Clay Travis and Buck Sexton examine Iran and U.S. foreign policy after discussion of a report that the Pentagon had instructed CENTCOM to prepare for the possibility of renewed strikes. Clay and Buck initially argue that major military action before the midterm elections would be unlikely and politically counterproductive, particularly among voters resistant to further U.S. involvement in war. During the hour, they react to a new statement from President Trump saying the United States is engaged in productive discussions with Iran and will not attack Iran before the midterm elections, while maintaining pressure designed to prevent Tehran from obtaining a nuclear weapon. Buck argues that Iran has an incentive to stall negotiations until after Election Day and says any escalation beforehand could damage Republican turnout.

Clay congratulates iHeartMedia CEO Bob Pittman on his induction into the Radio Hall of Fame in Chicago. Clay notes Pittman's long career, while Buck points to his role in the creation of MTV. Their conversation briefly turns to Chicago restaurants, sports media and audience analytics, including Clay's discussion of Chicago as a major market for his Sport and State media venture.  Clay and Buck react to a Bezos interview, Clay argues that the Amazon founder appears increasingly willing to challenge progressive economic assumptions. The hosts highlight Bezos' defense of successful entrepreneurs and his rejection of the idea that accumulating wealth through building a popular business is inherently immoral, using Raising Cane's as an example of how business growth can create both wealth and jobs. Clay connects Bezos' comments to a larger political argument over capitalism, success and the Democratic Party's treatment of wealthy Americans.

Clay and Buck focus on the closing stretch of the 2026 midterm elections, with particular attention to the highly competitive Texas and Alaska Senate races, President Donald Trump’s Iran policy, media coverage of Trump, the political vulnerabilities of Democratic candidates James Talarico and Abdul El-Sayed, and the battle for control of the U.S. Senate. Clay and Buck open Hour 3 by returning to the increasingly unusual absence of Talarico from the Texas campaign trail. With Talarico reportedly sidelined by the flu for nearly two weeks, the hosts question why a young Senate candidate would disappear during one of the most important periods of his campaign. They consider whether his campaign could deliberately be limiting his public exposure, comparing the strategy to Joe Biden’s 2020 “basement” campaign and Kamala Harris’s limited media appearances, while emphasizing that they do not know the actual explanation for Talarico’s absence. The discussion intensifies when they report that Ken Paxton’s campaign is calling for “proof of life” and documentation supporting the explanation for Talarico’s disappearance, including a current video and information about his reported illness. Clay and Buck compare the mystery to questions that emerged around John Fetterman’s health during his Senate campaign and repeatedly argue that a 12-day absence at this stage of a competitive statewide race is politically extraordinary. Listener reactions later in the hour largely echo the theory that the Talarico campaign could be intentionally keeping its candidate away from cameras, while the hosts close the program still asking when he will return to the campaign trail.

An interview with Alaska Senator Dan Sullivan about his reelection battle against Mary Peltola and the stakes for Republican control of the U.S. Senate. Sullivan describes the contest as neck and neck and says turnout among Republicans, independents and undeclared Alaska voters will determine the outcome. He attacks Peltola's congressional record, accusing her of supporting the Biden administration on major Alaska issues involving energy development, natural resources, the military, immigration and transgender athletes in women's sports. Sullivan also discusses reporting about Peltola's treatment of congressional staff and argues that her record raises questions about her fitness for office. He contrasts what he says are Peltola's legislative accomplishments and attendance record with his own Senate record, while warning that electing Peltola could empower Chuck Schumer and Senate Democrats. Clay and Buck frame the Alaska contest as one of the races that could determine the balance of power in Washington.

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