Have you ever wondered why the NFL fills the prime-time game schedule with teams like the Commanders, Jets, Bears, Giants, and Raiders despite their lack of on-field success? Not only are these teams protagonists at huge markets and main NFL betting sites, but they are some of the most valuable NFL franchises and biggest brands in the world.
Each year, Forbes produces a ranking of the most valuable NFL teams based on monetary factors including the sport, market, brand, and stadium deals. They also look at the debt and operating income each team has to produce the final rankings.
The Kansas City Chiefs may be on top of the football world on the field in the 2020s, but you would have to scroll down to the No. 23 team from a financial standpoint to find the Chiefs.
We already mentioned half of the top 10 list, but do you think you can guess the others without looking? Here are the top 10 most valuable NFL teams as determined by Forbes in 2023.
10. Philadelphia Eagles – $5.8 Billion
Jeffrey Lurie bought the Philadelphia Eagles for $195 million in 1994, and they are worth just south of $6 billion today. A pretty good investment, you must admit.
The Eagles have enjoyed many successful seasons under Lurie’s ownership. They were in the NFC Championship Game in 4 straight seasons in 2001-04, culminating with a loss in Super Bowl 39 against the Patriots.
That proved to be the peak of the Andy Reid and Donovan McNabb era, but the Eagles remained a competitive team in the NFC and have been a big draw in prime-time games each season.
The Eagles were able to build a great team in the trenches in 2017 and win Lurie the team’s first-ever Super Bowl behind unlikely MVP Nick Foles, a backup quarterback after Carson Wentz tore his ACL. Foles almost had more playoff magic in 2018, but the team came up just short of another miracle run.
Incredibly, the Eagles moved on from coach Doug Pederson and Wentz to go in a new direction with coach Nick Sirianni and quarterback Jalen Hurts. They were already in another Super Bowl in 2022 in just their 2nd year together, and they were just short of beating the Chiefs in the big game. The Eagles’ 35 points were the most ever by a Super Bowl losing team.
Now with Hurts and Sirianni, the Eagles have a shot to repeat what Reid and McNabb did by stacking multiple championship game appearances together in an NFC they are best equipped to win in its current state. If the Eagles can start going to multiple Super Bowls too, their value will only continue to rise on this list.
9. San Francisco 49ers – $6 Billion
The San Francisco 49ers have long been one of the flagship franchises in the NFL during the Super Bowl era. The team has been owned by the DeBartolo and York families since 1977. Eddie DeBartolo transferred the power of the team to his sister Denise and her husband John York in 1999, and their son Jed York, who assumed responsibilities in December 2008, is the current CEO of the franchise.
The 49ers’ incredible run of success from 1981 to 1999 did stall a bit after Steve Young retired following the 1999 season from concussions. But after some fine drafts and the hiring of coach Jim Harbaugh in 2011, the 49ers got back on track with 3 straight appearances in the NFC Championship Game, and another Super Bowl appearance in 2012 when they lost to the Baltimore Ravens.
In another down period from transitioning away from the Harbaugh era, the team rebuilt itself and hired a smart coach in Kyle Shanahan in 2017. By 2019, he had the 49ers back in the Super Bowl and they were a 3rd-and-15 stop against Patrick Mahomes away from likely winning that game too. They also blew a 10-point lead in the 4th quarter of the 2021 NFC Championship Game against the Rams.
While the 49ers still seek that elusive 6th Super Bowl title, they have been to 6 of the last 12 NFC Championship Games, and they remain one of the elite contenders this year with arguably the best roster in the league.
Breaking through for another Super Bowl run while proving the legitimacy of quarterback Brock Purdy could again establish the 49ers as one of the most valuable franchises in the league for the next decade.
8. Washington Commanders – $6.05 Billion
The Washington Commanders still make the list after a recent sale of the team from Daniel Snyder for $6.05 billion to a group led by Josh Harris, who also is a managing partner for the Philadelphia 76ers and New Jersey Devils. Basketball legend Magic Johnson is one of Harris’ partners.
