surgery. The video showed him performing various exercises, including light running, which he acknowledged went beyond his current recommendations.

"I like to challenge myself a little bit," said Hill.

The Miami Dolphins released the eight-time Pro Bowler in February, making him a free agent for the first time in his 10-year career. Hill declared at the time that "The Cheetah will be back," and while he did not offer a specific timeline for his return in Wednesday's video, he expressed optimism about his progress.

"I ain't going to tell you what my timeline is, but timeline looking real good right now, man," said Hill.

Before his injury, Hill caught 21 passes for 265 yards and one touchdown over four games. In 2024, Hill caught 81 balls for 959 yards and six touchdowns, which was a significant step down from his pair of 1,700-plus yard seasons when initially joining the Dolphins from the Kansas City Chiefs in 2022.

Sean McVay said he does not yet know whether Aaron Donald will come out of retirement and return to the Los Angeles Rams for the 2026 season, addressing the ongoing speculation in an interview with Jason LaCanfora of The Daily Flock podcast.

"I have crossed paths with Aaron Donald," said McVay. "What's special is, we have a really special relationship. It's way bigger than football. I've heard him say it before and it means the world to me, and I feel the same, it's family with us. He's done so much for me. I love the man he is. I love the husband, the father, the son, he represents a lot of the things that are right. And what he's going to do is, he is thinking about this. He's going to go through his process. And the one thing about Aaron Donald is, what he does, he does it full speed ahead."

Donald was recently seen working out at the Rams' practice facility in Los Angeles and has regularly posted images and videos of his offseason training. ESPN's Adam Schefter reported this week that Donald is preparing himself for a potential return to the field, though a definitive decision does not appear imminent.

Donald's potential return gained momentum after the Rams acquired Myles Garrett from the Cleveland Browns in June.

Detroit Lions tight end Sam LaPorta has been fully cleared for training camp, a source told ESPN's Jeremy Fowler Tuesday. LaPorta, 25, underwent a microdiscectomy last season to repair a fully herniated disk.

LaPorta finished last season with 40 receptions for 489 yards and three touchdowns across nine games. Detroit selected him in the second round of the 2023 draft, and he has accumulated 186 catches for 2,104 yards and 20 touchdowns over three seasons.

LaPorta earned Pro Bowl and second-team All-Pro honors as a rookie, setting career highs with 86 receptions, 889 yards and 10 touchdown catches that season. He is scheduled to become an unrestricted free agent after this season.

Detroit's veteran players are set to report to training camp next week.

Jordyn Brooks and the Miami Dolphins have agreed to a three-year, $51.3 million contract extension with $35 million guaranteed. 

Brooks left the Seattle Seahawks to sign with the Dolphins in 2024 on a three-year, $26.3 million deal after coming off a torn ACL.

In 17 games last season, Brooks had 183 total tackles and 3.5 sacks with 13 tackles for a loss.

ESPN laid off NFL insider Tom Pelissero Tuesday as part of its first wave of cuts following the completion of its NFL Network acquisition, according to sources briefed on the moves. Most of the layoffs tied to the deal affected NFL Network personnel specifically.

Pelissero had become one of NFL Network's most prominent and well-compensated insiders during his tenure with the platform. With Adam Schefter already established as ESPN's top NFL insider and Ian Rapoport carrying over from NFL Network, ESPN opted to move on from Pelissero as it consolidated its NFL insider roles.

ESPN acquired NFL Network earlier this year as part of a broader agreement that gave the league a 10 percent ownership stake in ESPN. The network has spent the past six months working to integrate NFL Network's Los Angeles operation with its existing Bristol and New York bases.

ESPN chairman Jimmy Pitaro addressed the layoffs in an internal memo Tuesday.

"We have made significant progress integrating the NFL assets that we acquired into ESPN," said Pitaro. "While most of the job impacts are tied to the acquisition, we will also notify colleagues in other parts of the company today that their positions have been impacted."

Pelissero's departure came alongside similar cuts affecting NFL Network analyst Charles Davis, who will remain at CBS in an elevated role as its top college football analyst on Big Ten afternoon games. ESPN declined further comment on the layoffs.

ESPN has parted ways with NFL analyst Ryan Clark, sources briefed on the decision told The Athletic. Clark was informed of the move Monday while appearing on "NFL Live," a decision that led him to not finish the broadcast.

Sources said ESPN moved up the timing of the news after receiving media inquiries about Clark's status, fearing it would leak before he could be told directly. The network had originally planned to inform Clark on Tuesday morning, but concerns about the story surfacing online prompted the change. Speculation about Clark's job security had circulated since after the Super Bowl in February, and The Athletic learned last week that his departure was likely.

ESPN and NFL Network are expected to announce additional layoffs Tuesday as part of broader cuts across parent company Disney. Sources said a small number of on-air personalities based in Bristol, Connecticut, will be affected, along with a larger group of employees at NFL Network. ESPN acquired NFL Network and other league assets in February as part of a roughly $3 billion deal that gave the NFL a 10 percent stake in ESPN.

