Tony Romo and CBS Reach Financial Settlement Ahead of Separation
Tony Romo and CBS have agreed on a settlement that will likely pay Romo a substantial portion of the remaining value of his contract as the network ends their partnership.
CBS and former NFL quarterback-turned-analyst Tony Romo have reached a financial settlement that will allow the network to part ways with the broadcaster without litigation. Industry sources said the agreement was reached before CBS announced the separation on Friday. Because the dispute did not go to court, Romo is expected to receive a significant portion of the money remaining on his contract.
Romo signed a ten-year, $180 million deal with CBS in 2020, leaving roughly four years and $72 million in obligations, about $18 million per year. The contract contained a morals clause that gave CBS a basis to challenge the agreement after Romo’s July OWI arrest in Milwaukee, which was captured on body-camera footage. While the network could have sought to void the contract, both sides opted for a negotiated exit.
In a September statement, Romo acknowledged personal struggles with alcohol and pain medication and expressed a desire to return to CBS “in time.” The network did not comment on the statement, issuing only a standard leave announcement. Analysts had previously suggested Romo’s tenure at CBS was effectively over and that the network could save money by reaching a settlement.
"I plan to take a break for the first time in my life and focus on my health and family before moving on to my next opportunity," Romo said in his own statement.
CBS will continue its lead broadcast team with J.J. Watt, Jim Nantz and Tracy Wolfson for the remainder of the season. The exact terms of the settlement have not been disclosed.
The settlement ends a partnership that had become strained, with reports of internal criticism of Romo’s on-air performance and a costly contract that CBS had originally offered to retain him amid competition from other networks.