On July 24, 2025, the Green Bay Packers released their annual financial report, revealing that each NFL team received $432.6 million in national revenue during the 2024 fiscal year. This 7.5% increase from the previous year’s $402.3 million confirmed what industry analysts already suspected. The NFL had shattered revenue records again.
NFL total revenue surpassed $23 billion in 2024, an increase of 14.1% from 2023. The league is on track to hit commissioner Roger Goodell’s 2027 target of $25 billion, a goal that seemed outrageous when he set it in 2010 at just $8 billion annually.
The Dallas Cowboys are worth $12.5 billion to $13 billion, the first sports franchise to break $12 billion. The average NFL team value reached $7.13 billion in 2025, up 20% from 2024. Every team is worth at least $5.5 billion. The Cincinnati Bengals, ranked 32nd, are valued higher than 14 of the world’s most valuable non-NFL sports franchises.
The revenue gap between the NFL and other leagues continues widening. The NFL’s $23 billion in 2024 nearly equaled the combined revenue of the NBA ($11.34 billion) and MLB ($12.1 billion). Twenty years ago, the NFL generated only 29% more revenue than MLB. Today, that gap is 74%.
How did the NFL become this dominant? The answer lies in $110 billion television contracts, a revenue-sharing system that ensures every team profits, Super Bowl advertising worth $8 million per 30 seconds, and a business model that prioritizes profitability over player costs.
Here’s how the NFL built the most profitable sports league in history.
The $110 Billion Media Rights Deal That Changed Everything
The Biggest Media Contract in Sports History
In March 2021, the NFL finalized media rights agreements with Amazon, CBS, ESPN/ABC, FOX, and NBC that would fundamentally transform the league’s financial trajectory. The 11-year package, running from 2023 through 2033, is worth approximately $110 billion. This is more than double the value of the previous contracts that expired in 2022.
The Historic Deal Breakdown:
- Total value: $110 billion over 11 years
- Average annual payment: $10 billion per year (starting 2023)
- Previous contract (2014-2022): $39.6 billion total ($4.4 billion annually)
- Increase: 178% jump in annual revenue
Individual Network Payments:
Each major broadcaster pays billions annually to secure NFL content, with payments varying based on the specific package of games they receive.
- ESPN/ABC: Approximately $2.7 billion annually (Monday Night Football, select Super Bowls starting 2026)
- FOX: Approximately $2.2 billion annually (NFC Sunday afternoon games)
- CBS: Approximately $2.1 billion annually (AFC Sunday afternoon games)
- NBC: Approximately $2.0 billion annually (Sunday Night Football)
- Amazon Prime Video: Approximately $1.0 billion annually (Thursday Night Football exclusive streaming)
These five partners alone deliver approximately $10 billion annually to the NFL before additional streaming and international deals.
The Streaming Revolution Adds Billions More
Beyond the core $110 billion package, the NFL secured additional massive deals with streaming platforms and tech giants that add another $2 to $2.5 billion in annual revenue.
YouTube TV NFL Sunday Ticket:
In December 2022, Alphabet’s YouTube acquired exclusive residential rights to NFL Sunday Ticket, the premium package offering all out-of-market Sunday afternoon games.
- Annual payment: $2 billion over 7 seasons (2023-2029)
- Total value: $14 billion
- Previous holder: DirecTV at $1.5 billion annually
- Increase: 33% revenue jump from previous deal
Netflix Christmas Day Games:
Netflix entered NFL broadcasting in 2024 with a multi-year agreement for exclusive Christmas Day games.
- Deal value: Approximately $150 million annually (2024-2026)
- Games included: Two NFL matchups each Christmas
- Cost per game: $75 million per game
- Comparison: Lower than Peacock’s $110 million for single Wild Card game
Additional Streaming Revenue Streams:
- Peacock (NBCUniversal): Exclusive Wild Card playoff games
- Paramount Plus: CBS simulcasts and exclusive content
- ESPN Plus: ESPN/ABC simulcasts
- Everpass Media (RedBird Capital): Commercial venue rights worth $150 to $200 million annually through 2029
When combined, these streaming agreements add approximately $2 to $2.5 billion annually to NFL media revenue, bringing total media income to roughly $12 to $12.5 billion per year.
