Rebels Edge · Thu, Jul 16, 2026
The Chip Selloff Isn't Over Yet
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Jon and Pete Najarian discuss semiconductor weakness, tariff concerns, higher crude prices, and relatively contained market volatility. They contrast the chip selloff with reported earnings strength at Abbott and UnitedHealth, then examine AST SpaceMobile’s convertible financing and potential acquisition opportunities. The episode also includes prediction-market commentary and sports discussions.
- SK Hynix’s reported 9% decline in Korea weighed on memory-chip sentiment; the Nikkei fell nearly 3%, and SMH declined 2% the prior day.
- Potential 25% tariffs on Brazil and crude oil above $80 added to the macro concerns.
- VIX hovered near 16, while Nasdaq volatility measured by VXN remained below its Monday high despite further Nasdaq losses.
- Abbott reportedly rose about 12% after beating earnings and revenue expectations and raising guidance.
- UnitedHealth reportedly posted $112 billion in revenue, raised its full-year earnings outlook, and reached a 52-week high before retreating.
- AST SpaceMobile’s discussed $1 billion convertible-note offering carries a 1.625% coupon, matures in 2034, and has a conversion price near $79.57.
- The hosts weighed AST SpaceMobile’s dilution risk and high options volatility against potential funding for partnerships and acquisitions.
- The hosts described Rocket Lab’s proposed Iridium acquisition as a way to obtain an established global space-communications footprint.
Full transcript
Welcome back to the Rebel's Edge, the last Rebel's Edge of the week. Pete Najarian and I will be breaking down for you exactly what's going on as SpaceX bangs down to its IPO price, but can't really get through it, at least not yet.
And we'll have the 411 for you on SK Hynix, which seems to be the gift to the bears that keeps on giving. We'll have all that on today's Rebel's Edge.
>> [music] [music] [music] >> Welcome back. So, that indeed is Pete Najarian, the legend >> [laughter]
>> in his own mind.
Who's going on to see a bunch of our former teammates and friends, unfortunately though, at a funeral today.
>> Mhm.
>> But uh uh you know, unfortunately Pete, uh it's what happens to the survivors.
You get to see and say goodbye to your friends, but uh it'll also be a bit of a reunion, right?
>> Yeah, oh yeah. I guarantee you there's going to be some tears, but also a lot of laughs. So, you know, you get a little bit of both, especially, you know, graduating in 1981, uh you're going back a ways. So, yeah, uh some of these guys haven't seen since 1981. So, that'll be That part will be uh the good part, for sure.
>> Well, and Pete, when you and I were out in Vegas, we went out to a school that I believe, I'm pretty sure about this, folks, uh Dana White put up a significant amount of money, probably with other generous people, to get Faith Lutheran on the map. And that's a whole
different high school experience, Pete, than you and I had, because Faith Lutheran, folks, looks more like a college campus. yeah. got multiple buildings, you know, around a quad of sorts. It's got state championships hanging on the wall. We
had those at Central. But, the football field astroturf, lots of scoreboard action, and in the gym and so forth, you know, again, state of the art everything.
Whereas, our school where Pete and I played, we were two of the only white kids on the team. They reversed for desegregation, folks. So, most of the people that Pete will be seeing, not all, but I bet most of the people that you see today, Pete, at the funeral will be our friends our black friends from
basketball, football, shoot, even hockey. Because we had great track teams, great football teams, great basketball teams, not so great hockey.
>> [laughter] >> I DON'T KNOW WHY.
>> I'LL TELL YOU YOU'RE 100% RIGHT, and I'll just give one quick story for people just to really fully understand who we were at Central High. And Prince and all those guys, musicians everywhere. I mean, that was fantastic.
Our scoreboard didn't exist. We had literally, John, a plywood thing, and you had little numbers that you slid into it. You know, and the long the longer part of the story, I won't go there, but we did not have a seven, which is kind of an interesting number not to have when you're playing
football.
Seven seemed to be a number if you get a score and get six, you get an extra point, there's seven. That seems to be kind of something that normally would happen. But, anyway, that's that's how our our high school looked.
>> And boy, we put out other than Pete, folks.
I mean, I played at a few schools, but you know, Pete division one football, Calvin Anderson division one football.
Was he also Nebraska, Pete?
