UNITED STATES
                    SECURITIES AND EXCHANGE COMMISSION
                          Washington, DC 20549


                                 FORM 8-K


                              CURRENT REPORT
 Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934



   Date of Report (Date of earliest event reported): December 18, 2006



                                 NIKE, INC.

          (Exact Name of Registrant as Specified in Charter)


       Oregon                  1-10635                 93-0584541
    ____________             ____________             ____________

   (State of                  (Commission            (I.R.S.Employer
   Incorporation)            File Number)          Identification No.)

                             One Bowerman Drive
                         Beaverton, Oregon 97005-6453

                   (Address of Principal Executive Offices)
                          __________________________

                               (503) 671-6453

             (Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (See General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act
    (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under Exchange Act (17
    CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
    Exchange Act (17CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
    Exchange Act (17 CFR 240.13e-4(c))

                          ___________________________

Item 5.02 Departure of Directors or Certain Officers; Election of
          ________________________________________________________
          Directors; Appointment of Certain Officers; Compensatory
          ________________________________________________________
          Arrangements of Certain Officers.
          ________________________________

     On December 18, 2006, NIKE, Inc. (the "Company") amended and
restated, effective January 1, 2005, the NIKE, Inc. Deferred Compensation
Plan (the "Plan").  The amendments were intended primarily to comply with
the requirements of Section 409A of the Internal Revenue Code of 1986, as
amended, as well as guidance on Section 409A issued by the Internal
Revenue Service.  The amendments do not apply to amounts deferred prior
to January 1, 2005 (including any earnings on such amounts under the
Plan) that are vested as of December 31, 2004.

     The amendments change the Plan rules that permit Plan participants
to elect to change their method of distribution of benefits under the
Plan.  Generally, benefits under the Plan may, at the election of the
participant, be paid in a cash lump sum or quarterly installments over
five, ten or fifteen years.  Prior to the amendments, a Plan participant
could elect to change his or her method of distribution of benefits by
submitting the election at least one year prior to the participant's
payment commencement date under the Plan.  Pursuant to the amendments,
there is now an additional requirement that the first payment made
pursuant to the new distribution method selected cannot be made sooner
than five years after the payment commencement date for the distribution
method that the participant has elected to change.  The amendments also
change other rules relating to distributions and acceleration of benefits
with respect to amounts deferred under the Plan, in order to comply with
Section 409A.

     The amendments change the rules regarding the timing of deferrals of
long-term incentive payments.  Prior to the amendments, in order to defer
long-term incentive payments, a Plan participant was generally required
to submit a deferral election no later than December 15 of the second
calendar year preceding the calendar year in which the long-term
incentive payment would otherwise be paid.  Pursuant to the amendments,
in order to defer long-term incentive payments, a Plan participant
generally must submit a deferral election no later than November 30 of
the calendar year preceding the calendar year in which the long-term
incentive payment would otherwise be paid.

     The amendments also restrict the kind of bonuses and long-term
incentive payments that may be deferred under the Plan, change the rules
regarding the timing of deferrals of bonuses to comply with Section 409A,
provide for transition rules as permitted by Section 409A and related
guidance and include certain other changes made to comply with Section
409A and other technical changes.

     The foregoing summary of the amendments to the Plan is qualified in
its entirety by reference to the full text of the Plan.  A copy of the
Plan is filed as Exhibit 10.1 hereto.

Item 9.01 Financial Statements and Exhibits.
          _________________________________

  (d)  Exhibits

       10.1   NIKE, Inc. Deferred Compensation Plan.

                              SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.


                                  NIKE, INC.
                                  (Registrant)


Date:  December 18, 2006       By: /s/ Donald W. Blair
                                   ________________________________
                                       Donald W. Blair
                                       Chief Financial Officer