Here’s How Rich Every NFL Team Is

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 in 2020 because of COVID-19 — and some having no fans at all — some teams experienced a drop in revenues from 2019. But that didn’t stop team valuations from increasing to an average of nearly $3.5 billion in 2020, making the NFL yet again the most profitable league in sports.

A study done by Forbes showed team value increased an average of 14%, despite the pandemic. And while some teams saw operating income in the negative dollar amounts, they are far from poor, thanks to media rights and other league investments.

So, which teams increased in value the most, and which had the least revenue in 2020? GOBankingRates evaluated all 32 teams and ranked them in terms of revenue. Find out which NFL team is the richest.

Last updated: Sept. 6, 2021

• Revenue: $248 million
• Operating Income: Minus $17 million
• Current Value: $2.28 billion

The Bengals’ fortunes on the field seemed on the way up when they drafted QB Joe Burrow with the No. 1 overall pick in 2020, but he suffered a season-ending knee injury in a loss to the Washington Football Team on Nov. 22, 2020. He’s recovered and ready for his second opening day.

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• Revenue: $330 million
• Operating Income: Minus $22 million
• Current Value: $2.4 billion

Detroit’s value rose 14% from 2020 to 2021. The Lions fired their coach and general manager the day after Thanksgiving, and owner Sheila Ford Hamp has vowed to change the team’s losing ways. She’s put the franchise in the hands of energetic first-year coach Dan Campbell.

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• Revenue: $339 million
• Operating Income: Minus $49 million
• Current Value: $2.92 billion

Expect the Chargers’ numbers to all go up this season, when the team can welcome fans into the $5 billion SoFi Stadium, which they will share with the Rams. The Chargers brought in $75 million in 2019 despite playing in Dignity Health Sports Park, which held just 27,000 fans and was the smallest NFL stadium.

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• Revenue: $340 million
• Operating Income: Minus $18 million
• Current Value: $2.27 billion

Buffalo’s revenue jumped 11% in one year, and the Bills’ fortunes are on the rise. Led by up-and-coming  QB Josh Allen, the Bills ended the reign of the New England Patriots and won the AFC East for the first time since 1995.

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• Revenue: $345 million
• Operating Income: $8.4 million
• Current Value: $4.05 billion

The Jets haven’t been to the playoffs since 2010 and haven’t won their division since 2002. Quarterback Zach Wilson, the No. 2 pick in the 2021 NFL Draft, will take over as the starter this season. He replaces Sam Darnold, the No. 3 pick in the 2018 NFL Draft.

• Revenue: $350 million
• Operating Income: Minus $13 million
• Current Value: $4.85 billion

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 remain the third most valuable NFL franchise, despite winning double-digit games only once since they won the Super Bowl after the 2011 season.

• Revenue: $350 million
• Operating Income: Minus $20 million
• Current Value: $3.25 billion

The Colts’ value jumped by 14% from 2019 to 2020. Indianapolis brought in quarterback Carson Wentz to replace retired veteran QB Philip Rivers, looking for its first long-term solution at the position since the sudden retirement of Andrew Luck in 2019.

• Revenue: $351 million
• Operating Income: Minus $22 million
• Current Value: $2.91 billion

Carolina owner David Tepper bought the franchise in 2018 for $2.2 billion, so he already has seen growth in his investment. Next he’d like to see a playoff berth. The Panthers haven’t been to the postseason since 2017.

• Revenue: $352 million
• Operating Income: Minus $21 million
• Current Value: $3.4 billion

The Ravens likely will make a decision soon about a megamillion contract extension for quarterback Lamar Jackson. Given the six-year, $258 million extension the Buffalo Bills recently gave to QB Josh Allen, taken in the same draft class, the price for Jackson will be at least $40 million a year.

• Revenue: $353 million
• Operating Income: Minus $4 million
• Current Value: $3.2 billion

The Falcons are on a downward trend, struggling on the field (consecutive 7-9 seasons in 2018-19, plus a 4-12 mark in 2020). Their increase in value was among the lowest in the league at 11%.