>> He was.
>> Cuz we had a real pipeline to Nebraska, folks. We had a number one and a number two pick in the defensive backfield that both played at Nebraska and then went on to play at the Saints, I think Pete, or something like that.
>> I think John, in in our era, over 20 guys, so you were 75, I was 81, there were over 20 guys of that era that made it into the NFL. So, that gives you a pretty good idea of how, you know what, we had some athletes there for sure.
>> Well, and that's with a team also, folks, last bit about this. But, that's with a team that might have had 35 or 40 people on the football team in total.
Freshmen, sophomores, juniors, and seniors.
>> Okay, that's >> All of that, the the the varsity, if you will, was probably more like 27.
>> Yeah.
On a good day, if everybody showed up.
>> had like 130. They'd be up and down the sideline with people, you know, they'd have third and fourth string going through, you know, pregame and everything, and we're sitting there going, "Hmm." >> What are all those guys doing?
>> We get on the field, and Paul Mitchell lights them up with a touchdown like, you know, right away, and or Marcellus Granberry runs up and down the field for a touchdown. They couldn't play with us, but they could sure look good versus us, and we had the
worst uniforms. I think our our pants, Pete, were satin and something else, which is great in the summertime. Um, and the wool jerseys, also great in the summertime. Everybody else is in mesh, and when it gets cold, then they have the thicker jerseys. We only had
>> We didn't even have water till our mother and father donated a water jug for the team.
>> [laughter] >> But, that's all good.
>> Yeah, it's all good. But, uh, yeah, it was, uh, more on that later, folks, about that like sack summit and all fun stuff. We'll cover that next week.
>> Yeah. But Pete, macro today the Nikkei dropped almost 3% overnight.
The Nasdaq came in with a lot of pressure last night from once again Hynix SK Hynix which debuted on the Nasdaq as an ADR, but you know, that company's been around a bit Pete and pressure is on a lot of those memory names because of
SK Hynix getting hit again 9% over in Korea.
>> Yeah, that's that's one of many. I think that's number one like you that's why you led with it, but I'll also say this Trump's kind of back with these tariffs John talking about 25% for Brazil Brazil. That's a little bit of an issue.
The price of crude has gone up once again because what's going on with the straight is still an issue and crude is back up above 80.
So there's there's a lot of things kind of playing around within the market itself and you know what? You take a look at the chips and you look at the the SMH it was down 2% yesterday. So you know, there's there's a lot going on John. There's no doubt about that. So we'll we'll be keeping people upgraded on on what the macro side of thing is,
but I mean that's that's what it looks like at least as of right now for sure.
>> Well, and I'll I'll throw out Pete as we go to VIX next. I'll say all the headlines all everybody wants to do is you know, basically crap all over Elon Musk because you know, he he's only you know, the Einstein of this era.
Whether you want to give him credit or not folks what he's done is absolutely amazing. And so if SpaceX even trades down a little Pete the headlines ARE SPACEX BACK TO THE IPO price and it's like okay, but how much did Facebook fall below its IPO price?
And you know, they they were loath to run those headlines, but if Elon, who's exactly at 135 right now, Pete, if Elon's stock, SpaceX, SPCX, trades down to 130 Oh my gosh, IT'LL DROP ALL THE WAY BACK DOWN TO HERE. OKAY, LET'S GIVE it some time. I know there's lockups
that are coming and all the rest, but uh let's maybe talk about something other than a stock that's unchanged or down 1% on the day. Anyway, what do you got for VIX, Pete?
>> Yeah, people do get caught up in that, John. I'll just say this, the VIX not that volatile itself. I mean, we're talking about a fairly tight range.
Looking at something like call it 1575 up to 1650. Right now, I think we're sitting, as that shows, right around 16 itself. So, despite the fact of what we're seeing in the Nasdaq in a pretty, you know, pretty decent sell there, um it's interesting to see where the VIX itself is, you know? And then you look at the S&P 500, makes total sense. I
mean, it's it should even be lower, quite frankly, John. But, you know what?
It it's not going to be for now just because of all the outside noise that's out there. And it that's going to change things. And obviously, like we were just talking about, some of those big macro things are going to be influential, for sure. But, uh as of right now, 16 it seems like uh seems to be where we're getting caught, and it's getting tighter
and tighter each day, it seems like.
