The adverts are the best thing about the Super bowl for me and the big 3 not being there does put a downer on things. The loss of viewership is probably the reason like you mentioned as the cost is not worth the reward and better spent elsewhere.
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I wonder if they have been forced to lower their prices for advertising space this year. I haven't heard anyone talking about that but it wouldn't surprise me since there has been a dramatic drop in people watching all sports in USA in the past year - especially once some of the leagues embraced players making things political.