Dallas Cowboys owner Jerry Jones, left, and Michael Irvin, right, before a preseason NFL football game Thursday, Aug. 30, 2018, in Houston. The Dallas Cowboys have not been to the Super Bowl in 23 years, but their league-leading revenue ($864 million) makes them the NFL’s most valuable team.  The Cowboys, worth $5 billion, a 4 percent increase from last year, retain the top spot for the 12th consecutive year. (AP Photo/Eric Christian Smith)

NEW YORK — The National Football League continues to be the most lucrative sports league in the world, according to Forbes’ 21st annual NFL Team Valuations.

The Dallas Cowboys have not been to the Super Bowl in 23 years, but their league-leading revenue ($864 million) makes them the NFL’s most valuable team.  The Cowboys, worth $5 billion, a 4 percent increase from last year, retain the top spot for the 12th consecutive year.  The Cowboys are the first sports team to reach a value of $5 billion.

The New England Patriots ($3.8 billion), New York Giants ($3.3 billion), Los Angeles Rams ($3.2 billion) and Washington Redskins ($3.2 billion) round out the NFL’s top five most valuable teams.

The average NFL team is worth $2.57 billion, which is a 2 percent increase over last year.  It is the smallest increase since 2010, when values decreased an average of 2 percent.

“The reason for this year’s small increase is the dearth of people who have the liquid wealth to buy 30 percent of an NFL team,” says Assistant Managing Editor Mike Ozanian.

This is the 21st rendition of Forbes NFL valuations, during which time NFL values have climbed almost eight fold, at an 11.6 percent annual rate versus 4.5 percent for the S&P 500.

Rounding out the top 10 are: 6, San Franciso 49ers, $3.05 billion; 7, Chicago Bears, $2.9 billion; 8, New York Jets, $2.85 billion; 9, Houston Texans, $2.8 billion; and 10, Philadelphia Eagles, $2.75 billion.

The remainder of the list includes: 11, Denver Broncos, $2.65 billion; 12, Green Bay Packers, $2.625 billion; 13, Atlanta Falcons, $2.6 billion; 14, Baltimore Ravens, $2.59 billion; 15, Pittsburgh Steelers, $2.585 billion; 16, Seattle Seahawks, $2.58 billion; 17, Miami Dolphins, $2.575 billion; 18, Oakland Raiders, $2.42 billion; 19, Minnesota Vikings, $2.4 billion; 20, Indianapolis Colts, $2.38 billion; 21, Carolina Panthers, $2.3 billion; 22, Los Angeles Chargers. $2.275 billion; 23, Arizona Cardinals. $2.15 billion; 24, Kansas City Chiefs. $2.1 billion; 25, Jacksonville Jaguars, 2.08 billion; 26, New Orleans Saints. $2.075 billion; 27, Tennessee Titans. $2.05 billion; 28, Tampa Bay Buccaneers, $2 billion; 29, Cleveland Browns, $1.95 billion; 30, Cincinnati Bengals, $1.8 billion; 31, Detroit Lions, $1.7 billion; 32, Buffalo Bills, $1.6 billion. 

Methodology: Forbes’ team values are enterprise values (equity plus net debt) based on the multiples of revenue of historical transactions as well as offers to buy and invest in teams currently on the table. The values are based on each team’s current stadium (with adjustments for pending new stadiums and renovations).  Revenue and operating income (earnings before interest, taxes, depreciation and amortization) are for the 2017 season, net of stadium debt service. Revenue from non-NFL events, like concerts and stadium tours, is included when such revenue is pocketed by the team owner or an entity the owner controls.