>> And then we've got the VXN, Pete, >> Yeah.
>> which tracks the volatility in the Nasdaq, and it's, you know, up slightly.
It's at 2605, but it's down from uh let's see, Monday's high, which was, I think, right around I'm looking at it now, Pete, 20 2758, I think, was the high on Monday. So, we're down from that, despite the fact that the Nasdaq's down 1% today. And
again, the square root of 256, which is presently the number of trading days in the year, that'll change when we go to more of a a long-dated, you know, 6 days a week of trading and so forth. But right now, 256 days, square root of that is 16. That's why a 1% move is a 16, folks. So, that's where we are there,
people.
>> Mhm.
>> Let's hit the basically prediction markets, Pete, because of course we do have FIFA and the prediction markets for the World Cup winner after Messi basically put the
team on his shoulders again yesterday, Pete. Again, the guy is amazing. Um and everybody who actually watches soccer knows that.
Some people say, "Oh, Ronaldo, Ronaldo, Ronaldo." He's a great player. Mbappé is a great player. I am not an expert. I'm just saying I know who some of the biggest players are in that sport. And the players on Spain are going to have something to say about whether or not Messi can hoist another trophy, right, Pete?
>> Absolutely. And you look at those numbers. I mean, Spain 58%. Here's Argentina at 42%. So, it's going to be interesting, John.
I'm going to call him the goat, uh you know, just because the guy's involved, it seems like in some way, and the and the numbers that he puts up, I mean, it's an assist or it's an actual goal himself or whatever.
It's just amazing how he's always that guy, right? He just seems to be that guy. So, because of that, um I got to tell you, I'd I'd GO WITH ARGENTINA.
>> [laughter] >> JUST BECAUSE we haven't seen any reason really to go away from Argentina at this point in time, and and he really is truly, I think, and we're going to have a discussion about this when we get to the sports about, well, where does he really stand in this world or whatever, in the world, not just soccer. I think that'll be a fun discussion, but
Argentina, they're always going to be in a game if that guy's part of the team.
>> Oh, yeah.
Um, our friend, Derek Stevens, the owner of Circa, he and his brother Greg, I don't want to leave you out, Greg. But, they own Circa, they own D, and they own the Golden Gate Casino. And they have the biggest sports book in the world, both indoors and outdoors.
>> Yeah.
>> It's just amazing. But, when you look at this, folks, and you see how much is wagered, for instance, on the World Cup, when you see $4 billion, for instance, that's nothing. And the reason I say that's nothing is that's Polymarket,
that's prediction markets, which have kind of wormed their way into casino gaming for sports books and things like that. I think they might get called out on that pretty soon, Pete. But, in the meantime, to give you an idea that that's just the tip of the iceberg,
casinos like Circa, like Caesars, and so forth, have already seen over $50 billion. Wow.
>> With a B.
>> Yeah. So, again, just like with a an iceberg that most of it's below the waterline, Pete, I think this is just the tip of the iceberg, that $4 billion. The real big monster is the $50 billion that is below the waterline. So, >> and I'm sure more will be wagered as we
get closer to the finals.
>> You know, Joe now heading our way.
>> All right. Let's talk, Pete, about Abbott Labs because they came out today strong Q2 earnings results. Anytime you have that and you raise guidance, you're going to have a good day. And Abbott, ABT, is having a good day.
>> They are. They're having a great day.
Up, last I looked it was up about 12%, John. Year-to-date the stock is still down, but but nonetheless, um, it's it's great that it had the opportunity to make this kind of a run that it's made.
I mean, but for all the right reasons.
And what that's why you and I have highlighted the idea, John, that hey, look, earnings have been saving these markets when people are wanting to get in there and be sellers. And what do I mean by that? Well, why is Abbott up 12% today? Well, they beat on their earnings, they beat it pretty good, they beat on their revenue, they beat that pretty good, they raised their guidance, that's not such a bad thing. Their
outlook, um, is looking pretty strong for what they're going to be able to do in terms of their earnings going forward. And you know what? In May, not that long ago, this was an $82 stock that's now trading it got up as as high as 102. So, it's somewhere call it 98 or 99 up to 102. It's a pretty nice day,
John, and these guys, uh, I think are just extended what we're talking about, which is earning season has been not only a help, but these guys are crushing it right now.
