Sept 9 (Reuters) - The Dallas ⁠Cowboys are the most valuable NFL franchise for ⁠a 20th consecutive year, according to the annual list ‌published by Forbes on Wednesday that showed all of the league's teams are worth at least $8 billion.

The Los Angeles Rams ($13.5 billion), New York ​Giants ($12 billion), New England Patriots ($10.6 billion) and ⁠San Francisco 49ers ($10.5 billion) ⁠rounded out the top five.

The Cowboys, who have not won ⁠a ‌Super Bowl in 30 years but enjoyed success in the 1970s and 1990s, are worth $17 billion, up ⁠31% from 2025. Located in a football-loving ​state, they have ‌a passionate fan base and remain one of the ⁠NFL's most ​recognizable and profitable franchises.

Jerry Jones' team generated nearly $1.28 billion in revenue last season, according to Forbes estimates, and posted an estimated $677 ⁠million in operating income last season.

AT&T ​Stadium, their home field, has one of the largest capacities in the NFL at 80,000, and can also expand to 100,000 ⁠with standing room. When the naming-rights agreement with AT&T was announced in 2013, ESPN reported that it was worth between $17 million and $19 million annually.

The average team value in the ​league now stands at $9.5 billion, a ⁠34% increase from 2025, Forbes said.

The Super Bowl champion Seattle ​Seahawks ($9.6 billion) were 14th on the ‌list while the Cincinnati Bengals ($8 billion) ​were the lowest-valued team for the fifth consecutive year.

(Reporting by Nicole Fernandes in TorontoEditing by Toby Davis)