The Dallas Cowboys haven't had a winning record since 2009, and the team is likely headed in that direction for 2014. But that hasn't cost them a thing, money-wise. Forbes' annual list of most valuable NFL teams has them once again leading the pack at $3.2 billion.
And the Boys are No. 1 by a wide margin. The New England Patriots, who've won three Super Bowls and have been to two others since 2000, come in second at $2.6 billion. The Cowboys' valuation — a 39 percent increase over 2013 — makes it the second most valuable sports franchise in the world, behind only the Real Madrid soccer team at $3.4 billion.
To put it in further perspective, the Houston Texans are also one of the most valuable NFL teams, coming in at No. 5 on the list. Yet Houston's valuation is barely half of Dallas' at $1.85 billion.
So what keeps the Cowboys on top? For one, they also have the highest revenue of any NFL team ($560 million) and the biggest difference between revenue and operating income (just over $314 million).
Marketing deals with brands like Hublot watches and Carnival Cruise Lines and naming rights for AT&T Stadium, among others, have also played factors in the Cowboys' high value. Who knows — another 8-8 season or worse could be the best thing for Jerry Jones' wallet.