>> Yeah. Well, truly they are, Pete.
Abbott, uh, doing a lot of things right and, uh, making a strong move to the upside today. Yeah. All right, uh, let's talk for a moment, Pete, about United Health because UNH is one of those Minnesota companies that Pete loves to tout and for good reason. I mean, they deserve the tout. Uh, they are just, uh,
an a strong astronomically, he said it was easy to say, um, strong company. Um, and unfortunately, their CEO, Pete, was shot. Uh, and that was, of course, back in 2024, but nonetheless, the stock
cratered after that because people were demonizing the company. Um, in some cases, if they weren't covering insured claims and things like that, you can understand why people had, uh, a little less sympathy for the stock. They should always have sympathy for the
family of that gentleman who was running the company because, uh, you know, I don't think any CEO deserves to be shot.
But uh nonetheless, the stock had cratered down to 250 or 240, something like that.
There you can see it on your screen. But today, it's back up and moving strong to the upside, Pete, as these earnings come in. Uh total revenue, 112 billion dollars.
Which they were predicted basically to come in at 110.85.
110 billion and 85. Uh this is a pretty significant beat. And so no wonder the stock is also seeing some pretty good guidance.
>> Yeah, and a 52-week high today, John, of 461. That's pretty damn impressive. Now, it's pulled off of that pretty extreme, but nonetheless, that's where it hit for the new highs. They crushed the earnings just like we've been talking about. They crushed, as you just said, the revenue.
They raised their full year. The earnings are now 19.50 up to 20 bucks.
They were 18.75.
So, again, they they just seem to be clicking right now in the right way. And you know what? It's not a technology stock, it's not an energy stock, and yet here we got UNH. Not too far over that direction. Um absolutely crushing it.
So, again, we look at these markets, we talk about the earning season and how it's kicked off, and now we're into, you know, week two. Um it just continues, John, and United Health did not disappoint in anything that they put up.
So, impressive that it hit all the way up over to 461. It's pulled off of that, but nonetheless, when you look at this thing in a from a 1-year or year-to-date or whatever, um they are in a good spot finally, which is which is a good thing because they really had some issues for a while there, and it looks like they're starting to come out of this thing
pretty nice.
>> Right. Well, then let's shift gears yet again, Pete, and go on over to J.B.
Hunt.
Um and I I bet most of you watching have seen a JB Hunt truck on the roads because these guys are logistics and transport, all that kind of stuff.
They're also one of the biggest, you know, Consolidated Freightways and things like that. JB Hunt, these are the big monsters in that space. And the company put up earnings per share of a dollar 91 against 173.
Revenue was 3 and 1/2 billion dollars.
Very strong report, P. And obviously they move a lot of what we need and their biggest cost is probably the fuel that it takes to move those trucks. So as the price came down dramatically in the quarter, I think that was one of the reasons that these guys were able to put up such good
numbers. Yeah, you're exactly spot on, John, especially about that energy side of it of what they had to do. I mean, that's what puts it in there. You're talking about diesel energy, right? I mean, so intermodal services is is something that really broke out for them in a great way, 32%.
That's that's impressive, what they needed to do. You talked about the earnings, you talked about the revenue, all of which were big beats once again.
Barclays put a 300 price target on this one. TD raised theirs as well. So strong demand, strong momentum. I I would say that these guys are sitting pretty well. Now the one thing you're going to watch and you should be watching pretty closely is it's gotten up there at 299 today. It
hit a 52-week high.
Another stock, third in a row by the way.
Absolutely amazing to see how these things are are moving to the upside. JB Hunt is certainly one of those that's very very interesting. I know the demand is is strong, but when you see the price price accrued like we were talking about right at the top, up at 80 again after being 68, that becomes a little bit of a problem. And
and that will be something that, you know, we'll be watching pretty closely if you're interested in JB Hunt, but uh this is a great quarter for them as well. So, it just continues on, John.
>> Yeah. Well, let's wind it up, Pete, with a space stock that's not Elon Musk, yeah, ASTS, which is AST Space Mobile.
Um they announced pricing of about a billion dollars of a 1.625 convertible senior note that goes all the way out to 2034, Pete.
