Cam Newton Partners with Overtime to Create 7-on-7 Football League Called OT7

Longtime NFL quarterback Cam Newton has teamed with Overtime to create OT7, a new seven-on-seven football league.

ESPN's Adam Schefter reported Tuesday the league is scheduled to launch in June.

Newton rejoined the Carolina Panthers, with whom he spent the first nine years of his career, in November after spending two months as a free agent following his release by the New England Patriots at the end of training camp.

While the 32-year-old is starting this new venture, he's still focused on landing an NFL contract before the 2022 season kicks off.

"I have teams that are interested in signing me," Newton told Schefter. "I am waiting on the best fit as it pertains to winning a championship and getting a fair chance to play."

Meanwhile, CNBC's Jabari Young reported OT7 will be a low-contact league for amateur players, who will be compensated for travel and hotel costs but won't be paid for playing in the games.

Overtime co-founder Dan Porter said the company is "doubling down" on leagues for high school-age players after launching the Overtime Elite basketball league last year.

"We're focused on the biggest, most popular sports and finding our audience in those sports where we can effectively make something bigger than it had been," Porter told Young.

Newton added that the goal is to provide "kids the exposure from the visual content that they need" to attract scholarship offers from college programs.

"Whether you have five stars or no stars, we want to give you that platform that highlights your skill set," he told CNBC.

OT7 is slated to feature 24 teams playing eight games each followed by the playoffs. The first session is scheduled for June 9-12 in Las Vegas.

Games will be 20 minutes long and played on a 40-yard field with tackling restrictions. One-hand touch rules will be used in lieu of tackles, per Young.

Overtime said between 500 and 700 players could feature in the league.