The Opt-Out Clause Gives NFL Leverage for 2029
The NFL included crucial opt-out provisions in all media contracts, giving the league extraordinary leverage to renegotiate as early as 2029.
Opt-Out Structure:
- Amazon, CBS, FOX, NBC can opt out after 2029 season
- ESPN/ABC can opt out after 2030 season (one additional year)
- League strategy: Wait to see NBA’s $77 billion deal performance, then decide whether to renegotiate
In September 2025, commissioner Roger Goodell publicly stated the NFL may exercise opt-outs even earlier than 2029, potentially renegotiating deals as soon as 2026. The rationale: media landscape evolves so rapidly that locked-in 11-year deals become outdated quickly.
If the NFL opts out in 2029, analysts project new deals could reach $15 to $18 billion annually. This represents a 50% increase from current rates. ESPN, NBC, and Amazon recently committed $77 billion over 11 years to the NBA ($7 billion annually), demonstrating media companies’ willingness to pay premium prices for live sports content.
How Revenue Distribution Makes Every Team Profitable
The 60/40 Revenue Split Model
Unlike other major sports leagues, the NFL employs an extremely centralized revenue-sharing system that guarantees profitability for all 32 franchises regardless of market size or on-field performance.
National Revenue Equals 60% of Total:
In the 2024 fiscal year, national revenue reached $13.84 billion, distributed equally among all 32 teams at $432.6 million each. This represents a 7.5% increase from 2023’s $402.3 million per team.
What National Revenue Includes:
- Television and streaming contracts: Over $12 billion annually
- NFL-negotiated sponsorships: Nike, Pepsi, Verizon, Microsoft, Bud Light
- Licensing and merchandise agreements: Jersey sales, video games, apparel
- NFL Media properties: NFL Network, NFL RedZone
- League-wide digital rights: Mobile apps, streaming platforms
Every team receives an identical check for $432.6 million before selling a single ticket, sponsorship, or beer. This guaranteed revenue provides financial stability that no other major sports league matches.
Local Revenue Equals 40% of Total:
Teams keep 100% of locally generated revenue, though there’s significant variation between franchises.
- Average local revenue per team: $160 to $240 million
- Dallas Cowboys local revenue: Approximately $800 million (nearly double next closest team)
- Smallest market teams: Approximately $160 million
The 34% Gate Receipt Sharing Rule:
NFL bylaws require teams to share 34% of ticket revenue with visiting teams, further equalizing financial disparities between large and small markets. This means even when the Cowboys sell out AT&T Stadium at premium prices, they must give 34% of ticket revenue to the visiting team.
Why This System Produces Record Profits
The NFL’s revenue model creates higher profitability than any other sports league because it guarantees baseline revenue while capping expenses.
Average NFL Team Profit in 2024:
NFL teams averaged $151 million in EBITDA (earnings before interest, taxes, depreciation, amortization) during the 2024 season.
- Highest profit: Dallas Cowboys at $490 million
- Second tier: Patriots, Rams, 49ers at $200 to $300 million
- Middle tier: Most teams at $120 to $180 million
- Lowest profit: San Francisco 49ers at $80 million (due to high cash player costs)
The Simple Math:
Each team receives $433 million in national revenue, then spends $329 million on salaries and benefits. The salary cap was $255 million in 2024, plus $74 million in mandatory benefits payments. That leaves $104 million in profit before teams generate any local revenue or incur operating expenses.
Even with stadium operations, coaching salaries, travel, and facilities adding $50 to $100 million in costs, teams still profit from local revenue streams including tickets, luxury suites, concessions, parking, and local sponsorships.
Comparison to Other Leagues:
By contrast, the 20 English Premier League clubs lost money overall during the 2023-24 season. Five EPL teams lost more than $60 million each despite the league generating $8 billion annually. The difference: no salary cap, no guaranteed national revenue distribution, and higher player cost ratios.