Um and the conversion price on that uh is set at about 79 and 1/2 dollars a share, which would be a 20% premium over Wednesday's close. In other words, they said, "Okay, we're going to give people a note that goes out, you know, here we are, Pete, 2026. So, let's call it
roughly 8 years into the future, and you have a right to call the stock, or in other words, exercise um that right. It's not an obligation, it's a right uh at 79.57 a share. And it pays you 1.625%.
Now, that percentage payment is pretty low, but the uh potential that you could exercise that and get a nice fat uh uh you know, if the stock's 200 bucks, you're still exercising it at one at 79.57.
So, this is a pretty strong bet to the upside, Pete, um if indeed enough people buy it that they're able to raise that billion dollars.
>> Yeah, and and you know what? The one concern that people seem to be having right now, John, which is why the stock is down there near, not at, but near the 52-week lows is, you know, they're looking at this thing and they're concerned about dilution and all the rest of it. Um so, understandable why it's down today, but I agree with you. I think this could be something into the future that could be
could be something that could be pretty special, quite frankly. And then, you know, they're also talking about why are they doing it? Well, they they've got some ideas with partnerships, acquisitions, all that kind of thing that people are excited about. Um the implied volatility of this thing is not a joke. It's up there at around 100% in terms of the options. So, is this thing
volatile? Hell yes, this thing is volatile. Is it close to the 52-week lows? It's a heck of a lot closer to that than it is the 52-week highs. So, um you can understand both sides of this thing, but I kind of like the idea that given that timeframe, John, it wasn't that long ago. This is a stock that was well over, you know, 100, well over 100
and a quarter. And so, you know, given that, um I think that some of these guys that uh decided that they're going to do this, it could be something that really is valuable into the future. But, you know what? It is into the future. So, I guess you will we'll have to wait on that one, but um they are in a situation
where I think they're going to probably do some acquisitions. And they just needed the capital. Now they got a billion dollars of capital in front of them.
>> Yeah, well, um uh Rocket Lab beat spent, you know, a ton of money, uh I think 7 billion or more for uh Iridium, >> Mhm.
>> um which gave them uh once the deal's completed, uh will give them a a footprint globally >> Mhm.
>> for space communications. Do you know how long it would take you to get approval from all those different governments? Um and my answer would be forever.
>> Forever.
>> This one already has it. It's already been operating. And so Iridium, as we talked about multiple times because of unusual option activity, uh Rocket Lab decided, yep, we're going to spend, even though it's a big spend and a heavy lift, we're going to get it done
because that makes us more valuable as a company. And uh I think perhaps not a 7 billion-dollar deal coming for ASTS, but they've probably got their eye on some companies to do some mergers and acquisitions as well, Pete.
And >> Absolutely.
>> you know, that's why I like this one. At 1.625 convert with a $79.50 uh uh warrant, if you will, out there 8 years into the future. Okay, I'll I'll buy that.
>> That could be a home run.
>> All right. Let's uh let's wind up with sports, Pete, like we usually do. It is, again, the last Rebel's Edge of the Week, folks. So, uh we always like sharing with you some of these. And I know if you're anybody who is watching FIFA World Cup yesterday, you saw uh
Argentina come back just like they did against Egypt, Pete.
Uh you can't keep these guys down. And there's a lot of great players on that pitch.
>> Mhm.
>> Uh both teams.
Bellingham and Rory Kane and all these guys. There's great players for the UK as well as for uh Argentina, but one guy kind of stands out a lot, Pete.
He's the guy that put him over the top.
Of course, Lionel Messi. Uh so, let's watch and listen to this.
>> This of Messi, bro, is something that I will truly never understand. Pay attention to this play.
So, here Argentina were losing one goal to zero with 5 minutes left on the clock. Lionel Messi gets the ball against JD Spence. At this point, any normal player would have simply put that cross in. Reason being is because you're in a 1 v 1 situation with JD Spence, but most importantly because you have around seven players in the box. But what Messi does, bro, proves that this guy is
always thinking two steps ahead. Because as you can clearly see in this position, Anderson was standing at the edge of the box. If Messi had decided to play that ball a little too early to his teammate [music] who was standing right in that position, De Paul, or even to Enzo Fernández, then Anderson would have had an easier job to to them. But you see, rather than crossing that ball or playing that ball back to the Pal or
Fernandez, what Messi does is he waits.
