Nike selected former San Francisco 49ers quarterback Colin Kaepernickas the face of its "Just Do It" campaign, which is celebrating its 30th anniversary.
Darren Rovell of ESPN reported the choice of Kaepernick, who started the movement to kneel during the United States national anthem to protest racial injustice in August 2016.
Nike's stock price dropped after the announcement amid calls for a boycott. It remains to be seen whether this will have a major impact on the shoe company.
Charles Robinson of Yahoo Sports later reported that Kaepernick and Nike agreed to a new contract despite the fact Kaepernick has been with the company since 2011. Robinson added that "interest from other shoe companies" played a part in the new agreement.
Per Robinson, the contract is a "wide endorsement" where Kaepernick will have his own branded line including shoes, shirts, jerseys and more. According to Robinson, Kaepernick signed a "star" contract that puts him level with a "top-end NFL player" worth millions per year plus royalties.