The Walt Disney Company has yet to begin negotiations with the NFL over renewing their media rights—even as the league pushes to rework all of its existing contracts. Originally signed in 2021 for a staggering $100 billion, these deals only went into effect with the 2023 season. But with the NBA recently securing a $75 billion media deal of its own, many analysts believe the NFL's contracts may now be undervalued, given football's consistently stronger audience numbers.

During an earnings call this morning, Disney CFO Hugh Johnston addressed the situation with what seemed like carefully prepared remarks. "You know, our relationship with the NFL is as broad and as deep as it's ever been," he said. "We're excited looking ahead to the upcoming NFL season with the NFL Network and RedZone linear now part of our distribution portfolio, on top of Monday Night Football and broader NFL coverage."

Johnston confirmed that Disney hasn't yet engaged the league in early renewal conversations, but left the door wide open. "We're not dogmatic about the process," he added. "We're always willing to have a conversation with the NFL to find new opportunities for growth. We expect to be in business with the league for years to come, and we'll evaluate this deal as we would any—with discipline and a focus on driving value for Disney shareholders."

Given that the NFL now owns 10 percent of ESPN—a stake acquired in exchange for the NFL Network and RedZone—Johnston's optimism seems well-founded. The partnership between Disney and the league has never been stronger, and with the Super Bowl on the horizon, both sides have plenty to look forward to.

This earnings call marked a shift for Disney, requiring analysts to submit questions in advance rather than asking them live. That change likely explains the polished nature of Johnston's responses. For now, the ball remains in Disney's court, but with the NFL eager to renegotiate, the next move could come sooner than later.