CNBC released its annual valuation of all 32 National Football League franchises for the 2026 season, and the Dallas Cowboys continue to sit at the summit. The Cowboys are now valued at $16 billion, the highest figure in the league.
Revenue power fuels the Cowboys’ lead
Senior sports reporter Michael Ozanian explained that the Cowboys’ valuation stems from their unrivaled revenue generation. During the 2025 season the team produced $1.3 billion in revenue, far surpassing the league’s average of $723 million. Ozanian told NBCU Local, “The Cowboys are the most valuable team in the NFL simply because they generate by far the most revenue in the NFL.”
California rivals lag behind
Following Dallas, the Los Angeles Rams rank second with a $14.5 billion valuation, reflecting a 36 percent growth from the prior season—outpacing the Cowboys’ 28 percent increase. The Rams benefit from owning and operating SoFi Stadium, a factor Ozanian highlighted as a key revenue driver. In contrast, the Los Angeles Chargers, who are tenants in the same venue, posted $630 million in revenue for 2025, well below the Rams’ $950 million.
Ozanian noted, “The Rams are similar to the Cowboys in a sense that they control the economics of their stadium… The Chargers, who also play in that stadium, are tenants.” He added that the Chargers’ revenue comes largely from leasing suites and hosting non‑NFL events, which can net over $5 million per concert.
Other top‑valued clubs
The Las Vegas Raiders sit at No. 3 with a $13 billion valuation, followed by the New York Giants at $12.5 billion and the New England Patriots at $12.25 billion. The San Francisco 49ers, Miami Dolphins, Philadelphia Eagles, Atlanta Falcons and New York Jets all exceed $11 billion, completing the top ten.
San Francisco’s rise—from eighth to sixth place—reflects strong on‑field performance and savvy business practices. Ozanian said the 49ers “have also done a very good job on the business side… they control the economics for football” despite not owning their stadium. Their ticket, suite and sponsorship pricing ranks among the league’s best, and the West Coast market adds a geographic advantage.
Stadium projects and future growth
Several franchises are pursuing new stadium projects to capture additional revenue streams. The Jacksonville Jaguars, Washington Commanders, Chicago Bears and Kansas City Chiefs are all in various stages of developing new homes, a trend Ozanian expects to continue shaping franchise values.
Teams at the lower end of the scale
At the opposite end of the spectrum, the Cincinnati Bengals, Buffalo Bills and Arizona Cardinals are valued at $8.55 billion, $8.5 billion and $8.4 billion respectively. Buffalo hopes its upcoming Highmark Stadium will boost its valuation for the 2027 ranking.
The full list of 2026 franchise valuations is available on CNBC’s website.
Original reporting: Dallas TX News (HLL/CB) — read the source article.
