Podcast Summary: The Town with Matthew Belloni

Episode: The Behind-the-Scenes Jockeying for $10M Super Bowl Ads

Date: February 5, 2026
Host: Matthew Belloni (The Ringer, Puck)
Guest: Bill Bradley (Deputy TV, Media & Sports Editor, Adweek)

Overview

This episode dives deep into the high-stakes, behind-the-scenes market for Super Bowl ad slots, focusing on Adweek’s report that NBC secured $10 million for several 30-second commercial spots—a historic record. Host Matthew Belloni talks with Bill Bradley about how these prices are set, who pays them, the intricacies of deal-making at this level, and how celebrities, timing, and platform shifts (including streaming) factor into the business of Super Bowl advertising. The conversation also covers Hollywood’s relationship with the Super Bowl, the economics of studio advertising, and includes insights into the Super Bowl viewership race.

Key Discussion Points & Insights

The $10 Million Ad Slot: Real or Hype?

• Belloni’s Skepticism & Industry Spin
  • Matt questions whether the headline-grabbing $10M price tag for a Super Bowl ad reflects reality or is “spin” (05:00).
  • Media buyers at a Belloni-hosted dinner doubted anyone paid $10M just for a single commercial without it being bundled with ads for the Olympics, NBA, or other events (04:00–05:00).
  • Bill Bradley: “Someone paid 10 million. But not my clients, not for my clients.” (05:06)
• Package Deals Explained
  • Even if a spot is $10M, it almost always comes with required “matching” ad buys across other programming—so the real spend can double (05:49, 06:17).
  • NBC leveraged their inventory across the Super Bowl, Olympics, NBA All-Star Game, and FIFA World Cup (06:37).
• Pricing Strategy: Early vs. Late Buyers
  • Early commitments lead to lower rates (e.g., $7M early, $10M late). “If you spend 10 million, it means you got in really late.” (05:23)
  • High prices for late buyers, especially newcomers or first-time advertisers (09:49–10:14).
  • Preferential rates and placements are reserved for longstanding, high-volume buyers like Anheuser-Busch (09:49–10:15).

How Super Bowl Ad Inventory Is Allocated

• Rolling Waitlist System
  • NBC maintains a list of standby advertisers in case existing buyers drop out, leading to late-game deals at premium prices (07:16–08:27).
  • The game features about 80 ad slots, but cancellations and reordering are common as the broadcast nears.
• Ad Placement Politics
  • Placement is not only about who pays more—longstanding partners get first dibs on prime spots (10:15–10:35).
  • Newcomers pay more and often get the least favorable slots (“I feel bad for Joe Blow ... that's probably what's happening.” —Bill Bradley, 10:46).

Studio & Hollywood Advertisers in the Super Bowl

• Absence of Marvel/MCU Ads
  • “One thing that I'm not expecting to see is a Marvel ad.” —Bill Bradley (17:39)
  • “That's the big surprise this year ...” —Matt Belloni
  • Disney shifting focus to Pixar (“Hoppers”), "Mandalorian & Grogu," and possibly "Toy Story 5" (18:08–18:24).
  • Universal expected to have signature, attention-getting activations, possibly involving the "Mario Movie" or "Minions 3" (19:05–19:41).
• Creative Stunts
  • Last year's Disney "Lilo & Stitch" field run cited as a creative standout (18:24–18:35).
  • “That stuff is the stuff that gets attention ... people do something different.” —Bill Bradley (18:35).

The Economics of Celebrity-Driven Ads

• Declining Star Fees
  • “The pay for celebrities has gone down as the media has gone up.” —Bill Bradley (24:12)
  • A-listers who once got $3–5M, now get $1–3M, sometimes more if there are multiple stars per spot.
  • High-profile star ensemble ads (e.g., Uber Eats) can run up to $50M for production and media combined (24:12–25:03).
  • Matt Damon, David Beckham, Ben Affleck example: director or creative lead might get a premium, but others are likely paid comparably (25:03–25:28).
  • Some stars, e.g., Lady Gaga, appear briefly in teasers to save on costs, not in full main ads (25:53–26:10).

