Big Business: The Top 10 most valuable NFL franchises

The economics of sports is a fascinating tangent to delve into because it considers many different assets of a franchise. Based on television ratings alone, it’s often said that the NFL is the most popular league in the United States, which should drive up the valuation of its teams. We’ll look at the top 10 most valuable teams, sourced from Forbes.

The Eagles weren’t exactly a cornerstone NFL franchise before the turn of the century, but have turned things around since 2000. Philadelphia has played in three Super Bowls, and participated in a number of NFC championship games. They seemed to find an equation that keeps them relevant year in and year out.

While it’s not surprising to see the 49ers on this list, it might be a little stunning to some that they aren’t higher. San Francisco has had the great fortune of winning at the highest level dating back to the 1980’s, which has bred generations of lifelong 49ers fans. There may be potential for the team to be worth even more if they tap into Silicon Valley resources in a possible sale.

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There might not be a franchise whose reputation has been sullied more than the Commanders’ in recent years, thanks to the tumultuous ownership tenure of Daniel Snyder. He sold the team in 2023 for $6.05 billion to a group headed by Josh Harris. It’ll be interesting to see how Harris and his team build goodwill back up in the near future.

They haven’t had much success on the field, but the Jets remain one of the most fiscally valuable assets in the NFL. Due to the market they play in, and the fervent support they receive, the franchise should always have a prominent place on the list. Fans hope that their dreadful luck on the field will change in short order.

The Raiders have relocated a couple of times in the last 35 years, but their nomadic existence has likely helped them from a valuation perspective. The team has developed a fan base in Southern California, Oakland, and now in Las Vegas. Their iconic silver and black threads are also a popular choice in the pop culture fashion scene.

Very quietly, the Bears find themselves in the top five of this list. They’re one of the oldest franchises in the NFL, and play in a major market, but they don’t feel like an A-List team. Chicago is hoping to change that perception, as they have a boatload of draft capital to use that can help them build a sustainable winner.

The Giants have been a pillar of the league for many decades, and have entrenched themselves as a model franchise. Their ownership is truly a family business, as John Mara currently owns the Giants, just as his father and grandfather have before him. That stability has allowed them to establish operational continuity that has served them well.

The Rams have bankrolled their way towards the top of NFL valuations in recent years. They moved back to Los Angeles in 2016 after a 20-year stay in St. Louis. Owner Stan Kroenke built a state of the art facility in SoFi Stadium that has already hosted a Super Bowl, one that the Rams played in and won.

It’s going to be fascinating to track the valuation of the Patriots in the coming years. New England had a dynastic run from 2000 to 2020 that brought legions of supporters across the country and the world. Since Tom Brady left the team, things haven’t been as smooth on the field, but that track record might buy New England a tailwind of financial success until they can right the ship.

The Cowboys, branded as “America’s Team”, tops the list of NFL valuations. It’s often mentioned that owner Jerry Jones bought the club in 1989 for a “discounted” $140 million, and it’s safe to say that the investment paid off. Dallas’ every move is tracked by the national media, which should be the case as long as Jones remains in control of the franchise.