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).