Recorded live at Latinos in Sports in Miami, CNBC’s Alex Sherman sits down with New York Yankees icon Mariano Rivera for a wide-ranging conversation on the business—and evolution—of Major League Baseball, Rivera’s unlikely path from Panama to the Hall of Fame, and what he’s building after baseball.

Rivera weighs in on one of MLB’s biggest looming issues: whether the league should adopt a salary cap, and what “fair competition” should look like across big- and small-market teams. He also reacts to the sport’s recent rule and gameplay shifts—from the pitch clock to automated strike-zone technology—and shares why he believes some changes risk removing the “human factor” that makes baseball special.

The conversation then turns personal: Rivera recounts growing up without access to proper equipment, learning English after arriving in the U.S., and how a chance moment pitching in one game led to a Yankees tryout. He also tells the story of how the cutter emerged in 1997—an accidental discovery that became one of the most dominant pitches in sports history.

Finally, Rivera opens up about post-retirement life, from his early business moves to his newest venture: “Most Heat,” a hot sauce line he calls authentic, passion-driven, and built to bring “the heat” from the mound into fans’ kitchens—complete with a May 15 launch at the Major League Baseball store in New York City.

Key topics covered:

• MLB economics and competitive balance (salary cap and revenue sharing)
• Rule changes: pitch clock, automated strike-zone challenges, and the “human factor”
• Rivera’s rise from Panama to the Yankees (and learning English in the minors)
• The origin story of the cutter and becoming “The Sandman”
• Post-career entrepreneurship and launching “Most Heat” hot sauce

Timestamps:

• 01:56 Why Latinos are driving sports economy growth—and why Miami matters
• 15:05 Rivera on how much baseball he watches now
• 16:41 Salary cap debate: “Yes… it has to be fair to everybody”
• 19:13 Rule changes Rivera likes (and doesn’t like), including the pitch clock
• 22:53 Growing up in Panama without proper gear—and why it shaped him
• 28:37 Learning English after reaching the U.S. minors
• 30:48 The cutter origin story (1997) and why it changed everything
• 33:08 A George Steinbrenner story from the 2000 World Series era
• 35:14 “Enter Sandman” and why Rivera never listens to it outside the stadium
• 37:26 Rivera on giving back, mentoring young athletes, and prioritizing education
• 38:28 Why he got into a car dealership—and how “Most Heat” came together
• 43:53 “Most Heat” announcement + May 15 MLB store launch in NYC

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