After 23XI Racing effectively won its lawsuit against NASCAR, securing a permanent charter and a large financial settlement, the team's focus turned to re-signing Tyler Reddick. With contract negotiations stretching into the season, the new asking price could be staggering.
Sports Business Journal's Adam Stern reported this week that industry executives have estimated that Reddick's demands in the NASCAR Fool's Season could push his contract demand to as much as $7 million per season.
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It's not hard to see why there could be an intense bidding war for Redick. Not only is 23XI Racing looking to bring him back to the No. 45 car long-term, but Hendrick Motorsports is also likely to have the No. 48 car available.
Bowman's contract year has been derailed by vertigo, which has kept him out of four races, effectively leaving him with no realistic shot at making The Chase. He was already viewed as the hot seat entering the season, Hendrick wanted to find a driver who could give him another Cup Series championship contender.
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With the two teams making the most money, Reddick could use 23XI and Hendricks against each other to generate bigger offers. He's also ready to hit the open market at just the right time in his Cup Series career.
It certainly would have been cheaper for 23XI to sign Redick to an extension before the season. He was coming off a winless season, seemingly taking a step back from winning the team's first regular season cup title. Fast forward to now, he has made more team history.
Reddick became the first 23XI driver to win the Daytona 500 and the first driver to win three consecutive Cup Series races. Even before April hit, he broke the team's single-season wins record with four trips to Victory Lane.
Realistically, 23XI will sign Redick to a new contract before the summer ends, and that could be followed by an announcement later this year that top prospect Corey Haim will replace Riley Herbst in the No. 35 car next season. In all likelihood, 23XI will have a three-driver team of Reddick, Hamm and Bubba Wallace in the near future.
