Cam Newton Trolls Shannon Sharpe W/ Sex Video Joke During TV Broadcast

Cam Newton didn't disappoint on the first day of his new job ... the NFL MVP trolled new co-worker Shannon Sharpe over his Instagram Live sex sesh with "Michelle"!

ESPN recently hired the former All-Pro signal-caller to sit opposite Stephen A. Smith and Sharpe on "First Take" ... and he made his debut on Friday for their HBCU road show.

Newton -- who already has a popular podcast, 4th&1 -- and the crew were discussing Smith's top five homecoming essentials, from the band to Greek life.

But, Cam felt like the group missed an essential ... parties!

"It's the parties, Stephen A.! We ain't worried about class. We ain't worried about food!" Newton said.

Sharpe responded to Cam, saying he'd be "worried about something else" at the homecoming, but couldn't say it on national TV.

Newton knew exactly what Shannon was hintin' at ... and had a hilarious response.

"Watch out, Michelle!" Newton said ... as the whole crew busted out laughing.

Of course, Newton is referring to the name of the woman Sharpe was having sex with during an accidental Instagram Live session last month.

Sharpe, 56, apologized for the mishap and was adamant it wasn't staged. At the time, ESPN told us Shannon wouldn't be disciplined for the incident.