Polybutadiene networks were prepared by peroxide crosslinking of monodisperse 1,4‐polybutadienes both in solution and in bulk. The effect of the entangled sol fraction on the elastic modulus of high‐molecular‐weight polybutadiene was observed in stress relaxation measurements. Sol fraction was shown to make a large contribution to the Mooney–Rivlin 2C2 term. This effect was also observed on the molecular level in NMR spin‐spin relaxation measurements. For networks crosslinked in bulk the stress relaxation measurements suggest the presence of trapped entanglements. The 2C2 term is insensitive to sol extraction in these networks. NMR spin‐lattice relaxation measurements in the rotating frame at 4.68 kHz verify the presence of additional effective crosslinks in these networks.