The NFL’s hard salary cap ($255 million in 2024, increased to $279.2 million in 2025) combined with guaranteed national revenue ensures every franchise remains highly profitable regardless of wins and losses.
The Dallas Cowboys: First $12 Billion Sports Franchise
America’s Team Shatters Valuation Records
In August 2025, valuation experts at Sportico, Forbes, and CNBC all confirmed the Dallas Cowboys had become the first sports franchise in history to surpass $12 billion in value.
Cowboys Valuation 2025:
- Sportico: $12.8 billion
- Forbes: $13 billion
- CNBC: $12.5 billion
- Average: Approximately $12.7 billion
This represents a 24% to 29% increase from 2024 valuations around $10.3 billion. The Cowboys have ranked as the world’s most valuable sports franchise every year since 2016.
Jerry Jones’ Incredible Return on Investment:
When Jerry Jones purchased the Dallas Cowboys in 1989, he paid $140 to $150 million depending on the source. At a $12.8 billion valuation, his return on investment exceeds 8,500% before counting any annual profits he has taken home over 36 years.
If Jones wanted to sell today, he would make roughly $12.65 billion profit on his initial $150 million investment. That is an 85-fold return on investment over 36 years.
Why the Cowboys Generate Double the Revenue of Average Teams
Total Cowboys Revenue in 2024:
- Total revenue: $1.27 billion
- National revenue: $433 million (same as all teams)
- Local revenue: Approximately $837 million (nearly double next team)
- EBITDA profit: $577 million (highest in NFL)
AT&T Stadium Operations:
- Capacity: 80,000 seats (expandable to 105,000)
- Luxury suites: Over 300 suites at $200,000 to $500,000 annually each
- Premium seating: Generates approximately $150 million annually
- Non-NFL events: Concerts, boxing, college football add over $50 million
The Star in Frisco:
- 91-acre practice facility and commercial development
- Includes retail, restaurants, offices, event spaces, Omni hotel
- Estimated annual revenue: $30 to $50 million from non-football operations
The Cowboys remain the most-watched NFL team annually despite not winning a Super Bowl since 1996. Thanksgiving Day tradition since 1966 guarantees massive exposure, while merchandise sales lead the league.
Three More Teams Join the $10 Billion Club
In 2024, the Dallas Cowboys became the first sports franchise to reach $10 billion. By 2025, three more NFL teams crossed that milestone.
Teams Worth Over $10 Billion in 2025:
1. Dallas Cowboys: $12.5 to $13 billion (discussed above)
2. Los Angeles Rams: $10.43 billion
- 2025 increase: 34% from 2024
- SoFi Stadium: $5 billion venue opened 2020
- Super Bowl LVI hosts and winners (2022)
- Los Angeles market premium
3. New York Giants: $10.25 billion
- 2025 increase: 34% from 2024
- Largest U.S. media market
- MetLife Stadium (shares with Jets)
- Four Super Bowl championships
4. New England Patriots: $8.76 billion (approaching $10B)
- Six Super Bowl championships (2001-2018)
- Team-owned Gillette Stadium
- Strong Boston market
For comparison, only 14 non-NFL sports franchises worldwide are worth more than the Cincinnati Bengals at $5.5 billion.
Super Bowl Advertising: The $8 Million 30-Second Commercial
Super Bowl LIX Breaks Advertising Records
Super Bowl LIX on February 9, 2025, set new standards for advertising costs and total revenue generated from a single sporting event.
2025 Super Bowl Advertising Costs:
- Average 30-second ad: $7 to $8 million
- Premium placement (halftime adjacency): $8 million or more
- Total game ad revenue (Fox): Over $600 million
- Number of ad minutes: Approximately 51 minutes of commercials
- Cost per second: $266,667 (at $8 million for 30 seconds)
The $8 million cost for a 30-second spot translates to $266,667 per second. This makes Super Bowl advertising the most expensive in world history.
