The Dallas Cowboys are back in training camp, preparing for Brian Schottenheimer's second season as head coach after a 7-9-1 finish last year that left them second in the NFC East.
Jerry Jones will likely carry higher expectations into this season, and if CeeDee Lamb, George Pickens and Dak Prescott can find rhythm together on offense, Dallas may have its best shot in years at a real playoff run.
Camp has gone smoothly so far, and there is a general sense of optimism building around the team heading into the fall. Beyond what happens on the field, though, there is a bigger story developing around the Cowboys this offseason.
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Sportico released its latest NFL valuations this week, and the numbers show just how much the league continues to grow as a business. The average franchise is now worth $9.34 billion, up 31% from a year ago.
Dallas remains at the top of the list for the seventh straight year, with its valuation climbing to $15.5 billion after a 21% increase. The Los Angeles Rams ($12.7 billion), New York Giants ($12 billion), New England Patriots ($10.4 billion) and New York Jets ($10.35 billion) round out the top five.
Combined, the NFL's 32 franchises are now valued at $299 billion, a number that factors in real estate and other business ventures, including the Cowboys' stake in The Star, the team's mixed-use development in Frisco, Texas.
The franchise brought in $1.3 billion in revenue over the past year, trailing only Real Madrid among sports teams worldwide. Without being a constant in conference championship conversations, the Cowboys keep separating themselves financially from the rest of the league.
Their local revenue is nearly 70% higher than the second-place Rams, and their estimated EBITDA sits at $510 million, more than double Los Angeles' number and close to four times the NFL average of $139 million. Spanish soccer club Real Madrid, for comparison, posted $279 million before player trading.
Dallas also remains the only team in the league operating outside the NFL's shared merchandise system, a business worth close to $200 million annually, and with roughly $300 million coming in from sponsorship deals after renewing several major partners.
