As fans place their bets on which team will win the Super Bowl, advertisers are also placing (multi-million) bets that their commercials will pay off.

This year brands are spending $5.25 million dollars per each 30 second spot. It's the biggest ad spend ever, and CBS is expected to bring in $500 million in revenue from in-game ads, even while the TV audience is shrinking.

Last year, 103.4 million viewers watched the big game, down 7 percent from the year prior. However it's still by far the largest TV audience event of the year. In comparison, only 26.5 million viewers watched the Oscars in 2018, according to Nielsen data.

Sports' premiere game is "really attractive for advertisers, especially as consumers are watching on platforms and devices where there's not always ads," Jeanine Poggi, Ad Age's senior editor, told CNBC's "On the Money" in an interview. This year, she said commercials are expected to be more light-hearted and humorous in tone.

Coca-Cola, for the first time in more than a decade, will not be running an ad during the game. Instead, the company will run its spot just before the national anthem. The animated commercial promotes the idea that Coke is enjoyed by everyone no matter their race or beliefs.

"Of course the national anthem has been a source of controversy over the last two seasons, and I think Coca-Cola is really using it as a moment to bring people together," Poggi said.

The anthem has become a polarizing moment for the National Football League a few years ago, ever since Colin Kaepernick knelt during the song to protest racial and social inequities.