Green Bay is the outlier because of its public ownership structure.
You cannot buy the Packers (or even a controlling stake in the Packers) like most teams. That does not stop Forbes or other valuation outlets from estimating the worth, but it does change how a sell scenario would work in the real world.
A few terms that help decode the Forbes list on any page where valuations get discussed, including on ESPN coverage.
- Valuations: Estimates of team value as enterprise value (equity plus net debt)
- Revenue: Money from media deals, tickets, sponsorship, concessions, and more
- Debt: Borrowed money that can reduce cash available even when the headline value rises
- Stadium debt: Venue-related borrowing that can weigh on finances for years
- Amortization: Spreading big costs across time, often tied to stadium financing and contracts
- Depreciation: Accounting that reduces the book value of certain assets over time
When you compare the previous year or last year lists, the top teams often lead again. That's because the biggest brands keep compounding advantages: market size, sponsor demand, and national media reach.
That's also why the NFL tends to dominate valuable sports conversations versus other leagues. The league’s media machine creates a huge baseline, and the best franchises stack local power on top of it.
For a reality check at the other end of the list, the Cincinnati Bengals often show up near the bottom of recent Forbes-style rankings. That does not mean the Bengals are small; it means the NFL is enormous.
If you are reading this content in an e-mail from a friend, the takeaway is simple: The teams that topped the valuation list did it by winning the attention economy, not necessarily by winning games.
We created this article in conjunction with AI technology, then made sure it was fact-checked and edited by a HowStuffWorks editor.