REPORT: Pepsi announces it will no longer sponsor iconic Super Bowl halftime show

After a decade of doing business with the NFL for their biggest game, Pepsi will no longer be sponsoring the Super Bowl halftime show. Front Row Sports reported the groundbreaking marketing shift the league will now be forced to take with the soda brand pulling out of the $2 billion deal.

However, the two corporate giants will still conduct business together despite no longer pairing the Pepsi Globe symbol with the big game's notorious Roman numerals. Per CNBC, here are the terms of the renewed deal:

"Pepsi gets pouring rights at top NFL events, including the NFL Draft. The company’s sports drink maker, Gatorade, keeps its high visibility on NFL sidelines. In addition, Pepsi and the NFL are teaming up to unveil a Gatorade pre-workout product for players this fall. The line is expected to be available for consumers in 2023."

The NFL's senior vice president of sponsorship management, Tracie Rodburg, told CNBC that the league's priorities have shifted, with a focus on digital being reported by Front Office Sports.

The new Super Bowl sponsor is not yet known

Pepsi has severed ties with the musical intermission of the biggest television event of the year, but the immediate replacement has not been discussed with concrete definitiveness. According to Digital Music News, whoever is chosen could bring significant changes to the halftime show:

"According to reports, some of the sponsor alternatives are media brands that could 'dramatically increase the content and media opportunities around the 12-minute concert.' If Pepsi is no longer interested in sponsoring, it means any number of companies could attach their name to the show."

As Digital Music News' Ashley King explains, the value of the halftime show could still have a hefty price tag, if not as much as what Pepsi was paying, due to a changing advertising landscape in 2022 compared to 2012:

"The value of the Super Bowl Halftime show could be anywhere from $25 to $50 million per year, marketing experts estimate. The Super Bowl halftime rights package usually includes ancillary programming during the NFL season, commercial sports during the Super Bowl, exclusive access to performers for content, and other NFL branding leading up to the big game."