Welcome back to The Varsity, my twice-weekly private email on all the money and power behind your favorite teams. I am writing this email from my home office in Washington, D.C., but my travel schedule is about to take off, including a visit to New York next week for some upfront events followed by a BofA Securities media event in Montauk from June 3-5, where I’ll be moderating a panel on the sports marketplace with Jimmy Pitaro, Rich Paul, Cathy Engelbert, and David Levy.

Tonight’s issue is filled with news about NBC’s Kentucky Derby renewal, the Tom Brady roast, and ESPN’s Norby replacement search. I’ll also be digging into the latest twists in the NBA rights lottery. Click here to subscribe for full access to the newsletter. And if you insist on forwarding this to your colleagues, be warned we will sign you up for Marchand’s YouTube channel, where you can watch him train for a spot on the U.S. synchronized swimming team.

Here we go…

1. A Derby surprise: NBC stunned the sports media business on Saturday morning when it announced an extension to its Kentucky Derby media rights deal, which was due to end next year, and will now...