Last Saturday, Roger Goodell signed an Eagles card on stage in Pittsburgh, writing “Fly Eagles Fly” underneath his name. Michael Rubin, the CEO of Fanatics, then raised it and asked the audience if anyone wanted it. The crowd erupted, which was, by most accounts, genuinely unexpected. That moment likely felt almost like relief to Goodell, who has spent years walking onto NFL Draft stages to a wall of jeers. Perhaps even vindication.
It’s difficult to ignore what was going on there. The card was more than a prop. It was an indication.
Earlier this year, the NFL formally terminated its long-standing collaboration with Panini and returned the exclusive trading card license to Topps, which had held it for more than 15 years. It’s not a minor administrative transfer. The right to use team names and logos on cardboard is what distinguishes a collectible with actual market value from a novelty item; collectors take this distinction very seriously. Topps did not make a covert announcement when it regained the license. It created a three-day draft extravaganza at Acrisure Stadium, where players shook Goodell’s hand on stage and signed rookie cards in real time.
Speaking to The Athletic from backstage while clutching an Aaron Rodgers card he had just taken out of a pack, Goodell stated that the league had been observing the expansion of the sports card market for some time and was keen to re-enter the market with Topps. “We can go full throttle,” he declared. It’s worth pondering that statement for a while. This isn’t a commissioner giving diplomatic non-answers or hedging. One particular gear is full throttle.
The confidence appears to be justified by the market. NFL trading cards have quietly grown to be a billion-dollar yearly business, driven in part by nostalgia from the pandemic era and in part by a new generation of collectors who view cards more as alternative assets than as mementos from their childhood. Premium rookie card prices have been steadily rising, and the secondary market has become more professional in ways that ten years ago would have seemed ridiculous. The sports card industry seems to have been waiting for the NFL to take it seriously, and it seems that it has now done so.
It’s important to relate this to the larger situation that Goodell is in. In addition to facing a congressional summons regarding whether its broadcast arrangements are truly hurting consumers, the NFL is getting ready for what could be a massive media rights renegotiation. MoffettNathanson analysts have projected annual deal values could approach $16 billion, up from roughly $10 billion today. Goodell has been asked to testify before the House Judiciary Committee on June 10 by Representative Jim Jordan, who has raised serious concerns regarding antitrust exemptions that were drafted before cable television, let alone streaming.
In that context, trading cards seem relatively simple in contrast. There is no discussion of paywalls or consumer access, no congressional investigation, and no antitrust exposure. Only cardboard, collectors, and an expanding market. The card industry may be one of the few places where the news is just positive for a league that is currently defending its media empire on Capitol Hill.
It’s hard not to get the impression that the NFL is now treating collectibles as more than a side project when watching the draft footage from Pittsburgh, which features the tent, the crowds, and the real-time rookie card signings. It’s genuinely unclear if that translates into smart league branding or long-term value for collectors. But with that Rodgers card in his hand, Goodell appeared at ease backstage. When he signed that Eagles card, the audience applauded. The NFL’s most scrutinized figure appeared to be almost popular for one afternoon in Pittsburgh thanks to the trading card business. That is not insignificant.