The Rise of Streaming-Only Super Bowl Ads

• Peacock’s Streaming Slots
  • Exclusive “streaming-only” Super Bowl ads on Peacock are much cheaper (around $2–5M, including “matching” inventory on NBC) (15:19–16:22).
  • Benefits: Attracts advertisers who can’t pay national rates but still want the cachet; offers regional, targeted exposure; viewers may not distinguish between streaming, regional, and national ads (15:54).

Super Bowl Ratings and Viewership Trends

• Changing TV Measurement
  • Last year’s Super Bowl set records (128M viewers), in part due to new Nielsen out-of-home data (00:00, 29:04).
  • Tubi’s “free to stream” model contributed to larger numbers (00:30).
  • Uncertainty if this year’s move to NBC/Peacock (a paid service) will dampen the total audience (29:04–30:53).
  • Belloni predicts “under” last year’s ratings due to Peacock’s hurdle; guest Craig argues strong NBC tradition likely keeps audience high (30:32–31:06).

Ad Placement: What’s Most Coveted?

• First Ad Break After Kickoff
  • “That’s the most coveted. And then viewership peaks at halftime.” —Bill Bradley (26:46)
• Risks & Rewards of Late Ad Slots
  • Final moments lucrative if the game is close but risky due to possible “blowouts” (27:32–27:45).
• Auctioning Overtime Ads
  • When the Super Bowl enters overtime, a literal last-minute ad auction uses rapid, sometimes tipsy negotiation (“trying to buy a four million dollar ad when you’ve had a couple ...”) —Bill Bradley (22:06–22:52).

Memorable Moments & Quotes

• “Not my clients, not for my clients.” —Bill Bradley (05:06), on who’s really paying $10M.
• “They had buyers next to their clients in the super bowl calling in, being like, hey, we want this spot, we want this spot ... sometimes the WI-FI is not working. I talked to one buyer who said he was a little bit imbibed at the time.” —Bill Bradley on last-minute overtime ad auctions (22:06–22:45).
• "First thing I’m not expecting to see is a Marvel ad. I think that's the big surprise this year." —Bill Bradley (17:39)
• "If you're an Anheuser-Busch, like, you have multi-year deals with NBC, so not only are you getting preferential treatment, but maybe you're not being asked to do the match across the network because you're already paying that more than that in your other ads." —Bill Bradley (09:55)
• "I'm hiding under my desk and I'm hoping people don't yell at me, Matt." —Bill Bradley, on covering Super Bowl ad night chaos (27:49).
• "With the rising costs of these media spots, also the rising costs of having celebrities, you see things like Lady Gaga being in the teaser ... but not being in the actual ad." —Bill Bradley (25:54)

Notable Timestamps

• Media Buyer skepticism & $10M debate: 03:53–06:17
• NBC’s sales strategy explained: 06:27–08:20
• Ad slot allocation and last-minute pricing: 08:20–09:55
• Preferential treatment for long-term clients: 10:14–10:35
• Hollywood studios' Super Bowl plans: 17:33–19:41
• Star power in Super Bowl ads: 23:18–26:27
• Streaming-only ads on Peacock: 15:03–16:25
• The “Super Bowl Ad War Room”: 12:23–13:22, 27:49
• Last-minute auctioning of overtime ads: 21:09–22:52
• Super Bowl ratings and Nielsen metrics debate: 29:04–32:02

Tone and Style

• Informal, insightful and insider—Belloni’s journalistic skepticism pairs with Bradley’s industry expertise for a conversation full of real-world examples, light teasing, and "war stories" from the world of premium advertising.
• Occasional humor (“Cake it on like paint me like a clown.” —Belloni, 28:12), and honest frustrations about the high demands and chaos of Super Bowl ad coverage.

Summary Takeaways

• The headline cost for a Super Bowl ad is real but almost always comes with big strings attached.
• Longstanding, high-volume advertisers enjoy preferred pricing, placement, and first access.
• Streaming platforms like Peacock are opening the Super Bowl up to new kinds of advertisers at lower price points, likely changing the ad mix in years to come.
• The business of Super Bowl ads is about more than just a 30-second spot—bundled deals, celebrity costs, and creative stunts all play a part.
• Viewership metrics are evolving with digital distribution, but NBC’s move to Peacock adds uncertainty to this year’s record-setting trend.

For listeners interested in the money, power, and shifting trends behind the glamorous Super Bowl commercials, this episode offers essential insider context, industry anecdotes, and sharp analysis on who really wins—and pays—on TV’s biggest night.