Super Bowl Ad Cost Growth Over Time:
- 1967 (Super Bowl I): $37,500 to $42,500 for 30 seconds
- 1995: $1 million (broke seven figures for first time)
- 2017: $5 million
- 2023: $7 million
- 2024: $7 million
- 2025: $7 to $8 million (depending on placement)
- 2026 (projected): $8 million baseline
NBC, which will broadcast Super Bowl LX in February 2026, sold out all available advertising inventory by June 2025. That is eight months before the game. Some late premium slots sold for $8 million after the initial sellout at $7 million.
Why Advertisers Pay $8 Million for 30 Seconds
Super Bowl LIX Viewership Numbers:
- Average audience: 127.7 million viewers (TV plus streaming)
- Peak viewership: 137.7 million (second quarter)
- Total reach: 191.9 million watched at least 1 minute
- Streaming audience: 14.5 million
- Halftime show: 133.5 million viewers (Kendrick Lamar set record)
No other single event in America reaches 127 million people simultaneously. NFL games represented 72 of the 100 most-watched U.S. telecasts in 2024. Remarkably, 42% of viewers watch the Super Bowl primarily for the commercials rather than the game, and 50% of viewers purchased products after seeing Super Bowl ads.
Super Bowl commercials generate extended digital life. Brands release teasers weeks before, the ad airs to 127 million during broadcast, then lives permanently on YouTube and social media. Super Bowl LIX generated 2.83 billion social media engagements. Average Super Bowl ads receive 10 to 50 million YouTube views post-game.
At $8 million for 127 million viewers, the CPM (cost per thousand) is approximately $63. While expensive, this is competitive versus reaching equivalent audiences through fragmented digital advertising.
The $8 million airtime is just the beginning. Top-tier campaigns cost $10 to $15 million total. Ben Affleck earned $10 million for Dunkin’ Donuts 2024 ad. Production budgets run $1 to $5 million for high-end spots. Amazon’s “Mind Reader” (2022) cost $26 million total for 90 seconds including production.
How NFL Teams Keep Getting Richer While Other Leagues Struggle
Average Franchise Value Doubles in Four Years
NFL Average Team Value Growth:
- 2021: $3.5 billion
- 2024: $5.7 billion
- 2025: $7.13 billion
- 2029 (projected): Over $10 billion
The average NFL franchise doubled in value from 2021 to 2025. At current growth rates of approximately 20% annually, the average team will exceed $10 billion by 2029.
Why Valuations Keep Skyrocketing:
Revenue Multiples Keep Expanding:
Sports franchise valuations are calculated using revenue multiples. This measures how many times annual revenue buyers will pay for a team.
- NFL revenue multiple in 2020: 6.3 times annual revenue
- NFL revenue multiple in 2025: 10.3 times annual revenue
- Growth: 63% increase in five years
Other Leagues Revenue Multiples in 2025:
- WNBA: 12 times (benefiting from new $77 billion WNBA/NBA combined TV deal)
- NBA: 11.9 times
- MLS: 9.4 times
- NHL: 7.7 times
- NWSL: 6.8 times
- MLB: 6.6 times
The NFL trails only the WNBA and NBA in revenue multiples, reflecting investor confidence in continued revenue growth.
Private Equity Entry Inflates Valuations:
In August 2024, NFL owners voted to allow private equity firms to purchase up to 10% of franchises. This decision immediately inflated valuations across the league.
Recent Private Equity Minority Stake Deals:
- Buffalo Bills: 10.5% sold for $870 million (implies $8.3 billion total valuation)
- Philadelphia Eagles: 8% sold for $664 million (implies $8.3 billion total valuation)
- San Francisco 49ers: 6.2% sold for $533 million (implies $8.6 billion total valuation)
- Chicago Bears: Currently negotiating 10% at approximately $9 billion valuation
- New York Giants: Exploring 10% sale at approximately $10 billion valuation
These minority stake sales at premium valuations raise valuations for all franchises. Private equity firms pay premiums because they bet on long-term appreciation. They expect NFL team values to continue growing 15% to 25% annually.
Guaranteed Revenue Growth:
Unlike other leagues where franchises must compete for local sponsorships and media deals, NFL teams receive guaranteed revenue growth from national contracts.
