The Eagles are the big surprise on the list. The Eagles are also a good example of how the analysis works. Most fan rankings are based on subjective judgments and lack controls for short-term winning rates. This latter point is a critical shortcoming. It’s easy to be supportive of a winning team. While Eagles fans might not be happy they are supportive in the face of mediocrity. Last year the Eagles struggled on the field but fans still paid premium prices and filled the stadium.

A comparison between the Steelers and the Eagles highlights the underlying issues. Last year the Steelers had an average attendance of 64,356 and had an average ticket price of $84 (from ESPN and Team Market Report). In comparison the Eagles averaged 69,483 fans with an average price of $98.69. In terms of filling capacity the Steelers were at 98.3% compared to the Eagles at 102.8%. The key is that the greater support enjoyed by the Eagles was despite a much worse record.

Forbes came out with their updated ranking of the world’s 50 most valuable sports teams, and the Eagles are 17th with a $2.4 billion valuation. The Birds are actually at the bottom of the NFC East, with the Cowboys at No. 1 ($4 billion), Washington at No. 8 ($2.85 billion) and the Giants at No. 9 ($2.8 billion). Still, it’s fair to say Jeffrey Lurie made a pretty good investment when he bought the team in 1994 for a reported $185 million.