So this was a deal done mid-way through last year which extended the rights through 2028:
I’ll pull this over here because it seemed more relevant. I think Ten are in a very difficult position with this. For reference, the current deal is $200 million/5 years. I wouldn’t imagine that there would be a lot of interest in expanding that number much further, especially given they appear to have turned down the three-year extension option on the current deal. They may very well get it back on the relative cheap and still be able to make a run at the NRL rights.
On the other hand, that money might very well be the difference in a negotiation with the NRL. Of course then you run the very real risk of being left with basically nothing.