If the Detroit Lions were an overrated mortgage-backed security, Wall Street would be all over them. Alas, they're just an NFL franchise trying to get back to the playoffs after breaking an 11-year postseason drought last season.

And, according to Forbes' annual list, the Lions are ranked 27th among the 32 NFL teams with a value of $855 million - a 1.3 percent year-over-year increase from 2010.

The Dallas Cowboys took the top spot for a sixth consecutive year with a $2.1 billion price tag, which is second among sports teams around the world. England's Premier League powerhouse Manchester United is valued at $2.24 billion.

At $1.19 billion, Chicago is most valuable among NFC North clubs, and eighth overall. Green Bay is just behind the Bears with a valuation of $1.161 billion. The Packers are 10th among all NFL teams.

The five teams worth less than Detroit are: Atlanta, Buffalo, Oakland, St. Louis and Jacksonville.

Weighing heavily on the Lions franchise's worth is the brand value ($41 million), the Detroit market itself ($104 million). Also, Ford Field, which cost well over $400 million to build in 2002, is now estimated to be worth just $74 million.

After years of mismanagement and historically poor results on the field, the Lions are trying to mend their brand value, starting with the much-improved product fans see on Sundays.

"The Lions' 10-6 record in 2011 was its best in 16 seasons," Forbes writes, "and QB Matthew Stafford won an ESPY award for comeback athlete of the year. The team's brand is also getting some of its mojo back, as the Lions' Monday Night Football game vs. the Chicago Bears not only set a Lions' attendance record at Ford Field (67,861), but also earned a 36.4 household rating, according to Nielsen, making it the most-watched Lions' regular season game ever in the Detroit market."

As a business, Detroit is improving but still has work to do. With an EBITDA of minus-$4.6 million, the team is still in the red, though it's $3.1 million better than the operating income in 2010. If the team continues to improve, and keep its player costs in check - which might be a tall order with some key players' contracts expiring in the next couple of seasons - the team's image revival combined with the NFL's increased revenue should give the Lions a boost in upcoming years.

At least the Lions got some bang for their buck with a 112 wins-to-player cost ratio, which is a percentage of victories per dollar of payroll compared to the league average. For the first time in more than a decade, the Lions were actually above average.

So they've got that going for them. Which is nice.

Email Philip Zaroo at pzaroo@mlive.com or follow him on Twitter at twitter.com/philipzaroo.