The numbers are in, and the story hasn’t changed… at least not at the top. The latest Sportico NFL franchise valuations dropped and once again, the Dallas Cowboys aren’t just leading the league they’re leaving it in the rearview mirror. For the sixth year in a row, Jerry Jones‘ team is on top, valued at a whopping $12.8 billion. The first NFL team to crack $12 billion. That’s 24% more than last year, and though other teams have been climbing as well, none of them have managed to bridge the gigantic chasm Dallas has.

But behind them, the competition is coming to a boil. Dynasties, market giants, and franchises with deep legacies and aggressive futures are taking stock. To really get the story, you have to start with how these figures get made and understand why the Cowboys get to hold on to the throne.

Why do the Cowboys keep the throne?

NFL valuation is not scoreboard heroics, it’s empire-building. Sportico estimates these amounts by summing a team’s enterprise value plus the value of related businesses and real estate holdings. That is to say, it’s not just ticket revenue and TV rights. It’s stadium deals, mixed-use developments, practice facilities, and even spin-off businesses.

For Dallas, those victories off the field are as crucial as any that come on Sundays. AT&T Stadium is not just a football stadium. It’s an international entertainment complex that hosts everything from concerts that sell out in seconds to mega-boosts from boxing bouts. All the while securing naming rights and luxury box deals. Even without playing in a Super Bowl since 1995, the Cowboys’ merchandising, sponsorships, and global fan base continue to ring up year-round.

At its center is Jerry Jones, the oilman-sports billionaire who’s built up the Cowboys franchise over decades. From The Star in Frisco’s mixed-use headquarters campus turning tourist attraction to aggressive sponsorship drives, Jones has turned “America’s Team” into a money-printing machine.

It’s not that the Cowboys are more valuable than any other team in the NFL. It’s that they’ve built a business model so visionary that everyone else is still playing catch-up. And talking about everyone else… here’s who’s chasing them.

The five chasing Dallas

Right behind the Cowboys in 2025, the list is a roll call of market influence and Super Bowl pecking order. Los Angeles Rams ($10.43 billion), New York Giants ($10.25 billion), New England Patriots ($8.76 billion), San Francisco 49ers ($8.6 billion), and the Philadelphia Eagles ($8.43 billion).

The Giants and Rams each saw monster jumps, up 34% year-over-year. For the Rams, coming back to Los Angeles wasn’t just a move; it was a rebranding into the hub of one of the world’s biggest media markets. The move, along with a Super Bowl title and roster fit for Hollywood, has been a growth-perfect storm.

Meanwhile, the Giants are an old-money behemoth. They enjoy a mammoth New York market, decades of ingrained fan allegiance, and an ownership syndicate that has masterminded the art of solid growth in good times and bad.

Fourth overall belongs to the Patriots, whose dynasty, which was established by Robert Kraft, remains the NFL’s greatest brand even after Brady–Belichick. Fifth belongs to the 49ers, whose worth went up by 25% driven by strong ticket sales and a record-shattering sale of a 6.2% minority stake. A transaction that smashed records for sports franchise valuations. Lastly, Super Bowl LIX winners, the Eagles, went up by 25%.

Market power vs. On-field performance

This is where it gets really interesting. A fat valuation does not always translate to championships won. Well, if only there was a way of conveying that to Jerry Jones. But now the Cowboys are the prime examples of ‘How to not win being the richest: 101 Guide’. It’s nearly 30 years without a visit to the Super Bowl, yet still with a valuation bigger than any other team. Their secret: maintaining an unrelenting passion for building a brand, monetizing the stadium, and reaching globally.

Meanwhile, some teams have used recent on-field glory to fuel their growth. The Rams rode their championship run and celebrity-heavy fan base to a valuation spike. The 49ers, with deep playoff appearances and rabid Bay Area support, turned Levi’s Stadium into a high-revenue fortress.

The lesson? Championships can supercharge growth, but long-term value is built brick by brick. Through infrastructure, market reach, and vision from the top down.

The bigger picture

In 2025, the NFL is more financially stratified than ever. On the playing field, any team can embark on a Cinderella playoff run. We all know the 2024’s Cinderella Commanders… But at the boardroom level, there’s definitely an upper echelon, and the Cowboys remain at the top with a considerable airspace.

The future can reorder the pecking order. The expansion of the league into international games. New streaming rights deals and a wave of next-generation stadium projects promise to fuel the valuation fire some more. Whether that narrows the gap between Dallas and the rest or makes it even longer will be one of the biggest business stories of next year.

For now, at least, the Cowboys are the NFL’s standard-bearer on and off the bottom line. A reminder that success off the field in pro football can be as lucrative as success on the field.