Here's How NBC's Disastrous Investment in the NBA Could Cost Network the NFL

NBC is in the first year of an 11-year, $27 billion deal with the NBA. Already, there are conversations in media circles about how the deal could complicate NBC’s future with its most valuable partner, the NFL.

Even before the season began, some NBC executives raised concerns. They told The Wall Street Journal the deal "is going to be a money loser in the near term."

"All of these deals lose money discretely," NBCU executive Dave Pietrycha, who worked on the NBA deal, added.

When the NBA deal was announced, OutKick questioned NBC's decision to drastically overpay for a league that has lost roughly half its audience since 2012.  For context, NBC's streaming business was already deep in the red. 

Last month, NBCU reported that Peacock lost $552 million in Q4 2025, a 48% increase in losses from Q4 2024.

Over the weekend, Status financial reporter Brian Lawey wrote that NBC may not be able to carry those losses much longer. After speaking with former executives and current employees, Lawey predicted Comcast may eventually have to sell its streaming assets or merge with a company such as Paramount Skydance. 

"They know they have to buy or sell, and [CEO] Brian [Roberts] has never been a seller," Lawey wrote.

The NFL has also taken notice.

INGLEWOOD, CA - FEBRUARY 15: 44th U.S. President Barack Obama talks on the NBC broadcast with Reggie Miller during the 75th NBA All-Star Game as part of the 2026 NBA All-Star Weekend on February 15, 2026 at Intuit Dome in Inglewood, California. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this Photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 2026 NBAE (Photo by Jesse D. Garrabrant/NBAE via Getty Images)

Media reporter John Ourand said last week that the NBA agreement "irritated" league executives. For background, NBC is paying about $2.5 billion per year for the NBA and roughly $2 billion per year for the NFL.

"Executives at the NFL are irritated. That deal irritated them," Ourand told Andrew Marchand. "The idea that NBC is paying more for Sunday Night Basketball than for Sunday Night Football. These are people and personalities, and it makes the executives at the NFL crazy that that happens. So could they come in and just start to turn the screw because of that NBA deal?"

A strained relationship with the NFL is particularly concerning for NBC, given that the league is expected to opt out of its current media deals in 2029.

Unlike previous rounds of negotiations, NBC will also have to fend off the likes of YouTube this time around.

Last week, YouTube VP of subscription products Christian Oestlein expressed that the company wants to air more NFL games.

"We really value our partnership with the NFL,"  Oestlein said to Bloomberg. "Everything we’ve done with them so far has been really successful. And so we’re very excited about the idea that we could be doing more with them."

LOS ANGELES, CA - FEBRUARY 15: Victor Wembanyama #1 of World Team passes the ball during the game against the USA Stripes Team during the 75th NBA All-Star Game as part of NBA All-Star Weekend on Sunday, February 15, 2026 at Intuit Dome in Los Angeles, California. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this Photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 2026 NBAE (Photo by Atiba Jefferson/NBAE via Getty Images)

YouTube already owns the NFL's Sunday Ticket and last season streamed a Week 1 game between the Chiefs and Chargers from Brazil for free. The company was reportedly pleased with the results.

With an astounding market cap of $3.7 trillion, YouTube parent company Alphabet could overwhelm any of the NFL's current partners in a bidding war. However, only a few packages are likely to interest the company.

According to sources, streaming companies are not currently interested in the regional Sunday afternoon packages carried by Fox and CBS. Those require multiple production teams across the country each week. Tech platforms prefer standalone national windows.

With the NFL acquiring an equity stake in ESPN, Monday Night Football will almost certainly remain in place. That leaves Sunday Night Football on NBC and Thursday Night Football on Amazon.

The NFL would likely prefer to keep NBC in the fold. The broadcast network remains one of the most-watched on television. That said, NBC does not have the resources to win a bidding war against YouTube or Amazon.

Further, the NFL is unlikely to give NBC a discount because it spent its money on the NBA instead. 

Put simply, it would be one of the most disastrous decisions in recent network history if NBC's investment in the NBA limits what it can bid for the NFL. 

And it may.