The new ownership has a lot of work to do in restoring the former glory of this franchise. In the salary cap era (since 1994), Washington is the only team that has not had an 11-win season, and they have just as many team name changes as they do playoff wins (2) in that time.
Not only was Snyder’s tenure as owner disappointing on the field, but there were numerous off-field scandals under his watch as well, including alleged inappropriate conduct toward team employees and cheerleaders.
The Commanders needed a fresh start, and with one of the biggest markets in the NFL, they will hopefully make the changes on the field to get back to having successful seasons.
7. New York Jets – $6.1 Billion
It pays to do business in the New York market. It also helps when you are a descendant of one of the richest pharmaceutical companies to ever exist (Johnson & Johnson). Woody Johnson has been the owner of the New York Jets since 2000 when he bought the team for $635 million, the highest ever for any New York professional sports team.
But after securing a new venue (MetLife Stadium) for the 2010 season and seeing the NFL’s popularity soar in the 21st century, the Jets are now worth over $6.1 billion in 2023.
It hasn’t been all fun and games for Johnson, who took ownership in January 2000 just after the point where Bill Belichick quit after 1 day as head coach of the Jets to go coach the Patriots instead. In a 2001 game, the Jets injured Patriots quarterback Drew Bledsoe, giving way to Tom Brady’s reign for the next 2 decades in the division.
Johnson’s Jets had some success in the 2000s and even beat the 2010 Patriots in a memorable playoff upset. But that game would be the last playoff win for the Jets, who are in danger of missing the playoffs for the 13th year in a row, the longest streak in franchise history.
Just when you thought the Jets had a great move to help the team in trading for quarterback Aaron Rodgers in 2023, he tore his Achilles just 4 snaps into the season. The Jets are still going to make a ton of money in the New York market, but the chances to turn this team’s fortunes around on the field continue to evade them.
6. Las Vegas Raiders – $6.2 Billion
Former eccentric owner Al Davis always had a contentious relationship with the NFL as he moved his Raiders from Oakland to Los Angeles back to Oakland before he passed away in 2011. In leaving the team to his son Mark Davis, it would be interesting to know what Al thinks of the team’s latest move to Las Vegas in the 2020 season.
But with a beautiful new stadium in Vegas (Allegiant Stadium), the Raiders remain one of the NFL’s biggest brands and money makers.
The Raiders have not won a playoff game since the 2002 season. They have had 13 head coaches since trading Jon Gruden to the Buccaneers that year. But the lack of success does not stop the die-hard fans from supporting this team at any cost.
Maybe a better question to ask Al Davis would be what he thinks of his son offering a minority stake in the team to Tom Brady, the beneficiary of the Tuck Rule that cost Davis one of his last great shots at Super Bowl glory.
5. Chicago Bears – $6.3 Billion
The NFL’s oldest franchise, the Chicago Bears, has been part of the Halas family since 1921. Ownership passed over from George Halas to his daughter Virginia Halas McCaskey when he passed in 1983. Virginia, the longest-tenured owner in the NFL today, turned 100 years old in 2023, and you have to think the Bears will want to keep the team in the family going forward.
In her 2nd full season as owner in 1985, Virginia watched the famed defense lead Chicago to its only Super Bowl win. The product on the field has not been very good since, as the quarterback position continues to disappoint for the Bears. But they are a hard-nosed defensive team that has pulled off some playoff seasons on the strength of that defense.
But without any playoff wins since the 2010 season, and the oldest stadium, and oldest owner in the league, there is a feeling that the Bears could be even more valuable in one of the country’s biggest markets if they would just find a good quarterback to lead this team to consistent winning seasons.
4. New York Giants – $6.8 Billion
Businessmen Steve Tisch and John Mara have been co-owners of the New York Giants since 2005 when the team was passed down to them following the deaths of their relatives. Mara’s grandfather Tim founded the Giants in 1925 and owned the team until his death in 1959. There has always been a Mara in charge of the Giants, and the Tisch family is connected just as well with 50% ownership.
