May 28, 2021

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NFL Salary Cap Could Break Record

Kirby Lee-USA TODAY Sports/Design: Alex Brooks

The NFL looks set to have the first truly post-pandemic season.

The league has cash pouring in from its new $100 billion-plus media deals and expects full-capacity crowds next year — so its salary cap may top $200 million for the first time ever. 

The league and its players’ association agreed to a salary cap maximum of $208.2 million in 2022. This is not the cap itself, just the maximum number it could reach for that season. 

The cap, which is based on league revenues, went down for only the second time in history in 2021, to $182.5 million from $198.2 million in 2020. The NFL and NFLPA agreed to spread pandemic losses over multiple years, but that could be quickly counteracted by new and expected revenue.

  • 30 of 32 teams have received approval to open games at full capacity when the season kicks off in September. The Colts and Broncos are awaiting local approval. 
  • Total attendance last season was just 1.2 million, compared to 17 million the year before.
  • The league agreed to $113 billion in new media deals from 2022-2033, and an estimated $1 billion in data rights over the next four years.
  • The league will add a 17th game for each team to its schedule, starting with the 2021-2022 season.

Should final revenue projections dictate a cap above the $208.2 maximum, excess funds will go toward paying back the $17 million in player benefits that were cancelled due to the pandemic. The final figure will be set next February.

Steph Curry Set To Sign Historic Contract — Again

Kyle Terada-USA TODAY Sports

Steph Curry made NBA history in 2017 when he became the first player to sign a contract worth more than $200 million.

Soon, he’ll be eligible to sign a four-year, $215 million extension with the Golden State Warriors — making him the first player to ever sign back-to-back $200 million deals.

Curry’s current deal ends after the 2021-22 season and will put $45.7 million in his pocket, bringing his total career earnings to more than $254 million over 12 seasons, per Spotrac. 

Will Curry put pen to paper and re-up with the Warriors? It appears likely. Regardless of his decision, the three-time NBA champion has used his wealth to build his portfolio and give back. 

Through his company, SC30 Inc., Curry has put together an impressive list of investments and donations. 

  • Investor in at-home fitness startup Tonal and beverage company Oxigen. 
  • Co-founder of Unanimous Media and marketing platform Slyce. 
  • Investor in Step, a financial services app also backed by Alex Rodriguez. 
  • Made a seven-figure donation to Howard University to fund a men’s and women’s Division I golf program. 

The Warriors face challenges ahead. Curry’s extension looms, and the window to win another title is closing for their aging roster.

Only three other NBA players have inked deals for $200 million or more: James Harden, Russell Westbrook, and Giannis Antetokounmpo.

SPONSORED BY SATISFI LABS

Inside the New Game Day Experience

As stadiums and arenas reopened their doors, it became clear that the pandemic had dramatically affected the traditional game day experience. The magnitude of that impact, however, remained a mystery until fans returned to their seats.

Satisfi Labs’ Conversational AI platform continued to answer fan questions throughout 2020, and identified four key trends that began to emerge across all of the major sports leagues. 

Download our latest white paper to find out which trends may fade as the pandemic subsides, and those that will shape the future of fandom for years to come. 

Noom Raises $540M Off Massive Pandemic Growth

Noom/Design: Alex Brooks

Gyms were closed, stress was high, and people were putting on pounds during the pandemic. Psychology-based weight-loss app Noom happened to be perfectly positioned for the moment.

The startup announced this week that it raised $540 million in a Series F round led by Silver Lake. Bloomberg reported that the raise was at a $3.7 billion valuation.

Noom said it would use the funds to expand beyond weight loss into stress and anxiety, diabetes, hypertension, and sleep. It will also move into new locations and buy back shares. 

A poll from February found that 42% of Americans had unwanted weight gain during the pandemic, and that among those, the average weight gain was 29 pounds (the median was 15). Those numbers were likely a big reason why so many people turned to health and fitness apps.

  • Noom has been downloaded nearly 4 million times in the last year. The app provides customized health plans, starting at $59 per month.
  • WW International, formerly Weight Watchers, reported 4.2 million digital subscriptions, up 16% from a year ago.
  • Optavia, which provides coaching and meal replacements, projected $1.4 billion in revenue this year — double what it made in 2019.

The $540 million haul is more than four times the roughly $117 million that Noom had raised in all previous rounds to date.

Simone Biles Vaults Into History

Robert Goddin-USA TODAY Sports

Simone Biles made history last weekend. In her first competition in 18 months, the 24-year-old landed a Yurchenko double pike — a move no other female gymnast has ever even attempted in competition.

A video went viral shortly after, with Biles herself tweeting, “I’m sorry but I can’t believe I completed a double pike on vault.” 

Biles, who has a reported net worth of $6 million, is also making moves in business.

In April, the gymnast left Nike to form a new partnership with Gap-owned Athleta. Biles signed with Nike in 2015, though she only made small appearances for the activewear giant.

“I feel like it wasn’t just about my achievements, it’s what I stood for,” she said about Athleta. “I feel like they also support me, not just as an athlete, but as an individual outside of the gym and the change that I want to create.”

  • Since going pro in 2015, the winner of 30 Olympic and World Championship medals has been sponsored by Visa, Kellogg’s, Beats By Dr. Dre, and Hershey, among others.
  • She released a signature product line of equipment and mats with Spieth America, as well as an autobiography in 2016. 

“Simone Biles represents the quintessential American dream, and that’s what makes her such a powerful brand ambassador,” Nelson Freitas, chief strategy officer at Wunderman New York, told Digiday.

Biles is set to appear in the Tokyo Olympics, which kick off July 23.

SPONSORED BY OHIO UNIVERSITY

Last Chance To Tune In

This spring, Ohio University’s Professional Master of Sports Administration program presents Women in Sports, a three-part series highlighting female executives who are breaking barriers in their careers.

Join us for the final episode of the series on Wednesday, June 2 at 12 PM ET, as FOS host Amie Sheridan sits down with Jackie Reau, CEO for the Game Day Communications, to discuss:

  • Her career in public relations
  • How she started her own business
  • How Ohio University’s program provided her with a foundation to excel in her career 

Sign up to receive an email reminder before we go LIVE!

Conversation Starters

Conversation Starters

  • The NWHL continues its transition to private ownership. On Wednesday, the six-team league sold a franchise to John Boynton. Only two teams remain without owners. 
  • Lawmakers have introduced a bill dubbed “the College Athlete Right to Organize Act.” It would provide college athletes a federal right to engage in collective bargaining.
  • The NFL’s rule change allowing more players to wear single-digit numbers has boosted rookie brands. Quarterbacks Trey Lance and Justin Fields are now top 10 in sales.
  • Villarreal captured the first major trophy in their 98-year history, defeating Manchester United 11-10 in penalty kicks to win the Europa League — great news for a small club. The $10 million bonus for winning is double the salary of forward Carlos Bacca, their highest-paid player. Get more stories like this in Sports Section, a free, daily newsletter. Click here to subscribe.

Question of the Day

Have you used home fitness or health apps in the last year?

 Yes   No 

Thursday’s Answer
32% of respondents said they would be attending live sporting events over Memorial Day weekend.

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Written by Owen Poindexter, Justin Byers, Abigail Gentrup

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