He makes time. He takes that 1v1 against JD Spence. What that does in this instance [music] is it forces Anderson to think that Messi wants to take on JD Spence on a 1v1 situation. And what that forces him to do is to close the gap and help out JD Spence. As soon as Messi cuts inside, Anderson has already provided JD Spence the assistance by
closing in the gap. But, what that has inevitably done is that it has left Fernandez completely >> those guys.
>> By the time that Messi had forced the both players to defend them, Enzo Fernandez is still alone with so much time and space to hit that ball and place it at the back of the net. And this is perfectly what we see in this situation. He plays into Fernandez that ball, and Enzo Fernandez with the shot that he has places it at the [laughter] back of the net.
>> The goalie had no shot. He had no shot.
He even guessed right, and he had no shot to get that shot. Well, and then how about the one, Pete, the game winner where he he's over in this same part of the pitch. He's over on the far right side, and he dribbles the ball around a little, and then launches it
over the heads of every UK player, England player, and then it gets headed in uh right as, you know, extended time is close to ending. I mean, at the 92-minute mark or whatever. It's The guy is next level.
>> No guts, no glory, and he's got guts, especially how he paused, John, on that first one. I mean, that was amazing. And on the second one, now that's playing in their head. So, they're like, "Well, is he going to do this again?" And all of a sudden he starts sprinting and gives that kick over there with the head he had. I mean, you know what? You and I ended up be
kind of kind of enjoying the whole soccer world or whatever football anywhere else in the world. But, yeah, lots of fun. So, here's the question, John.
Is of all sports, all sports. Who's the real goat of everything of of it all? I mean, who's the highest ranking guy? Is it Tom Brady? Obviously, we all know the story behind him and all the Super Bowls and everything that Tom Brady has done. He's
amazing. Michael Jordan, who to this day I don't think there's anybody in basketball and maybe one of the closer guys might might have been, you know, his favorite little young fellow >> [laughter] >> that they were such good friends and all the rest of it. But Michael Jordan had head and shoulders, I think, above everybody. But then all of a sudden you
throw into the mix, WHO'S GOT THE most pressure on them always to to whether it's in Florida or back there in Argentina or whatever. Who is it? And I got to tell you, if you look at that and you and you see all of what he has done in his career, by the way, 39 years old.
I mean, so this guy's been doing this a long time and he's still the best in the game, right? So >> Right.
>> I don't know. I think I tip the hat and say, "You know what? I think Messi might be the biggest goat of all the goats." What do you think?
>> Yeah, he might be the king goat.
>> He could be.
>> All those guys you mentioned, Pete, Brady, Michael Jordan, deserve the accolades they get just as Messi deserves it, but he's really a global sensation. Now, I do know that Michael and basketball is more of a global sport than football is
with Brady. But nonetheless, um those two are spectacular and I don't think there's a debate about them being the goats of those sports. But Messi, for a sport where you've got, you know, we had 48 teams in this tournament, Pete, and you're 39 years old and you
get all the way through to the finals and you had a hat trick you know, on your way in there and then against Egypt you basically you're down two zip and you come back and beat them three two and so forth.
I I think this guy not only does he handle the pressure Pete, he seems to thrive on it. He likes it. Yeah, he likes it.
>> [laughter] >> He eats IT LIKE CANDY.
>> EXACTLY. EXACTLY. All right, next up John, one real quick one, NFL Baltimore Ravens. Um I've been looking at this for a while. Now I give all the credit in the world to Lamar Jackson. I think this guy has done something that most players have never thought to do, which is
represent yourself. He does not have an agent. His contract is outrageously good and he's not having to share that with some agent anywhere, right? So he's he's been doing this, you know, for a number of years and his latest contract John, and this is where it gets a little bit
dicey and I wonder about this for Lamar's sake. So his contract next year, 2027, take a shot at how much he's going to get John next year under the what the what it looks like right now and and basically the salary cap is a little
north of 300 million. It'll go up again next year, it always does, but what do you figure it is John? Do you think it's 50 million, 60 million? What do you think it is? Just as a guess. If you were to guess. You may have looked but you might have but >> I did not. I did not Pete. So I know right now more or less, you know,
Patrick Mahomes has that crazy contract. Does he deserve it? Hell yeah. Patrick Mahomes is just like Lamar Jackson except he's got Super Bowl rings.
