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Denver Broncos Are No. 12 In Forbes' 2011 Team Values

The Denver Broncos didn't take much of a hit from the recession or the nearly five-month long lockout, according to Forbes' Business of Football rankings. The Broncos check in at No. 12, a two-spot drop from last year's position. They team, according to Forbes' calculations, are worth $1.046 billion, which is a $3 million drop from last year's value.

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While the Broncos still hold the same amount of debt (14 percent), their revenue is up $5 million from $250 to $255 million. The team's operating income also rose $6.5 million to $28.5 million.

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This makes them the most valuable team in the AFC West. The Kansas City Chiefs check in at No. 18 with a value of $986 million; the San Diego Chargers at No. 23 ($920 million); and the Oakland Raiders at No. 31 ($761 million). Both the Chiefs (two percent) and the Chargers (one percent) saw an increase in their one-year value change, but the Raiders joined the Broncos in staying the same.