Cowboys Top NFL Franchise Valuation List at $8 Billion, per Report

For the 16th year in a row, Dallas topped the annual ranking.

The Cowboys became the first NFL franchise to receive a valuation of $8 billion, according to Forbes, topping the publication’s annual rankings for the 16th year in a row. 

The Dallas franchise, owned by Jerry Jones, remains in a league of its own in regard to its value, according to a list of the most valuable NFL franchises released by Forbes Monday. Worth exactly $8 billion, the Cowboys are well clear of the Patriots ($6.4 billion value), Rams ($6.3 billion value), Giants ($6 billion value), and Bears ($5.8 billion value), which round out the top five franchises. 

As the league’s annual revenue continues to skyrocket, all 32 teams have seen their value increase significantly over the past year. NFL franchises are now worth an average of $4.47 billion, which is 28% more than the average value in 2021 ($3.48 billion).

Forbes determines team value by looking at equity plus net debt, and adding the economics (including non-NFL revenue that accrues to the team’s owner) of the team’s stadium but not the value of the stadium real estate itself.

Fresh off of their third straight season in the playoffs, the Bills saw the biggest one-year increase in value, climbing up a full 50% in value since 2021. After coming in last among the league’s 32 teams last August, Buffalo is now 29th, with a valuation of $3.4 billion.

Despite an improbable run to the Super Bowl last season, the Bengals are ranked as the league’s least valuable team at $3 billion.