Cowboys once again lead Forbes' NFL team valuations at unprecedented $9 billion

It is once again very good to be the Dallas Cowboys. Financially, at least.

The annual Forbes NFL team valuations were released Thursday and no one was surprised to see the Cowboys on top for the 13th straight year, with a 13% increase from last year to an unprecedented $9 billion. Their annual revenue is estimated at $1.14 billion with an operating income of $504 million.

The Cowboys' value is $2 billion clear of the second-place New England Patriots at $7 billion, followed by the Los Angeles Rams ($6.9 billion), New York Giants ($6.8 billion) and the Chicago Bears ($6.3 billion). Other ranks of note include the newly sold Washington Commanders at eighth with their exact sale price of $6.05 million and the defending champion Kansas City Chiefs at No. 23 with $4.3 billion.

Coming in last is the Cincinnati Bengals at a relatively paltry $3.5 billion.

Forbes has the average NFL team now worth a record $5.1 billion, which is a 14% increase in value over the last year. The last year was another good one for the NFL's finances between the Commanders sale and its enormous TV contracts.

The Cowboys' projected $9 billion price tag is actually below what team owner Jerry Jones said he could get in a sale last year, as he estimated he would get $10 billion if he opened the team up for bidding. Not bad for an initial purchase price of $150 million back in 1989.

Above all, the NFL remains king when it comes to making money — with the Cowboys as the crown jewel — and stands to stay there into the distant future, even with all the reservations about the safety of the sport and potentially contentious CBA negotiations.