Cowboys are the most valuable NFL franchise

The Dallas Cowboys are the most valuable NFL franchise on Forbes' annual list for the 12th year in a row.

The team is now valued at an estimated $5 billion, up 4 percent from last year, according to the magazine, which released its list on Thursday. The Cowboys are the first pro sports team to reach the $5 billion mark, even though they haven't reached the Super Bowl since 1996.

The New England Patriots, winners of five Super Bowls since 2002, come in second on the list with a value of $3.8 billion.

The Los Angeles Rams made the biggest jump in value -- 7 percent to an estimated $3.2 billion -- to reach No. 4. The Rams' value, as well as that of the Oakland Raiders (No. 18), was based on revenue projections relating to their new stadiums, which still are under construction.

Rounding out the top five were the New York Giants (No. 3, $3.3 billion) and the Washington Redskins ($3.1 billion).

The average value of an NFL team is an estimated $2.57 billion.

Making up the bottom five were Tampa Bay (No. 28, $2 billion), Cleveland ($1.95 billion), Cincinnati ($1.8 billion), Detroit ($1.7 billion) and Buffalo ($1.6 billion).