Even during a worldwide pandemic, the NFL is an incredibly lucrative investment.
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With teams unable to fill up stadiums with fans because of COVID-19 (and some having no fans at all), the league isn’t expected to increase revenues this year. But that didn’t stop team valuations from increasing an average of 7% in 2020, making the NFL yet again the most profitable league in sports.
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Which teams increased in value the most, and which franchise makes the least? GOBankingRates evaluated all 32 teams and ranked them in terms of revenue. Find out which NFL team is the richest.
Last updated: Aug. 24, 2021
32. Las Vegas Raiders
Even the Silver and Black, the team at the bottom of this list, is worth a staggering $3.1 billion. The franchise recently moved to Las Vegas, and when the brand-new Allegiant Stadium can welcome fans, the franchise’s value will soar even more than the 7% it grew this year.
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31. Los Angeles Chargers
Expect the Chargers’ numbers to all go up next season, when the team can welcome fans into the $5 billion SoFi Stadium. After all, the team brought in $75 million last season despite playing in Dignity Health Sports Park, which held just 27,000 fans and was the smallest NFL stadium.
The Chargers are battling with the Rams for NFL fans in L.A., so getting back to the playoffs (they haven’t been since 2018) would help, too.
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30. Cincinnati Bengals
The Bengals’ fortunes on the field seemed on the way up when they drafted QB Joe Burrow with the No. 1 overall pick, but he suffered a season-ending knee injury in a loss to the Washington Football Team on Nov. 22, 2020. The team didn’t grow in value from 2019 to 2020, so owner Mike Brown will be hoping for better days next year.
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29. Detroit Lions
Detroit’s value rose 8% from 2019 to 2020, and optimism was on the rise entering the 2020 season. However, the Lions are headed toward another last-place finish in the NFC North and fired their coach and GM the day after Thanksgiving. Owner Sheila Ford Hamp made good on her vow to not expect losing, so maybe that will spark even greater increase in team value.
28. Buffalo Bills
Buffalo’s revenue jumped 8% in one year, and the Bills’ fortunes appear to be on the rise. Led by up-and-coming young QB Josh Allen, the team is contending for the AFC East crown.
27. Tampa Bay Buccaneers
Tampa Bay’s fortunes on the field are far rosier than off it, with all-world quarterback Tom Brady joining the team. The Bucs are certainly headed toward a playoff berth, but the franchise’s revenues aren’t postseason-worthy.
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26. Tennessee Titans
The Titans are building a playoff contender, reaching the AFC Championship game last season and well positioned for a postseason run this year. That hasn’t translated into a huge revenue bump yet, as the team has the second-lowest operating revenue among the 32 NFL teams.
25. Arizona Cardinals
Arizona’s franchise gained only 3% in value from 2019 to 2020, but that number probably will up more soon as the Cardinals look like a playoff contender. Led by former No. 1 pick Kyler Murray and bolstered by a trade for star wide receiver DeAndre Hopkins, Arizona is competing for a postseason spot, although the team plays in the tough NFC West.
24. Los Angeles Rams
Los Angeles’ more successful, more lucrative team is a playoff contender with a young, up-and-coming coach in Sean McVay. Expect the Rams’ value to soar when the team can host fans in the new $5 billion SoFi Stadium.
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23. Indianapolis Colts
The Colts’ revenue jumped $33 million from 2018 to 2019, although operating income stayed flat. Indianapolis brought in veteran QB Philip Rivers to make a playoff push, but at 38 years old, he’s not a long-term answer. It remains to be seen if the Colts will need to re-tool soon.
22. Cleveland Browns
It’s a good thing that the Browns’ revenue (and your 401K) doesn’t tie directly to Cleveland’s recent record. While the franchise’s revenue has gone up steadily, the team’s wins and losses have gyrated wildly, from 0-16 in 2017 to 7-8-1 in 2018, then back to 6-10 in 2019.
21. Kansas City Chiefs
No surprise here, but the reigning Super Bowl champs’ value jumped 9% in one year. With Super Bowl MVP Patrick Mahomes at the helm and a star-studded offense to back him, the Chiefs are poised for a long run of success.
20. Jacksonville Jaguars
The Jags’ glorious run in the 2017 postseason — they made it to the AFC championship game, where they met their end at the hands of the Patriots — seems like an eternity ago for Jacksonville fans. A season of high expectations with Gardner Minshew at quarterback has fallen apart, and the team fired the general manager. Is coach Doug Marrone next to go?
19. Carolina Panthers
Carolina owner David Tepper bought the franchise in 2018 for $2.2 billion, so he has already seen growth in his investment. Next he’d like to see a playoff berth, but the Panthers are building after letting superstar Cam Newton go in the offseason.
18. Minnesota Vikings
The Vikings’ value grew 9% in one year, one of the best growth numbers among NFL teams. The franchise’s fortunes on the field haven’t been quite so rosy, with the team looking like it will fall short of the playoffs again. Minnesota’s bet of a fully guaranteed, 2-year deal worth $66 million to Kirk Cousins looks like a bad gamble now.
17. Pittsburgh Steelers
Operating income only went up $1 million from 2018 to 2019, but the franchise’s value went up 7%. The Steelers are one of the legendary franchises in NFL history, with six Super Bowl titles. They appear on their way to another postseason run after an unbeaten 10-0 start.
