Most Valuable NFL Franchises (Saints Now At $4.1 Billion)

Maybe/maybe not. You seem to be assuming the entire $4 billion is deductible when that just is not the case. Most teams do not own the real estate assets you are referring to. A valuation of the team is not a deductible asset or expense. It is just a bit simplistic to make that assumption.
I don't know where we're mis-communicating here, but of course the VALUATION isn't deductible, anymore than an updated appraisal of your home changes your acquired "basis". But I was very clear that the Broncos and Commanders recently transferred for in excess of $4B. Panthers were pretty recent too, but can't remember the price. Those were $4B+ acquisitions and they absolutely included depreciable assets, according to IRS guidelines. And non-realty assets are depreciable over a shorter time frame, resulting in LARGER depreciation deductions than I illustrated. Since we don't KNOW the allocations of those acquisitions, it's entirely possible you are correct, and there are less 39-year assets (real estate) and more 5-year and 15-year assets. But like I illustrated, that would result in HIGHER depreciation deductions, not lower.

I'm not sure what you're disagreeing with? Is your point that actual allocations and actual depreciation would be different? I've already conceded that you are right....i just presented a rough & dirty mathematical exercise to demonstrate that NFL owners don't purchase franchises based on their cash flow; they purchase the tax shelter. NOTHING MORE!

If you look at those valuations and the "valuation to revenue" column, that is an "income multiplier" similar to real estate valuations; and that income multiplier can be inverted (1/x) for a capitalization rate; which is a cash-on-cash rate of return for a cash purchase, with NO DISTORTION for effects of leverage. The indicated capitalization rates around 7.x equate to approximate returns of 5%, cash on cash. I am POSITIVE that billionaires could park their $4B somewhere else, in a different asset, and earn better than +/- 5% rates of return. So why do these financially savvy billionaires do it? It's the TAX BENEFITS. You wanna argue what the tax benefit is or isn't? How about are correct....but I will stand by my statement that these billionaire acquisitions of NFL franchises are not "investment-driven" purchases, they are "tax driven" purchases. If you read anything else OTHER than that into my statement(s), then you're missing the point. I don't know how to be any more clear than that. My bad...