Just 3 seasons into their ownership, Mara and Tisch saw an unbelievable Super Bowl win by the Giants when they upset the 18-0 Patriots in Super Bowl 42. Four seasons later, the Giants did it again by knocking off the Patriots in a thrilling Super Bowl 46 finish.
But it would not be until the 2022 season when the Giants finally won another playoff game, and their record has been one of the worst in the NFL over that time. The Giants also have by far the worst record in prime-time games since 2017 despite playing in one of the highest numbers of them thanks to that New York market.
When you think about it, the Giants and Jets have a lot in common between a shared stadium and a shared failure to find another good quarterback. But at least the Giants had Eli Manning for this run in the Tisch and Mara era.
3. Los Angeles Rams – $6.9 Billion
Few sports team owners have been as successful, rich, and controversial as Stan Kroenke. He just watched his Denver Nuggets win the 2023 NBA Finals, and he already brought 2 Stanley Cups to Colorado with the Avalanche back in the day.
Kroenke had the foresight in 1995 to purchase 30% of the Rams in helping move the team to St. Louis from Los Angeles, which was controversial at the time. The Rams won the Super Bowl in 1999 with Kroenke as a co-owner. Then after taking full control of the Rams in 2010, Kroenke had to turn over his majority ownership in the Avalanche and Nuggets to his wife and son, as the NFL would not allow him to hold majority ownership in other teams in other markets the NFL operates in.
Promising a new stadium in Los Angeles, Kroenke helped bring the Rams back to Los Angeles in 2016. SoFi Stadum eventually opened in 2020 after an absurd construction cost in the range of $5-6 billion.
But in 2021, Kroenke’s Rams were able to win a Super Bowl. You can argue the fan reception to football being back in LA has been lukewarm at best, but the Rams have a beautiful stadium and ring to show for their efforts to bring the team back to where they had their most success decades ago.
2. New England Patriots – $7 Billion
When you can win 6 Super Bowls and establish a rabid fanbase that covers the whole northeast region of the country, you are going to be worth a lot of money.
Businessman Robert Kraft purchased the New England Patriots in 1994 for $172 million, which was a record price for any NFL team at the time. But what an investment it was, as the Patriots are worth $7 billion just 3 decades later.
Kraft has presided over the most successful run of any NFL team in the salary cap era since 1994. The Patriots have been to 10 Super Bowls in his tenure, winning 6 of them, and they won a record 11 straight division titles in 2009-2019.
With deep playoff runs and home playoff games becoming an annual thing in New England, Kraft was able to enjoy extra revenue in one of the biggest markets for one of the NFL’s top brands for over 2 decades.
The dynasty is over, but the Patriots remain one of the most valuable franchises in all of sports.
1. Dallas Cowboys – $9 Billion
Love him or hate him, Jerry Jones is one of the greatest owners in NFL history. He bought the Dallas Cowboys for $140 million in 1989, and one of his first moves was to fire beloved coach Tom Landry and hire his old college buddy Jimmy Johnson.
After the Cowboys finished 1-15 in 1989, they soon built a dynasty after the Herschel Walker trade, and Johnson delivered back-to-back Super Bowls for Jones in 1992-93. The team was so good that even Barry Switzer was able to replace Johnson and help the team win a 3rd championship in 1995.
Jones was on top of the world, but little did he know that the Cowboys would not return to the NFC Championship Game since that 1995 season. Jones is 81 years old, and while he clamors for the “glory hole days” to return to Dallas, there is a chance he never sees his team get back to that championship glory.
But in spite of the Cowboys’ playoff disappointment, they remain a huge brand and topic every single season in the NFL. They get a bunch of prime-time games, they get attention even when things are going poorly, and they bring in the big bucks as Jones’ Cowboys have topped the Forbes list of most valuable franchises every year since 2007.
With the latest evaluation putting the Cowboys at $9 billion, it is very possible Jones will have the NFL’s first team worth $10 billion soon.
