Tony Romo’s nine-year run as CBS’s lead NFL analyst ended Friday with approximately $72 million still remaining on his reported contract. CBS described the departure as a mutual agreement and confirmed that J.J. Watt would stay alongside Jim Nantz and Tracy Wolfson for the rest of the 2026 season.
The central contract finding is a reported financial settlement, with the amount still private. Sports Business Journal, citing The Athletic, reported that the sides settled before the announcement. That account explains the mechanism of the departure, but it does not establish how much CBS paid to end the agreement.
What was left on Romo’s deal?
Romo signed his extension in 2020. Andrew Marchand’s contemporary reporting for the New York Post put its full value at $180 million over 10 years. The Dallas Morning News’s account of that reporting distinguished a $17.5 million annual salary from an approximately $18 million annual package including perks.
By this summer, Marchand was reporting four years and $72 million remaining. Those figures describe the contract entering the separation negotiations. The public reporting does not establish how much of that balance Romo ultimately retained.
The original price reflected a competitive broadcasting market. Marchand reported in March 2020 that CBS had explored hiring Peyton Manning while negotiating with Romo, with ESPN also pursuing Romo. CBS kept its analyst before he reached the open market.
How CBS got out of the agreement
Sports Business Journal’s October 2 report says the sides settled financially and avoided going to court, attributing that account to The Athletic. In a separate NBC Sports column, Mike Florio quoted Marchand’s reporting that CBS preferred to absorb a significant portion of the remaining money rather than fight over the payment.
Florio suggested that Romo might receive $36 million to $48 million, but explicitly presented that range as his guess. It is not a reported settlement figure. CBS has not confirmed such a payment.
A reported morals clause had raised the possibility of a dispute before the separation. An August 5 New York Post report attributed the presence of such a clause to The Athletic, while emphasizing that Romo’s contract was not disclosed. CBS’s Friday statement does not say it invoked that clause, terminated him for cause or successfully voided the remaining salary.
The undisclosed agreement leaves several consequential questions unanswered: the clause’s exact wording, the negotiated payment, its schedule and whether future earnings would reduce CBS’s obligation. The available reporting describes a financial resolution negotiated by the two sides.
Romo also appears to retain the ability to take another NFL broadcasting job. A source told Sports Business Journal contributor Richard Deitsch that he is “contractually free to work elsewhere in NFL broadcasting if/when he decides to do so.” Romo has not announced a new employer.
The timeline behind the split
Romo, 46, was arrested after a July 23 traffic stop in Milwaukee on suspicion of operating while intoxicated. CBS placed him on leave July 31. He pleaded no contest September 1. Field Level Media’s October 2 report, carried by Reuters, describes the Wisconsin matter as a civil charge.
ESPN reported that his driving privileges were revoked for six months and that he was ordered to use an ignition interlock device, complete an alcohol assessment program and pay a $784 fine.
Following his plea, Romo said in a public statement that back surgeries and persistent pain had led to dependence on pain medication, and that his attempts to stop using those medications had led to an over-reliance on alcohol. Those details are Romo’s account of his health; The Sporting Page has not independently verified his medical history.
On Friday, he said he intended to take a break and focus on his health and family before pursuing another opportunity. He did not announce a retirement from broadcasting.
What CBS said about its decision
“CBS Sports and Tony Romo have mutually agreed to part ways,” the network said in its Friday announcement. It thanked him for his contributions without disclosing the financial terms or explaining the final negotiations.
President David Berson had addressed the network’s considerations publicly at its August 11 NFL Media Day. Sports Business Journal reported that he described the situation as evolving and said CBS needed certainty for its production and marketing staff before the season.
“In making this decision, we have to consider the impact on our image and on our brand,” Berson said. That identifies a consideration CBS publicly acknowledged at the time. The network has not disclosed a legal ruling permitting it to cancel Romo’s remaining pay.
J.J. Watt’s promotion and the unanswered salary question
Watt’s CBS career began with a multiyear agreement announced June 29, 2023. The original assignment was a studio role across CBS Sports platforms, including The NFL Today. The announcement did not disclose his salary or a precise number of contract years.
In March 2025, CBS moved him into its No. 2 NFL booth alongside Ian Eagle. Watt had spent two seasons in the studio after a 12-season playing career with Houston and Arizona, during which he won Defensive Player of the Year three times and recorded 114.5 sacks.
Romo’s leave moved Watt into the lead booth for the start of the 2026 season, a change covered in our season-opening broadcast-booth guide. Friday’s announcement extends that assignment through the rest of this season. CBS also confirmed that Eagle, Ross Tucker and Evan Washburn would stay together, with its other teams unchanged.
CBS has committed publicly to Watt for the rest of 2026. Its announcement does not disclose a new salary or a lead-role agreement for the following season. His original multiyear hiring announcement cannot be used to calculate what CBS is paying him now, or how much it might save by replacing Romo.
Where Greg Olsen fits
Olsen is a possible future candidate. Sports Business Journal reported September 7 that his Fox contract had provisions allowing him to leave for another network’s lead analyst role before a season. It also quoted him committing to the 2026 season with Fox.
Fox executive Brad Zager told the publication he would be happy for Olsen if he obtained a No. 1 job elsewhere. Those comments describe Fox’s public position on a future opportunity. CBS has not announced an Olsen hiring or a midseason switch.
CBS’s confirmed plan is Watt for the rest of 2026. The settlement amount and the network’s lead analyst decision for the following season remain undisclosed.
Reporting note: This article examines public announcements and attributed reporting. The Sporting Page has not obtained Romo’s employment contract or separation agreement and has not independently verified the settlement amount.
