Forbes: The NFL’s Most Valuable Teams 2024

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The Dallas Cowboys have been the most valuable team in the world’s richest sports league for 18 straight years, but America’s Team wasn’t the first franchise worth $1 billion, or $2 billion, or even $3 billion. (By Forbes’ calculations, those milestones were first achieved by, in order, the then-Washington Redskins in 2004, Manchester United in 2012 and Real Madrid in 2013.)

If everything really is bigger in Texas, though, Dallas owner Jerry Jones can surely appreciate this: The Cowboys are the first sports team to cross the $10 billion threshold, landing at $10.1 billion on Forbes’ annual list of the NFL’s most valuable teams. That figure represents a 77% increase since 2020—when the Covid-19 pandemic momentarily slowed NFL teams’ growth—and an annualized return of 15%, beating the S&P 500’s 13% in the same four-year period.

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All NFL franchises are riding high, however, with roughly $380 million in revenue per team coming from the league’s lucrative new national media rights package, which kicked in last season. The agreements—with CBS, ESPN/ABC, Fox, NBC and YouTube, plus Amazon’s Thursday Night Football deal, which started a year earlier—are set to pay at least $125.5 billion through 2033.

That kind of guaranteed money has all 32 NFL teams now worth at least $4 billion, at an average of $5.7 billion, up 11% from 2023’s record $5.1 billion. And every team is profitable, with operating income of at least $56 million across the board for the 2023 season, according to Forbes estimates. (By contrast, Major League Baseball, Major League Soccer and the NBA each had at least three teams lose money in the most recent season of Forbes data.) Those economics help explain why the NFL’s valuations sit in a relatively narrow band, with the Cowboys worth 2.5 times the last-place Bengals—smaller than the spread in Forbes’ most recent lists for MLB (7.6x), MLS (3x), the NBA (3.2x) and the NHL (5.6x).

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#1. $10.1 billion

Dallas Cowboys

One-Year Change: 12% | Operating Income: $564 million | Owner: Jerry Jones

#2. $7.6 billion
Los Angeles Rams
One-Year Change: 10% | Operating Income: $286 million | Owner: E. Stanley Kroenke

#3. $7.4 billion
New England Patriots
One-Year Change: 6% | Operating Income: $261 million | Owner: Robert Kraft

#4. $7.3 billion
New York Giants
One-Year Change: 7% | Operating Income: $190 million | Owners: John Mara, Steven Tisch

#5. $6.9 billion
New York Jets
One-Year Change: 13% | Operating Income: $138 million | Owner: Johnson family

#6. $6.8 billion
San Francisco 49ers
One-Year Change: 13% | Operating Income: $144 million | Owner: York family

#7. $6.7 billion
Las Vegas Raiders
One-Year Change: 8% | Operating Income: $115 million | Owner: Mark Davis

#8. $6.6 billion
Philadelphia Eagles
One-Year Change: 14% | Operating Income: $158 million | Owner: Jeffrey Lurie

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