ESPN declined to comment on Clark's departure or any additional layoffs.

Clark, who earned more than $2 million annually, had spent over a decade with ESPN. Sources said internal doubts about his future had persisted since February, despite his planned involvement in next year's Super Bowl LXI coverage, which will mark ESPN's first broadcast of the event.

Sources indicated ESPN executives had grown increasingly concerned about some of Clark's on-air choices, tension that peaked during an incident last September involving colleague Peter Schrager. During a segment on "Get Up," after Schrager defended Cowboys receiver CeeDee Lamb's performance, Clark said, "That's the non-player in you." When Schrager asked him not to belittle him and noted other perspectives existed, Clark responded, "Peter, what I need for you to do is not get mad and let me finish."

Clark later apologized publicly for the exchange, posting on social media that he regretted the interaction with Schrager both on and off the air.

Clark, 46, played 13 NFL seasons, primarily with the Pittsburgh Steelers, after entering the league as an undrafted free agent in 2002. He transitioned to broadcasting following his retirement after the 2014 season and eventually earned a spot on ESPN's "Monday Night Countdown" alongside host Scott Van Pelt and analysts Jason Kelce and Marcus Spears, a role he held for three years. He also made regular appearances on "First Take," "Get Up" and "NFL Live," and hosts his own podcast, "The Pivot."

Clark signed his most recent ESPN contract in 2024 following a public negotiation process. He addressed that period in a social media post at the time.

"3 years ago I signed an extension with ESPN. I was so grateful for more time," wrote Clark. "I (was) excited to prove I was worth more, felt I deserved more. We disagreed, & that's ok. I set out on a mission to leave no doubt, end all conversations about who I was in this business. The season is over. The deal is up. Time to make a decision. Either way it goes. The mission don't change. I want to be the best doing it. Everyone should. I'm more motivated today than ever. I'm still the same #UndraftedFreeAgent!"

The Green Bay Packers agreed to a three-year, $57 million contract extension with defensive tackle Devonte Wyatt on Monday, his agency, Win Sports Group, told NFL Network's Ian Rapoport. The deal includes a $20 million signing bonus and keeps Wyatt under contract through the 2029 season.

The extension comes less than a week after Green Bay signed linebacker Isaiah McDuffie to a one-year, $8.8 million extension through 2027. The Packers have also extended receivers Jayden Reed and Christian Watson this offseason and are expected to turn their attention next to tight end Tucker Kraft.

Green Bay selected Wyatt with the No. 28 pick in the 2022 draft and exercised his fifth-year option last year, which had him scheduled to earn $12.94 million in 2026 before this extension. The team committed to the deal despite Wyatt missing seven games last season due to a broken fibula and torn ankle ligaments suffered during a Thanksgiving win over Detroit.

Wyatt recorded four sacks and seven quarterback hits across 10 games last season and has totaled 16 sacks and 30 quarterback hits over four seasons. After a slow start to his career, he has posted 14.5 sacks over his last three seasons combined.

Wyatt expressed confidence in his continued development following last season.

"Me personally, I know I got a lot more in the tank," said Wyatt. "I feel like I got a lot more in the tank than what I put out there this year or the past three years I had. I know I have a lot more and I feel like this injury right here really is going to help me get above this hump, just showing y'all what I have."

Wyatt, 28, did not participate in on-field practices during the offseason program. He is expected to play a key role in new defensive coordinator Jonathan Gannon's scheme, which will shift to a 3-4 front after Green Bay played a 4-3 defense throughout Wyatt's first four seasons.

Packers general manager Brian Gutekunst praised Wyatt's impact when healthy earlier this offseason.

"We really like him," said Gutekunst. "He's gotta get over the injury thing and make sure he can stay available to us, but when he's out there he's very, very impactful, not only in the run game but as a pass rusher as well. So we would like to do that, keep him around in some form or fashion."

Commissioner Roger Goodell and the NFL team owners have not yet finalized a contract extension, but expect to complete one in the coming months, according to four people familiar with the owners' thinking. The extension would keep Goodell in place to oversee upcoming broadcast rights negotiations and collective bargaining talks with players, potentially including discussions over an 18-game season.

Goodell's current contract runs through March 2027, when he will turn 68. He signed his most recent three-year extension in October 2023.

The timeline for finalizing a new deal remains unclear. The NFL has scheduled a special owners' meeting for Aug. 26 in Atlanta focused on ratifying the proposed $9.612 billion sale of the Seattle Seahawks. Beyond that, owners hold regularly scheduled quarterly meetings in October and December. The October meeting could serve as a natural target, given that Goodell's 2023 extension was announced during a similar October gathering.

One person familiar with the situation described completing the extension as "critical" given the looming labor and broadcast negotiations. Another said confidence remains high that a deal will be finalized, though the exact timing remains uncertain. There does not appear to be significant opposition among owners to the extension.

The league's next major undertaking involves formal negotiations with the NFL Players Association and its newly elected executive director, JC Tretter, on a new collective bargaining agreement. The current labor deal runs through the 2030 season and prohibits the league from unilaterally extending the regular season without union agreement.

