NEW YORK -- Al Michaels was traded from ABC to NBC for a cartoon bunny, four rounds of golf, and Olympic highlights.

The rights to Oswald the Lucky Rabbit, a bunny created by Walt Disney in the 1920s before he invented Mickey Mouse, were transferred from NBC Universal to The Walt Disney Co. as part of the agreement to release the broadcaster from his contract with ABC and ESPN.

''As the forerunner to Mickey Mouse and an important part of Walt Disney's creative legacy, the fun and mischievous Oswald is back where he belongs, at the home of his creator and among the stable of beloved characters created by Walt himself," Disney president Robert Iger said after yesterday's announcement.

Michaels had been with ABC for three decades and had been the play-by-play announcer for ''Monday Night Football" for the past 20 years.

''Oswald is definitely worth more than a fourth-round draft choice," Michaels said, referring to what the Kansas City Chiefs gave the New York Jets as compensation for releasing coach Herm Edwards from his contract. ''I'm going to be a trivia answer someday."

A four-time Emmy Award winner, Michaels agreed last July to stay with ABC/ESPN as the Monday game switched to the cable network next fall, but he asked to back out and instead will broadcast Sunday night NFL games on NBC with John Madden, his partner on ABC during the past four seasons.

As part of the deal, NBC sold ESPN cable rights to Friday coverage of the next four Ryder Cups through 2014, and granted ESPN increased usage of Olympic highlights through 2012 and other NBC properties through 2011. NBC gets expanded highlight rights to ABC and ESPN events.

NBC Sports chairman Dick Ebersol said ABC Sports and ESPN president George Bodenheimer called last month to initiate talks, which culminated in an agreement Tuesday.

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