NFL renews its sponsorship deal with Pepsi, but without the Super Bowl halftime show

A detail view of a Pepsi ad at FedEx Field during an NFL football game between the Washington Football Team and the New York Giants, Thursday, Sept. 16, 2021, in Landover, Md.

The Super Bowl halftime show will no longer be a part of the sponsorship agreement with the NFL.

The company renewed its partnership with the league after the spring meeting in Atlanta. The owners of the teams voted to approve the renewal, which will allow the use of NFL premium rights for its brands.

As part of the agreement,Pepsi gets pouring rights at top NFL events. The company's sports drink maker keeps its high visibility on the sideline. This fall, the National Football League and Pepsi will unveil a pre-workout product for players. The line is expected to be available for consumers.

The terms of the renewal were not disclosed. The previous deal was worth $2 billion.

The priorities of the partnership have evolved and we wanted to make sure that we were all working towards the same goal.

The Super Bowl halftime show won't be sponsored by Pepsi. It is the second time since 2012 that these rights have hit the market. The Super Bowl Halftime rights were held by Bridgestone.

The Super Bowl Halftime Show featured some of the biggest names in hip-hop. The halftime show is produced by the NFL and Jay-Z's Roc Nation.

Snoop Dogg, Mary J. Blige, and Dr. Dre speak during the Pepsi Super Bowl LVI Halftime Show Press Conference at Los Angeles Convention Center on February 10, 2022 in Los Angeles, California.

CNBC reported in October that the Super Bowl halftime rights could go for up to $50 million. Industry executives think it would take between $5 million and $10 million a year to keep the company going.

Tony Ponturo, the former vice president of global sports and entertainment marketing at Anheuser-Busch, said that it became difficult to justify the potential cost. As big as the Super Bowl is, there are always executives who will say there is more to it than that.

Companies in larger deals with pro leagues commit a portion of their money to buying TV ads. The company spent $114 million on the games for the season. The 2020 NFL season is estimated to be around $127 million, according to media measurement company ispot. The Dallas Cowboys have a team deal with Pepsi.

The owners of the teams approved keeping the combine event in Indianapolis in 2023 and 2024.

The pre-draft scouting event could be moved to Dallas or Los Angeles. Logistics around hotel space and access to medical facilities were factors in keeping the combine at the Colts.

According to the league, the event generated nearly $10 million in economic impact. The NFL Combine has been hosted in Indianapolis.