TV networks have more leverage over the NFL and streamers than the league realizes

The prevailing narrative around the NFL's media rights is that the league will pressure its television partners to pay significantly higher fees before the 2029-30 opt-out period begins (2030-31 for ESPN), or risk losing their packages to streaming platforms.

However, we are not convinced the NFL has as much leverage as it has led industry insiders and the public to believe. And, no, it's not because of scrutiny from the U.S. Justice Department.

To be sure, the current broadcast partners -- ESPN/ABC...