• Revenue: $353 million
• Operating Income: Minus $16 million
• Current Value: $2.65 billion

The Cardinals play in the tough NFC West, but they should be a contender in 2021. They added a pair of blue-chip veterans in the offseason — three-time Defensive Player of the Year J.J. Watt and wide receiver A.J. Green, a seven-time Pro Bowl selection. More will be expected of former No. 1 pick Kyler Murray as the quarterback enters his third season.

• Revenue: $354 million
• Operating Income: Minus $12 million
• Current Value: $2.63 billion

Excitement is building in Nashville about the Tennessee Titans. The team reached the playoffs the past two seasons under head coach Mike Vrabel, who is entering his fourth season on the job. That has translated into a 14% increase in franchise value.

• Revenue: $361 million
• Operating Income: $69 million
• Current Value: $2.8 billion

The Jaguars are coming off of three straight last-place finishes in the AFC South and are starting fresh. Iconic college coach Urban Meyer came out of retirement to take his first NFL head-coaching job, and he handed the starting quarterback job to Trevor Lawrence. The No. 1 pick in the 2021 NFL Draft, Lawrence is considered a once-in-a-generation talent.

• Revenue: $362 million
• Operating Income: Minus $21 million
• Current Value: $3.5 billion

Head coach Pete Carroll and quarterback Russell Wilson are the symbol of NFL consistency, paired together since the 2012 season. The durable Wilson has never missed a game, and he has a 98-45-1 record as a starter. The Seahawks have been to two Super Bowls, winning one, during the remarkable tenure of Carroll and Wilson.

• Revenue: $364 million
• Operating Income: $24 million
• Current Value: $3.43 billion

The franchise’s value went up 14% from 2019 to 2020. The Steelers are one of the legendary franchises in NFL history, with six Super Bowl titles. Quarterback Ben Roethlisberger has won two of them, and nearing the end of his career, he’d like a third.

• Revenue: $364 million
• Operating Income: $9 million
• Current Value: $2.93 billion

The Chiefs won the Super Bowl following the 2019 season and made it there again last season, losing to Tampa Bay. The team’s success resulted in a 17% increase in value year over year, and Kansas City is poised for long-term success with young quarterback Patrick Mahomes under contract for more than a decade more.

• Revenue: $364 million
• Operating Income: $1.9 million
• Current Value: $2.94 billion

Tom Brady led the Buccaneers to the Super Bowl championship last season in his first year in Tampa. The franchise’s fortunes on the field led to a 29% increase in value — by far the highest on the list.

• Revenue: $365 million
• Operating Income: Minus $9.7 million
• Current Value: $3.35 billion

The Vikings’ value grew 14% in one year. The franchise’s fortunes on the field weren’t quite as rosy, falling short of the playoffs in 2020. Minnesota will look for the fully guaranteed, two-year contract extension worth $66 million signed by quarterback Kirk Cousins to pay dividends as it kicks in this season.

• Revenue: $368 million
• Operating Income: $8.2 million
• Current Value: $3.75 billion

It’s true that Denver fans were gifted a Super Bowl victory just six seasons ago, but six years is a long time when your team finishes out of the playoffs every season since, as Denver has done since its 2015 glory. The Broncos have high hopes entering 2021 action.

• Revenue: $370 million
• Operating Income: Minus $3.6 million
• Current Value: $4.08 billion

The Bears gained 16% in value despite an 8-8 record and a playoff loss in the wild-card round. Still, they could wind up to be big winners if quarterback Justin Fields, their first-round draft pick, develops the way some experts think he will.

• Revenue: $371 million
• Operating Income: Minus $26 million
• Current Value: $3.8 billion

A losing season in 2020 led to the exits of head coach Doug Pedersen and Carson Wentz, just three years removed from winning the Super Bowl. Still. the value of the Eagles grew by 12%.

