At a press conference, the Arizona Cardinals announced an exclusive, multi-year agreement with University of Phoenix to become the team's naming rights partner. It is the first time a National Football League venue has been named after an educational institution. The University will invest an average of $7.7 million per year for 20 years in exchange for naming rights, signage and a variety of advertising, marketing and merchandising opportunities. The Pink Taco chain of restaurants reportedly made a bid for the naming rights, but were turned down by the organizaiton.