I look at it this way, Kap has been on their list of sponsored athletes for years now, but to be the face of Nike is something else. He is not a great athlete, which Nike's face athletes are known to be. At best, he is a slightly below average QB who is out of a job.
I do believe that Nike will end up being ok, but for now, they will be losing lots of money. So why risk losing millions now? Unless they did a study and found that their black demographic has fallen. This would be the only reason why I can see Nike doing this.
Let's not forget that Kap donated money to a fund that was created for a guy who killed a cop. Wore cop/pig socks. Very close relationship with Linda Souer. Unemployed and because of his gf, lost a job. So all the factors put together, Nike made a bad decision.
I was ok with Nike prior to this, but preferred Under Armor. Now I will definitely not buy Nike. The Mrs. likes Nike, so I'm going to work on her switching to UA.