That value came with a 17-percent increased value in the last year, helping New England leap over the Redskins on the list, with Washington falling to the No. 3 slot at $1.6 billion.
Dallas remains atop the list with a value of $2 billion.
Forbes calculates New England's revenue at $380 million, second only to the Cowboys among NFL teams. The magazine has the Patriots with an operating income of $118.8 million.
The Bengals were the only of the 32 teams that did not increase in value in the last year. The Patriots actually had the third highest increased value (17 percent), trailing only the Vikings (22 percent) and the 49ers (19 percent).
According to Forbes 20 of the 32 NFL teams have a value of more than $1 billion.