Some owners had previously hoped for an 18-game season as soon as 2027, though that timeline has grown increasingly unlikely. Formal CBA negotiations, including discussions on an expanded schedule, have not yet begun, according to people familiar with the matter.

The NFL's current broadcast deals, signed in 2021, are worth more than $110 billion over 11 years, with an opt-out provision that could allow the league to renegotiate early. The NBA and WNBA's broadcast agreements, worth roughly $76 billion over 11 years, have added pressure that could push the NFL's next deal significantly higher given its larger viewership.

If Goodell signs another three-year extension, he would be 71 by its conclusion, raising longer-term questions about succession planning. Late Colts owner Jim Irsay had previously floated splitting the commissioner's responsibilities into separate business and football-oriented roles following Goodell's eventual departure.

Goodell reflected on the league's direction when his 2023 extension was announced.

"There are a lot of challenges out there," said Goodell. "But there are also a lot of opportunities for us. And we're focused on how we make the NFL better every day, how we've become a global sport. I think some very exciting things are happening in that context. I feel really good about where the National Football League is today. But we don't sit around and tell ourselves that."

Goodell has never confirmed a retirement timeline despite past reports in 2017 suggesting he planned to step down by 2024.

"We'll see what the future holds," said Goodell in 2023. "I don't know. We'll see. So I'm not making any commitments other than, for the next three years, I'm going to bust my butt."

Owners elected Goodell commissioner in 2006, and he has remained a polarizing figure through controversies involving player discipline and league scandals, while also expanding the NFL's global footprint through international games. The Seahawks' pending sale price represents a 59 percent increase over the $6.05 billion paid for the Washington Commanders in 2023, the previous record for an NFL ownership change.

NFL players are using social media to push for natural grass fields across the league, pointing to the temporary grass surfaces installed for World Cup matches held in NFL stadiums this summer. Players attached the hashtag "WorthTheCost" to posts questioning why those surfaces were available for the tournament but not for their own games.

Chicago Bears quarterback Caleb Williams, Washington Commanders tackle Laremy Tunsil, Indianapolis Colts running back Jonathan Taylor, Pittsburgh Steelers linebacker Patrick Queen and New York Jets defensive lineman Harrison Phillips were among those who posted the hashtag Friday.

"If stadiums can make grass work for the World Cup, they can make it work for NFL players," multiple players wrote on X. "We're #WorthTheCost."

The NFL Players Association pointed to a statement it issued in mid-June as the World Cup began, criticizing the league's approach to field surfaces.

"The temporary installation of natural grass fields for the World Cup is a choice by certain NFL team owners to do for soccer players what they refuse to do for NFL players," the NFLPA said. "It's no longer a question of capability: the technology exists, the expertise exists and the resources exist to install the high-level grass fields that our players overwhelmingly prefer. We have seen the meaningful investments made to meet the standard for international athletes and global events. NFL players, who regularly compete on these fields, help fund these stadiums, and whose work makes the league what it is today, deserve the same commitment to quality grass fields."

The union's statement cited a player poll showing 92 percent of more than 1,700 respondents preferred natural grass, while just 2 percent favored synthetic turf. NFLPA executive director JC Tretter elaborated on the players' preference earlier this offseason.

"You want high-quality surfaces," said Tretter. "I think one thing is understanding what our players care about, and there is something there that the data hasn't been able to spit back out at us. There is something about the feeling of being on grass, your body feels different. I think if you ask the coaches, just standing on grass versus standing on turf feels different. There is something there that impacts the body."

As stadiums began removing their temporary World Cup grass surfaces, the NFLPA encouraged players to speak out publicly. Steelers cornerback Doneiko Slaughter and Cardinals cornerback Garrett Williams were among those who echoed the campaign.

"We've seen what's possible," they posted. "Now it's time to make grass fields the standard. Players are #WorthTheCost."

The NFL remains evenly split between surface types, with 15 venues using natural grass and 15 using synthetic turf. Green Bay Packers tight end Tucker Kraft, whose team already plays on grass, voiced support for expanding the standard leaguewide.

"Green Bay Packers are spoiled since we play on the greatest surface in the NFL," said Kraft. "Natural grass is the best, and should be the only surface we play on. We are #WorthTheCost."

A 2023 poll conducted by The Athletic found that 82.7 percent of players considered turf-related injury risk a real concern. Ownership groups have shown mixed willingness to address the issue. Dallas Cowboys executive vice president Stephen Jones expressed skepticism in 2023 about installing grass at AT&T Stadium, while Las Vegas Raiders owner Mark Davis said this month he has always believed football should be played on grass, citing safety and aesthetics.

San Francisco 49ers tight end George Kittle also addressed the issue in a June statement, arguing the World Cup preparations proved the change is feasible.

"We've made it clear that we prefer grass fields," said Kittle. "We know it's better on our bodies. And clearly, we know it's possible based on everything that went into putting down grass fields for the World Cup in each stadium. At this point, it comes down to the NFL making it a priority and choosing to invest in us as players, because our bodies are our business, which they get to capitalize on!"