What are the Dallas Cowboys Cheerleaders really worth?

The Dallas Cowboys Cheerleaders recently received a 400% raise to $75 an hour for the 2025 season, marking a victory that also raises questions over whether the iconic squad’s new compensation now reflects their true value.

The raise was secured by the end of season two of Netflix’s “America’s Sweethearts: Dallas Cowboys Cheerleaders,” which premiered in June and highlighted the challenges squad members face. Four-year veteran Megan McElaney revealed on the show the squad members were getting a significant pay raise.

“Our efforts were heard, and they wanted to give us a raise,” McElaney said in episode 7. “And we ended up getting a 400% increase, which is, like, life-changing.”

The pay increase has also raised questions about how much of the Dallas Cowboys’ $12.8 billion valuation is tied to their cheer squad, The Hollywood Reporter reported, citing Sportico.

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Kelee, Karley, Megan, Tori, Kelcey, Chandi, Armani, and Sophy of the Dallas Cowboys Cheerleaders perform during Netflix Summer Break on May 30, 2024, in Los Angeles, California. (Joe Scarnici/Getty Images for Netflix / Getty Images)

Since the Netflix show’s debut in 2024, the famous squad of cheerleaders has generated approximately $50.2 million in equivalent brand value for the Dallas Cowboys, according to The Hollywood Reporter, citing Apex Marketing Group President Eric Smallwood.

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That figure — which does not include merchandise sales or the squad’s role in broadening the Cowboys’ audience — reflects high-profile promotional appearances, exposure from the show and the media and social media attention they attract. Smallwood calculated that number by estimating the amount it would cost the football team to purchase that level of exposure outright, according to The Hollywood Reporter.

Members of the Dallas Cowboys Cheerleaders are pictured with Charlotte Jones, Jerry Jones, Ted Sarandos, and Bela Bajaria at the premiere of Netflix’s “America’s Team: The Gambler And His Cowboys” at The Egyptian Theatre Hollywood on August 11, 2025, (Frazer Harrison/Getty Images / Getty Images)

During one episode of the show’s second season, tensions came to a head when the Dallas Cowboys Cheerleaders debated walking out of one of their practices amid frustration over their latest contract. At the time, five-year veteran Jada Mclean, who is now retired, earned $15 an hour without health insurance. In addition to her role as a cheerleader, she worked as an assistant in a dermatologist’s office, The Hollywood Reporter reported.

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“We do hold value, and what are we willing to do to show them that we know our value?” Mclean asked the squad.

While Mclean was earning just $15 an hour that year, Dallas Cowboys quarterback Dak Prescott made $60 million. 

The Dallas Cowboys Cheerleaders during “Audience Suggestion Box” on Wednesday, June 25, 2025. (Todd Owyoung/NBC via Getty Images / Getty Images)

On Aug. 19, the Dallas Cowboys and its owner, Jerry Jones, became the focus of another Netflix series, “America’s Team, the Gambler and His Cowboys.”

Jones, who purchased the Dallas Cowboys in 1989, told ‘Fox & Friends’ on Aug. 21 that sports were not financially viable on their own at the time. He also admitted he did not have enough money to buy the team in full but still was able to secure ownership. 

“I wanted my life’s dream,” Jones said. “The minute I got there though, I knew that there had to be other ways to involve our fans.”

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The Dallas Cowboys did not immediately respond to FOX Business’ request for comment.