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The NFL is king when it comes to professional sports in the United States, and while 2020 was a "down year" in profits with stadiums not being packed with fans due to the COVID-19 pandemic, NFL teams still split $9.8 billion in national revenue last year, according to reporter Darren Rovell. In addition, each team received $309.2 million.
In 2019, the 32 teams of the NFL generated revenue of $15.26 billion, according to Statista. So, while the revenue was down over $5 billion in 2020, the NFL should make up for it with the massive TV deal they signed with the networks back in March. The new deal is collectively worth about $110 billion over 11 years, nearly doubling the value of its previous contracts, according to Ken Belson and Kevin Draper of the New York Times.
The NFL earns most of its money with TV deals. According to the Chicago Tribune, more than 50% of the league’s $15 billion annual revenue comes from TV deals.1 Other revenue streams include ticket sales, merchandising, and licensing rights, and corporate sponsorships.
The NFL announced in March that the salary cap for the 2021 season would be $182.5 million, down from $198.2 million a year ago. With the addition of the new TV deal and stadiums being at full capacity again, the NFL has set a $208.2 million cap ceiling for the 2022 season.
The Steelers are projected to have $75,241,547 in cap space in 2022, which is the second-most in the league, according to Overthecap.com.