Future Revenue Increases Guaranteed:
- Media rights increase approximately 7% to 10% annually through 2033
- Each team’s national revenue will grow from $433 million (2024) to over $500 million by 2030
- Opt-out clause in 2029 could accelerate growth to over $600 million per team
- New streaming deals with Netflix, Apple, and others add incremental billions
Scarcity Premium Drives Prices Higher:
Only 32 NFL franchises exist. New expansion appears unlikely until at least 2030. With demand from billionaires and private equity far exceeding supply, prices continue rising.
Recent full team sale prices demonstrate scarcity value:
- Washington Commanders (2023): $6.05 billion (Josh Harris group)
- Denver Broncos (2022): $4.65 billion (Walmart heir Rob Walton)
- Carolina Panthers (2018): $2.2 billion (David Tepper)
Each sale set a record at the time. The next full team sale will likely exceed $8 to $10 billion.
NFL vs Other Major Leagues Revenue Comparison
Total League Revenue in 2024:
- NFL: $23 billion
- MLB: $12.1 billion
- NBA: $11.34 billion (2023-24 season)
- Premier League: $8 billion (2023-24 season)
- NHL: $7.5 billion
- Indian Premier League: $9.5 billion (2023)
The NFL generates nearly as much revenue as MLB and NBA combined. The gap continues widening. The NFL grew 14% year-over-year while most other leagues grew 3% to 8%.
Average Team Value Comparison 2025:
- NFL: $7.13 billion
- NBA: $4.6 billion
- MLB: $2.82 billion
- Premier League: $1.51 billion
- NHL: $1.79 billion
Key Differences That Make NFL More Profitable:
Salary Cap Discipline:
The NFL salary cap for 2025 is $279.2 million per team. Players receive approximately 48% of total revenue.
Other leagues pay players much more:
- NBA: 50% to 57% of basketball-related income goes to players
- MLB: No salary cap, players take over 50% of revenue
- Premier League: No salary cap, wages often exceed 60% to 70% of club revenue
Lower player costs mean higher profits for NFL owners.
Revenue Sharing Disparity:
The NFL shares 62% of total revenue equally among all teams through national revenue distribution. By contrast, the NBA distributes 40% of revenue centrally in 2023-24. MLB distributes only 25% of revenue centrally. The Premier League has significant disparity between big clubs and small clubs.
Schedule Efficiency:
The NFL plays just 272 total games per season (256 regular season plus 16 playoffs). The NBA plays 1,312 total games (1,230 regular season plus 82 playoffs). MLB plays over 2,430 regular season games plus playoffs. The Premier League plays 380 games.
The NFL generates more revenue per game than any other league. Average NFL game revenue: $84.6 million per game ($23 billion divided by 272 games).
Demand Exceeds Supply:
NFL teams play just 16 regular season games, creating scarcity. NBA and NHL teams play 41 to 42 home games, diluting per-game value. MLB teams play 81 home games, making individual games less special.
Why Every NFL Team Is Profitable
Average NFL Team Profit: $151 Million in 2024:
This represents EBITDA (earnings before interest, taxes, depreciation, amortization) and far exceeds other leagues.
Team Profit Range in 2024:
- Highest: Dallas Cowboys at $490 million
- Second tier: Patriots, Rams, 49ers at $200 to $300 million
- Middle tier: Most teams at $120 to $180 million
- Lowest: San Francisco 49ers at $80 million (due to high cash player costs in 2024)
No NFL team lost money in 2024. By contrast, five Premier League teams lost over $60 million each, and the league overall operated at a collective loss.
Cincinnati Bengals Profitability Example:
Even the lowest-valued team in the NFL remains highly profitable due to the revenue structure.
Cincinnati Bengals Estimated Financials:
- National revenue: $433 million (guaranteed)
- Local revenue: Approximately $180 million (estimated)
- Total revenue: Approximately $613 million
- Player costs: $329 million (salary cap plus benefits)
- Operating costs: $150 million (facilities, coaches, staff, travel)
- Profit: Approximately $134 million
The worst team in the NFL from a valuation perspective still makes $134 million in annual profit. That exceeds what most Premier League, La Liga, and Serie A clubs earn.