Jackson doesn't. Uh but yeah, I think this could be Pete a a deal where he has to restructure that contract or his team is just not going to win.
>> Well, that's exactly where I was going, too. $84.5 million is his contract next year. $84.5 million out of something north of 300. Let's say it's 325 million. It's still a huge chunk, right? That you've got with one player. The problem with that, as you
were just basically talking about, is, hey, you know what? Still got to pay some offensive lineman. You want to have protection. You don't want to, you know, get smacked in the back of your helmet by some big monster edge rusher, like we saw when we were in Vegas at the at that whole, you know, craziness of the sacks.
I'll tell you, it's amazing to me. I think he's going to do it. I hope he's going to do it. And that's what made Tom Brady Tom Brady. And that's what these guys don't understand today. It's not just about them. It's not just about that contract. Hell, $84.5 million, he doesn't need to have that. And he could
have a much different, you know, outcome, I think, as a team if he pulls back, rejiggers his thing, and gets that all taken care of, and gets gets themselves offensive lineman if they need them. Maybe to running back, cuz, you know what? How old How old is this running back going to be next year, and all the rest of it, injuries, all those
things. If he doesn't redo his contract, John, unfortunately, I would have to say, you know what? That's kind of selfish. And and you know what? I hope I'm wrong by saying that, but I think what I'm right on is he's a smart enough guy to maybe redo that contract next year to get the ability to maybe pay
other guys to be on that team.
Otherwise, he's just going for the money. And you know what? That does That's That's a bad look. And I'm hoping that I'm right that he's not that guy.
>> Well, and in March, Pete, he did restructure some of it. Okay. Because, like you say, uh he basically reduced his uh 74 or 75 million dollars down to 34.5.
So, he cut it in half >> Uh-huh.
>> in in March. Um and that freed up like 40 million in cap space because they converted most of that base salary. So, he didn't give up the money, but >> Right.
>> they converted it into a signing bonus.
>> Mhm.
>> So, it doesn't count for years and years into the future. Do you know what I mean?
>> Yeah.
>> So, you know, he he's he's understanding, I think, that he can't be 25% of all of the payroll of the Ravens and still have them win.
>> Yeah.
>> Because uh eventually, you're going to have to cut players when their salaries come up and uh you pay them.
>> Yeah.
>> Uh you're going to have to cut somebody else and again, uh there's a reason that sadly the Ravens have had one of the great defenses and uh have not been able to break through with Pittsburgh and all the rest that they have to deal with all the time.
They can play them head-to-head. They can play the Bills, the Steelers, and all that, but they just haven't been able to get over the hump beat because, you know, quite frankly, they spent too much money on this one. And I blame the GM. I don't And so, at least they restructured part of his deal. They might have to do more next year. We'll see.
>> Yep. Should be interesting to see. I think he's a team player, so I think he will do it immediately. And he'll he'll he'll probably refer to, you know, Brady and ask him, "Hey, what what's the best way to do this whole thing?" If he's representing himself, uh it's pretty interesting. He's a great kid, by the way. He really is. He's a He's only 29 years old, for crying out loud. So, what the hell?
>> [laughter] >> Yeah. Yeah. He's he's uh just a fabulous athlete and a great football player.
>> Yeah.
>> Um and has not been a problem on or off the field.
>> No.
>> Uh some of these folks that are great football players, Stefon Diggs, uh uh have have some issues.
>> Yes.
>> Um >> But uh this guy uh does not. And I'm glad he restructured part of the contract back in March. So, yeah. There you go. All right. Well, Pete and I will be back Monday, folks. Pete, good luck at the uh funeral today. Do say hi to all of our uh Central High friends.
>> Yeah.
>> Um I only wish Prince was going to be there to wave to you, but I'm sure you guys will have a lot of stories to tell uh next week >> Oh, yeah.
>> after you share them today at the uh uh at the funeral and so forth. So, >> It'll be good.
>> To all of you, we hope you have a great weekend and uh we'll be back on Monday at What time, Pete?
>> 1:00 p.m. Eastern time. Be there. See you then.
>> [music]
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