National Football League
Clubs

The NFL consists of 32 clubs divided into two conferences of 16 teams each. Each conference is divided into four divisions of four clubs each. During the regular season, each team is allowed a maximum of 55 players on its roster; only 48 of these may be active (eligible to play) on game days. Each team can also have a sixteen-player practice squad separate from its main roster.

Each NFL club is granted a franchise, the league's authorization for the team to operate in its home city. This franchise covers 'Home Territory' (the 75 miles surrounding the city limits, or, if the team is within 100 miles of another league city, half the distance between the two cities) and 'Home Marketing Area' (Home Territory plus the rest of the state the club operates in, as well as the area the team operates its training camp in for the duration of the camp). Each NFL member has the exclusive right to host professional football games inside its Home Territory and the exclusive right to advertise, promote, and host events in its Home Marketing Area. There are a couple of exceptions to this rule, mostly relating to teams with close proximity to each other: teams that operate in the same city (e.g. New York City and Los Angeles) or the same state (e.g. California, Florida, and Texas) share the rights to the city's Home Territory and the state's Home Marketing Area, respectively.

According to Forbes, the Dallas Cowboys, at approximately US$8 billion, are the most valuable NFL franchise and the most valuable sports team in the world. 26 of the 32 NFL teams rank among the Top 50 most valuable sports teams in the world; and 16 of the NFL's owners are listed on the Forbes 400, the most of any sports league or organization.
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