NEW YORK (VINnews) — The average National Football League team is now valued at $10.36 billion, a 35 percent increase from a year earlier, according to CNBC’s 2026 franchise valuations released Wednesday.

The Dallas Cowboys remain the league’s most valuable club at $16 billion, CNBC senior sports reporter Michael Ozanian said. The Cowboys generated about $1.29 billion in revenue during the 2025 season, well above the league average of roughly $723 million.

The Los Angeles Rams ranked second at $14.5 billion, followed by the Las Vegas Raiders at $13 billion, the New York Giants at $12.5 billion and the New England Patriots at $12.25 billion.

CNBC said every franchise increased in value. The lowest-ranked teams on its list were still worth more than $8 billion. The Cincinnati Bengals, Buffalo Bills and Arizona Cardinals occupied the bottom three spots.

League-wide media rights deals, new stadium projects and limited supply of teams have driven the surge, analysts said. Several clubs, including the Jacksonville Jaguars, Washington Commanders, Chicago Bears and Kansas City Chiefs, are planning or building new venues.

Forbes, which issued its own rankings the same day, placed the Cowboys at $17 billion and the league average at $9.5 billion, up 34 percent. Sportico earlier estimated an average of about $9.34 billion.

The NFL’s 32 teams are now collectively worth more than $300 billion on some estimates. Private-equity purchases of minority stakes have also lifted valuations after the league relaxed ownership rules in 2024.

Ozanian told CNBC the appreciation has been consistent across the league.