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Tony Romo reaches historic, long-term deal with CBS Sports, source says

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Key Points
  • Former Dallas Cowboys quarterback Tony Romo agreed to a long-term deal with CBS Sports, a source confirmed to CNBC.
  • According to the New York Post, who first reported the deal, Romo will earn roughly $17 million per year with the network, making him the highest paid NFL analyst in television history.
NEW YORK, NY - MAY 16: Tony Romo attends the 2018 CBS Upfront at The Plaza Hotel on May 16, 2018 in New York City. (Photo by Matthew Eisman/Getty Images)
Matthew Eisman

Tony Romo has secured his first post-career, lucrative payday.

According to a source with knowledge of the agreement, the former Dallas Cowboys quarterback turned National Football League analyst will sign a long-term deal with CBS Sports that will make him the highest-paid NFL analyst in the history of television.

According to the New York Post, which first reported the deal, Romo will earn roughly $17 million per year with the network. The deal is expected to exceed $100 million and runs for more than five years.

CBS officials did not immediately comment on terms of Romo's new deal when contacted by CNBC.

ESPN had been rumored as a potential landing spot for Romo, 39, as media executives believed CBS was vulnerable to losing its NFL media rights package, which allows it to host AFC games. But CBS officials always felt they had the upper hand to retain Romo thanks to his tight relationship with play-by-play partner Jim Nantz, whom he considers a mentor. The network also had the right to match any offer he received from other media outlets.

Romo retired in after the 2016 season and has since become one of the most highly regarded NFL analysts since John Madden. Romo played 14 seasons with the Cowboys, finishing his career with a 97.1 passer rating (fourth-best in NFL history), 248 passing touchdowns (23rd), 34,183 passing yards (32nd), and selections to the Pro Bowl four times. According to Spotrac.com, Romo made roughly $127 million throughout his career in the NFL.

In an interview with CNBC in 2017, Romo called his transition from playing in the NFL to calling games an "exciting" move.

"To have something that you're, A) passionate about, B) that kind of keeps you competitive — not everyone gets a chance to do that," Romo told CNBC in 2017 when asked about his transition to the calling games for CBS. "And then to get a chance to work with the great Jim Nantz, it's kind of like a home run."

With Romo off the market, the New York Post also reported ESPN could turn to former NFL quarterback Peyton Manning as a "Monday Night Football" analyst, the New York post reported. He would join play-by-play announcer Joe Tessitore and former NFL lineman turned analyst Booger McFarland.

Any move to land Manning may take some convincing of the former NFL star, however. Last year, Sporting News reported that Manning declined a move to join ESPN. According to the New York Post, Manning's decision came in part from his hesitation to call New York Giants games while as his brother Eli was still a member of the team.

With his younger brother now retired, Manning's future as an NFL analyst could gain traction, especially with Romo's services now committed to CBS for most of this new decade.

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