One number in the NFLPA‘s most recent annual report doesn’t get as much attention as it should. For the fiscal year that ended in February 2026, trading cards brought in $93.1 million for players. That amount was $39.6 million the year before. Before that, $29 million. The jump is so big that it almost looks like a mistake, but it’s not. Even people who work for the NFL are still trying to figure out what’s going on in the world of NFL licensing. Things are moving so quickly that no one can keep up.
It’s likely that Shedeur Sanders is the best example of how things are now. The Cleveland Browns quarterback, who was already one of the most well-known rookies in recent memory, is said to have made $17.7 million from group licensing, with trading cards alone making about $15 million of that. His dad, Deion, said that jersey sales weren’t part of that number, but union sources said that jersey sales are always included in the totals for group licensing. Regardless, the card-based windfall is truly amazing and speaks to more than just one player’s fame.
Sanders made a deal with Panini that was personal just before the 2025 draft. That timing is more important now than it was at the time, since Panini’s time as the NFL’s sole card partner ended in April. Through a company called Topps, Fanatics has taken over. That makes things a little tricky for Sanders and other players like him who have personal Panini deals: if he keeps that deal, his cards can’t show him in a Browns uniform. The architecture of licensing doesn’t always bend gracefully to fit these situations.
Since 2009, Panini has had the rights to make NFL cards. For most collectors, that’s so long ago that Prizm and National Treasures were just what NFL cards looked like. Around 2021, Fanatics started to combine major league licenses. First, they got MLB licenses when they bought Topps. Then they got NBA licenses, and finally they got NFL licenses. There was noise during the change. When Panini sued Fanatics for antitrust violations in 2023, they said that by locking up league after league, they had essentially cornered the market. Fanatics sued back. In March 2025, a federal judge in New York let the main monopoly claims go forward, and discovery is still going on. It’s still not clear how this will end or what it will mean for the card market as a whole if Panini gets some real help.
The business momentum behind all of this is less of a question. In 2025, the global trading card market was worth $13.5 billion. By 2033, it’s expected to be worth almost $25 billion, with North America making up about 40% of that. This hobby got a lot of new people who had never opened a pack before during the COVID pandemic. No one could have predicted how much it would grow. But the more interesting change since then isn’t just the number of cards being sold; it’s who the cards are about and why people want them.
VP of consumer products and strategy at NFL Players Inc. Ben Ruiz said it straight out: fans used to see players mostly through the lens of their teams. That has changed. Podcasts, streaming shows, and social media have changed players into more like independent people. The card is no longer just a reminder of a game. It is a part of who they are. That’s a different kind of value, and you can see it in the market.
All of this happened a lot faster during the NIL era in college football. Players like Sanders and Travis Hunter, who used to play for Colorado, came to the NFL with audiences, sponsors, and personal deals already set up before they even played a professional snap. Everyone benefits from the NFLPA’s group licensing system, but players who are already famous get a lot of the money. That gap is probably going to get bigger.
The Fanatics takeover makes collectors think about some important issues. In theory, wider availability and lower prices sound good, but when print runs grow, the scarcity that makes premium cards valuable tends to fade. Debut Patch cards, which are made of a player’s game-worn jersey from their first NFL game and only one made for each player, are meant to create a new type of chase mechanic. Who the player is will likely determine whether that means long-term value or just another marketing hook.
As I watch all of this happen, I get the impression that the trading card market is no longer just a side business for sports fans. It’s pretty much the middle ground between how athletes make money and how fans connect with them. The NFLPA’s fight over licenses isn’t just about workers or collectors. The question is who controls how NFL players are seen today, and for the first time in a long time, there isn’t a simple answer.
