The ad, called "Dream Crazy", features Kaepernick and other sports stars such as tennis star Serena Williams and National Basketball Association star LeBron James, urging viewers to "Believe in something, even if it means sacrificing everything".
The spot ends with Kaepernick saying, "Don't ask if your dreams are insane, ask if they are insane enough".
In the print ad, two sentences lay superimposed on a black and white headshot of Kaepernick: "Believe in something".
"We also believe that those who know what sacrifice is all about are more likely to be wearing a military uniform than an athletic uniform", Davis said.
"Yeah. First of all, I do have tremendous respect for Nike as a company and for Phil Knight and just everything they've meant to sports", Jones said.
Kaepernick was the first NFL player to kneel during the national anthem to highlight racial injustice.
Carlson then asked Portnoy how Nike is helping the cause of civil rights if it's trying to sell expensive shoes to people who can't afford them. The league recently extended is exclusive apparel agreement with Nike through the 2028 season last March, in a deal said to be worth billions of dollars. #BoycottNike quickly spread through Twitter, and people began burning their purchased Nike gear in protest of the move.
One said: "In today's age, brands should be willing to take a risk and show where their values align".