In a large bowl with a hand mixer, beat softened cream cheese with peanut butter until creamy. Add in powdered sugar and vanilla extract, beat until a thick dough forms.
Shape the cheese ball into a football shape and wrap it in plastic wrap. Refrigerate it for at least 2 hours. Place the chocolate sprinkles into a shallow dish.
Roll the cheese ball into the chocolate sprinkles, coating all sides completely. Place the cheese ball onto a serving plate. Place frosting into a piping bag and pipe frosting onto the cheese ball for the football lace. Refrigerate until serving.
