The Los Angeles Rams are worth $10.5B — a 52% jump in two years that puts them in rare air. For context: the NFL median franchise sits around $5.2B. The Rams are trading at a 2x premium to their peer set. That gap exists for one reason: SoFi Stadium. Opened in 2020, the $5B venue generates revenue streams that most franchises don't have access to. Stadium economics, not just football, are driving the valuation multiple. Kroenke's strategy pivoted sharply when he moved the team from St. Louis to Inglewood in 2016. The play was never just the Super Bowl LVI win (2022) — that was the result, not the cause. The real thesis was real estate plus venue control plus NFL media rights. At $6.9B in 2023, the Rams were already premium. The jump to $10.5B signals that the market is pricing in sustained stadium revenue, not one-time championship upside. SoFi is hosting major events beyond football: MLS (LAFC), Lizzo, Taylor Swift. The venue is a platform, not just a stadium. Forward trajectory depends on one variable: sustained real estate and event demand in Inglewood. If SoFi continues to host 60+ events annually and parking/concession revenue stays elevated, the $10.5B floor holds. If Kroenke sells — unlikely, given his long-term capital strategy — the buyer would be pricing in that same SoFi cash flow. The Rams tell us that modern NFL franchises aren't valued on football alone anymore. They're valued as real estate plus media rights plus venue control. Every other NFL owner is now trying to replicate what Kroenke built.