Not top 10? The Miami Heat are in one category

For the past couple of seasons, the Miami Heat have finished firmly in the middle of the NBA standings -- and many observers project the same again, even if Heat insiders have hopes for a younger, refreshed roster.

But even if the Heat aren't expected to reach the heights of glory days that featured Hall of Famers such as Shaquille O'Neal, LeBron James and Dwyane Wade, they still found their way into the top 10 of one annual list:

NBA franchise value, according to Sportico.

What do you notice about @Sportico's latest NBA franchise valuations? 👀 pic.twitter.com/g8OND4SRUs
— The Athletic NBA (@TheAthleticNBA) October 16, 2025

The Heat check in on the list in the eighth spot, with a projected value of $6.03 billion, an increase of 21 percent from last year. That eighth spot is the same as last season. For context, the top-projected team, the Golden State Warriors, are valued by Sportico at nearly twice as much ($11.33 billion). And the lowest valued team, the Memphis Grizzlies, are at $4 billion.

This is how Sportico says it arrived at its conclusions:

To derive the market value of the 30 NBA franchises, Sportico calculated each team’s revenue relying on publicly available information and financial records, as well as interviews with those knowledgeable of team finances, including sports bankers and attorneys who actively work on NBA transactions. In the interest of accuracy, we traded candor for anonymity. This information was vetted by multiple owners, along with team or parent company CEOs, presidents, chief financial officers, media relations personnel, industry experts and investors.
Sportico

What does this say about the Heat? It suggests their brand has staying power, even with the team in a bit of a valley compared to three decades of relative glory since Micky Arison brought in Pat Riley. All of the teams ranked ahead of the Heat are in larger markets: two in New York, two in Los Angeles, one in San Francisco, one in Chicago and one in Boston.

It also suggests that the Heat could rise up even further -- perhaps ahead of the Bulls, ranked 7th but mired in a long stretch of mediocrity -- if they can add another marquee player and get back into the later stages of the playoffs.

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