The Bottom Line
The NFL generated over $23 billion in total revenue during its 2024 fiscal year, nearly doubling the combined revenue of the NBA ($11.34 billion) and NHL ($7.5 billion). The league is on track to hit $25 billion by 2027, as commissioner Roger Goodell predicted back in 2010 when the NFL made just $8 billion annually.
How They Got Here:
The NFL’s 11-year media contracts with CBS, NBC, FOX, ESPN/ABC, and Amazon (2023-2033) generate approximately $10 billion annually, more than doubling previous deals worth $39.6 billion total from 2014 to 2022. Additional streaming agreements with YouTube ($2 billion annually for Sunday Ticket), Netflix ($150 million for Christmas games), and Peacock exclusives push total media revenue to $12 to $12.5 billion per year. Every NFL franchise receives $432.6 million from national revenue before selling a single ticket.
The Dallas Cowboys became the first sports franchise ever to surpass $12 billion in value, earning $1.27 billion in total revenue and $577 million in profit during 2024. Jerry Jones’ 1989 purchase for $140 million now represents over 8,500% return on investment. Three teams now exceed $10 billion: Cowboys ($12.5 to $13 billion), Rams ($10.43 billion), and Giants ($10.25 billion).
Super Bowl LIX advertising reached $7 to $8 million for 30 seconds, generating over $600 million in ad revenue for Fox from a single game. More than 127 million viewers watched, and 42% said they watch primarily for the commercials rather than the game. Fox earned over $600 million from approximately 51 minutes of advertising during the four-hour broadcast.
Why They Keep Winning:
The revenue-sharing model distributes 62% of income equally among all 32 teams, ensuring every franchise receives $433 million annually regardless of market size or wins. The 40% local revenue varies dramatically, Dallas generates over $800 million locally while smaller markets generate $160 to $240 million. Hard salary cap of $279.2 million in 2025 keeps player costs at 48% of revenue versus 50% to 70% in other leagues.
NFL franchises averaged $7.13 billion in 2025, up 20% from 2024 and double from 2021. Even the 32nd-ranked Bengals are worth $5.5 billion, more valuable than 14 of the world’s most valuable non-NFL sports franchises. NFL teams averaged $151 million in EBITDA during 2024, ranging from $80 million (49ers) to $490 million (Cowboys). By contrast, the Premier League’s 20 clubs collectively lost money in 2023-24, with five losing over $60 million each.
Meanwhile, The NFL Dominates:
- Revenue nearly equals NBA and NHL combined
- $23 billion is 74% higher than MLB ($12.1 billion)
- 72 of 100 most-watched U.S. telecasts in 2024 were NFL games
- Just 272 total games generate $84.6 million per game
- Private equity entry in 2024 inflated valuations with minority stakes selling at $8 to $10 billion implied valuations
The NFL has opt-out clauses in media contracts starting in 2029 (2030 for ESPN). Commissioner Goodell stated in September 2025 the league may renegotiate even earlier. Analysts project new deals could reach $15 to $18 billion annually, a 50% increase. Each team would receive $500 to $600 million in annual national revenue by 2030.
The Formula:
Schedule scarcity with just 272 total games creates $84.6 million per game versus thousands of games in NBA, MLB, and NHL. Demand vastly exceeds supply with only 32 franchises and no expansion planned. Revenue-sharing ensures small-market teams in Green Bay and Cincinnati profit $100+ million annually just like teams in New York and Los Angeles.
Twenty years ago, the NFL generated 29% more revenue than MLB. Today, that gap is 74% and widening. While other leagues depend on winning championships to generate revenue, NFL teams print money regardless of on-field results. The Cowboys haven’t won a Super Bowl since 1996 yet remain the world’s most valuable sports franchise at $12.5 billion.
The NFL isn’t just the most profitable sports league. It’s the most profitable sports league ever built, and the gap between the NFL and every other league continues growing every single year.