16. Baltimore Ravens
Led by NFL MVP Lamar Jackson, the Ravens are a powerhouse both on and off the field. They are perennial contenders, and with an 8% growth in team value in one year, they look good on the balance sheet, too.
15. Miami Dolphins
The Dolphins are contending for a postseason berth this season, and the team increased its operating from $56 million in 2018 to $92 million in 2019. Expect even more growth as the team continues to find success.
14. Atlanta Falcons
The Falcons are on a downward trend, struggling on the field (consecutive 7-9 seasons, plus a horrible start this year) and seeing an operating income drop. Atlanta’s operating income dropped $75 million from 2018 to 2019, with the $38 million ranked only ahead of the Raiders’ $33 million.
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13. New Orleans Saints
New Orleans is the birthplace of jazz and the crown jewel of the Louisiana Purchase, but ask people there today “who dat?” and the answer is more likely going to be Drew Brees than Louis Armstrong or Thomas Jefferson. The Saints are perennial playoff contenders and are on track to be the NFC’s No. 1 seed this season.
12. Denver Broncos
It’s true that Denver fans were gifted a Super Bowl victory just five seasons ago, but five years is a long time when your team finishes either last or second-to-last in the division every season since, as Denver has done since its 2015 glory. The Broncos had some high hopes entering 2020 but the team will miss the playoffs again.
11. Seattle Seahawks
Seattle is one of four NFL teams with double-digit percentage growth in current value, jumping 11% from 2019 to 2020. With one of the league’s best quarterbacks in Russell Wilson, plus perpetually young coach Pete Carroll (who signed a five-year extension despite being 69 years old), the Seahawks look set to contend for the foreseeable future.
10. Chicago Bears
The Bears gained only 2% in value from 2019 to 2020, although that’s still a rise of $70,400,000. After an NFC North title in 2018, Chicago slipped to 8-8 last season and is struggling again in 2020. The drafting of quarterback Mitchell Trubisky at No. 2 in 2017 is looking more and more like a bust.
9. Green Bay Packers
The Green Bay Packers are raking in plenty of cash, but that money isn’t going to line the pockets of any billionaire owners. The Packers are the one team in the four major sports that is owned by its fans. In 2019, the Pack won the NFC North and came up a game short of the Super Bowl, and the team is on its way to another division title this season.
8. New York Jets
The Jets haven’t been to the playoffs since 2010 and haven’t won their division since 2002. This season is par for the course. That other New York team is raking in the cash but doesn’t have anything to show for it on the field, except to wrap up the worst record in the league to secure the No. 1 pick in the next draft.
7. Washington Football Team
The team made a huge move this summer by dumping its controversial moniker, leading to awkwardly call themselves the “Washington Football Team.” The team isn’t faring so well on the field, but even still, Washington managed to cruise to a half-billion dollars in revenue last year.
6. Philadelphia Eagles
Three consecutive playoff appearances have helped the Eagles to an 11% year-over-year growth in value. Philadelphia has taken a huge step back this season, however, and has playoff hopes only because it resides in the problem-plagued NFC East.
5. San Francisco 49ers
The influx of Silicon Valley money to the San Francisco Bay Area might be a big part of how the Niners cleared $530 million in revenue last year. Add in a Super Bowl run, and the money is on this franchise continuing to thrive
4. Houston Texans
The Texans’ run of AFC South titles appears to be over, and despite having all-world QB DeShaun Watson and defensive superstar J.J. Watt, Houston appears to be falling behind division counterparts Tennessee and Indianapolis. That’s not hurting the team’s coffers, though. The Texans have the fourth-best revenue number in the NFL.
3. New York Giants
The adage “better to be lucky than good” needs a slight adjustment for NFL teams: “Better to be in a major media market than good.” The Giants ranked among the top three teams in terms of revenue and top four in terms of operating income despite winning no more than five games per season since 2016.
2. New England Patriots
The Patriots are learning that life is a lot easier when your quarterback is arguably the greatest player in NFL history. With Tom Brady under center, New England won six Super Bowl titles. With Brady gone to Tampa Bay, the Pats are struggling and are no longer among the AFC elite. Where they are elite, however, is in revenue. They’re only one of two teams to clear the $600 million mark.
1. Dallas Cowboys
As a business, “America’s Team” has no peer. Dallas cruised to the title of the most valuable team in the NFL for the 13th straight year. Valued at $5 billion, the Cowboys, in fact, are the most valuable franchise in the world across all sports. Despite not reaching a Super Bowl since 1996, Dallas is the undisputed king of NFL revenue.
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Joel Anderson contributed to the reporting for this article.
Methodology: In order to discover how rich every NFL is, GOBankingRates used Forbes’ “Sports Money: 2020 NFL Valuations” data to find the following factors for all 32 NFL teams; (1) revenue from the 2019-20 season; (2) operating income for the 2019-20 season; (3) current team value entering the 2020-21 season, and (4) the 1-year change in value from the start of the 2019-20 season to the start of the 2020-21 season. Only factor (1) was used to determine final rankings. All data was collected on and up to date as of November 19, 2020. and operating income were sourced via Forbes.
This article originally appeared on GOBankingRates.com: Here’s How Rich Every NFL Team Is