PepsiCo Inc.’s contract with the NFL regarding the sponsorship of the Super Bowl halftime show is set to terminate after the 2022 season.

The Super Bowl, America’s annual National Football League championship game, has long been known for its glamorous halftime performance. Pepsi has been the sponsor of the halftime show since 2012, where it signed the deal to sponsor for over $2 billion, according to The Wall Street Journal. Pepsi has controlled all rights and advertising for the halftime performance since the 2012 season.

The Super Bowl rights package usually entails Super Bowl commercial spots,
supportive programming during the NFL season, full access to performers for material and other NFL branding, according to CNBC.

Pepsi can renew the deal, but the halftime show will be sold as a separate asset, according to Front Office Sports.

The NFL intends to put the sponsorship rights of the halftime show on the market. It is estimated by experts that the show’s rights can go on the market from $25 million to $50 million annually, according to CNBC.

The Super Bowl’s halftime show usually lasts 20 to 30 minutes, which is longer than the duration of the game’s break. This is done in order to allow performers the time to perform. The performance is one of the most watched televised events, making it an advertising jackpot. The Super Bowl halftime show averages 96.4 million viewers, generating $95.8 million to be distributed among the top sponsors, according to Front Office Sports.

Renowned entertainers perform at halftime shows and the production costs of having them perform are covered by the sponsor, often making the halftime show the centerpiece of the game.

The halftime performance is talked about before the Super Bowl with audience members attempting to guess the musical acts scheduled and afterwards with discussions of being astonished by the performance. This buzz around the halftime show and super bowl in general is reflected in the price of advertisements shown during the event, with the NFL charging $6.5 million for 30 second time-slots for the 2022 Super Bowl.

The league is seeking bigger changes with any new partners as they want the halftime show to extend bigger than the bounds of the game and seek a wider international audience, according to The Hollywood Reporter.