The Dallas Cowboys have once again claimed the top spot as the NFL’s most valuable franchise, according to CNBC’s 2024 valuations, breaking new ground by becoming the first NFL team valued at over $11 billion. This staggering figure places the Cowboys a full $3 billion ahead of any other team in the league, cementing their dominance in terms of financial success.

The Los Angeles Rams, coming in at $8 billion, hold the second spot, followed closely by the New England Patriots ($7.9 billion), New York Giants ($7.85 billion), and Las Vegas Raiders ($7.8 billion). These rankings underscore the continued financial growth of the NFL, where even the lowest-ranked team, the Cincinnati Bengals, boasts a valuation of $5.25 billion—nearly $2 billion more than their worth in 2023.

Cincinnati Bengals quarterback Joe Burrow / Sam Greene/The Enquirer / USA TODAY NETWORK

What separates these franchises, particularly the Cowboys, is their ability to generate substantial non-shared revenue. Jerry Jones, the Cowboys’ entrepreneurial owner, paved the way for this trend, famously forging sponsorship deals with American Express and Pepsi, competitors to the NFL’s then-official partners. Jones’ bold moves paid off, offering a blueprint for other teams to follow, and propelling Dallas to its premier status.

As the NFL’s shared revenue system accounts for about 65% of total income, the ability to cultivate individual partnerships and innovative business strategies has become the key to pushing teams to the top of the financial ladder. With the average NFL franchise now valued at $6.49 billion, it’s clear that savvy business acumen continues to drive these teams to record-setting heights.

Here’s all 32 teams and their respective valuation:

1. Dallas Cowboys – $11B
2. Los Angeles Rams – $8B
3. New England Patriots – $7.9B
4. New York Giants – $7.85B
5. Las Vegas Raiders – $7.8B
6. San Francisco 49ers – $7.4B
7. New York Jets – $7.35B
8. Miami Dolphins – $7.1B
9. Philadelphia Eagles – $7B
10. Chicago Bears – $6.4B
11. Houston Texans – $6.35B
12. Green Bay Packers – $6.3B
13. Washington Commanders – $6.25B
14. Denver Broncos – $6.2B
15. Seattle Seahawks – $6.11B
16. Atlanta Falcons – $6.1B
17. Pittsburgh Steelers – $6.08B
18. Kansas City Chiefs – $6.07B
19. Minnesota Vikings – $6.06B
20. Tampa Bay Buccaneers – $6.05B
21. Baltimore Ravens – $6.03B
22. Cleveland Browns – $6.02B
23. Tennessee Titans – $6.01B
24. Jacksonville Jaguars – $6B
25. Carolina Panthers – $5.9B
26. Los Angeles Chargers – $5.83B
27. Indianapolis Colts – $5.8B
28. New Orleans Saints – $5.5B
29. Detroit Lions – $5.4B
30. Buffalo Bills – $5.35B
31. Arizona Cardinals – $5.3B
32. Cincinnati Bengals – $5.25B