• Revenue: $371 million
• Operating Income: Minus $34 million
• Current Value: $3.48 billion

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 will be seeking to reach the big game in what could be quarterback Aaron Rodgers’ final go-round in Green Bay.

• Revenue: $372 million
• Operating Income: $7.9 million
• Current Value: $3.42 billion

The Dolphins last won a Super Bowl in 1973, and while no one is banking on them winning the Lombardi Trophy this year, this clearly is a franchise on the rise. The Dolphins finished 10-6 last season, narrowly missing the playoffs, and grew in value by 18% over the previous year.

• Revenue: $374 million
• Operating Income: Minus $45 million
• Current Value: $4.18 billion

The influx of Silicon Valley money to the San Francisco Bay Area might be a big part of how the Niners cleared $374 million in revenue last year during a pandemic. Just one season removed from a Super Bowl run, the money is on this franchise continuing to thrive.

• Revenue: $375 million
• Operating Income: $5.7 million
• Current Value: $2.6 billion

The Browns are a team on the upswing, going from 0-16 in 2017 to 7-8-1 in 2018, then back to 6-10 in 2019 and to 11-5 in 2020. They even won a playoff game last season before losing in the AFC Divisional round. Much is expected of the 2021 Browns.

• Revenue: $378 million
• Operating Income: Minus $16 million
• Current Value: $2.83 billion

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 recently retired quarterback is still a fan favorite and made the Saints a perennial playoff contender. He led the team to its only Super Bowl victory in history following the 2009 season.

• Revenue: $388 million
• Operating Income: $25 million
• Current Value: $4.2 billion

The team made a huge move last summer by dumping its controversial moniker, leading to the temporary Washington Football Team name. They’ll play again under that nickname in 2021, with a permanent title expected before the 2022 season. It’s hard to imagine team leaders abandoning the trademark burgundy and gold colors, so they undoubtedly will be incorporated into the design of a new logo.

• Revenue: $389 million
• Operating Income: Minus $5.1 million
• Current Value: $3.42 billion

The Silver and Black moved to Las Vegas before the 2020 season and will welcome fans for the first time at the new Allegiant Stadium this season. Even without the team’s legendary fan base in the seats, the franchise grew in value by 10%.

• Revenue: $397 million
• Operating Income: Minus $20 million
• Current Value: $3.7 billion

The Texans’ made the playoffs four of the past six seasons, but the 2021 season could have a different result. Superstar defensive end J.J. Watt now is with the Arizona Cardinals, and off-field issues could keep starting quarterback Deshaun Watson off the field. Still, the Texans head into the season with the fourth-best revenue number in the NFL.

• Revenue: $422 million
• Operating Income: $37 million
• Current Value: $4.8 billion

Los Angeles’ more successful, more lucrative team is a playoff contender with a coach in Sean McVay, who at only 35, already is entering his fifth season at the helm with a Super Bowl appearance to boot.

The new $5 billion SoFi Stadium will welcome fans this season after they were kept out in 2020 due to the pandemic.

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• Revenue: $478 million
• Operating Income: $142 million
• Current Value: $5 billion

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 the cream of the crop in the AFC. Where they are elite, however, is in revenue. They’re only one of three teams to clear the $400 million mark.

• Revenue: $800 million
• Operating Income: $280 million
• Current Value: $6.5 billion

As a business, “America’s Team” has no peer. Dallas cruised to the title of the most valuable team in the NFL for the 15th straight year.Valued at $6.5 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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George Malone contributed to the reporting for this article.

Methodology: To discover how rich every NFL is, GOBankingRates used Forbes’ “Sports Money: 2021 NFL Valuations” data to find the following factors for all 32 NFL teams; (1) revenue from the 2020-21 season; (2) operating income for the 2020-21 season; (3) current team value entering the 2021-22 season, and (4) the 1-year change in value from the start of the 2020-21 season to the start of the 2021-22 season. Only factor (1) was used to determine final rankings. All data was collected on and up to date as of Sept. 1, 2021.