Can I approach Adsense Advertisers Directly?

Anything in TOS or other evidence to say this is restricted?

[Born_User]

I am getting lots of traffic in one particular area, and I am noticing that there are a group of adsense advertisers that appear more often than others for certain pages.

I would like to contact these advertisers directly and pitch my own PPC plan to them... lots less than Google would charge them for adsense. I would include text links to their site, and capture the passthrough data and bill them monthly.

Now here's the rub: If I were adsense, I would immediately BAN any adsense publisher who undercut me by going directly to the advertiser that I originally supplied them with.

Maybe I'm just being lazy and not examining the TOS well enough. But, I want to throw this out there as a topic to hear what others have to say about it.

[tombola]

If you consider to approach advertisers directly, use your common sense and re-read what jomaxx said in msg #27.