The Packers league sharing is only part of what makes a team profitable. When it costs in the neighborhood of $450 mill (could be more) to operate a team for a given year, having $250 - $275 mill from shared TV rights isn't enough. You need income from game attendance, caps, shirts, etc, and any other marketing you can get to make things work. Big city markets do just fine there, but Green Bay is the smallest market and regardless, has less outside revenue stream potential than anyone else.
As an example, stadium naming rights. Look at the millions teams bring in around the league. The Packers do it with gates, at a lesser value. There isn't the team support population to even dent that which is there for the Cowboys, and therefore make Jones' operation most successful.
The entire idea of the businesses outside the stadium being developed is to offset the need for the future, since there is absolutely no guarantee that revenue sharing will remain anything near like what it is today. It could change as soon as the next league meeting, and agreement with the NFLPA.
What do the Packers show as profit over the course of a year? Somewhat under $40 million? If their total revenue stream is in the area of $600 million, that's a pretty paltry sum. I'd guess that the Cowboys stream will show at least 4 or 5 times that level of profits over the course of a year. Even that could be way off, on the low side.
Look around the league and you'll find a lot of the smaller market teams will leave some cap room on the table at the end of the year so they can use it the following year, or, if needed, absorb it into their profit and loss statements, to up their bottom line.
Since we can't look into the books on any team, other than the Packers, it's hard to say, but I'd guess you could do a population/fan base calculation to show the difference in profitability.
The fact is, if the product on the field begins to suffer, so does all the outside business interests which the Packers also rely on to support the entire organization. There's a reason that those of us who helped build the Packer Hall of Fame had to dig deep to make it happen. The fan base was eroding, even if the tickets were still being sold. There are always die-hard fans, but not always those on the periphery who add a lot of cash to the operation. And, as someone whose family has bought stock in every Packer stock sale, I can tell you that no matter how much they say they've got it wired, it ain't always true. When you need to turn to the public to raise the money for modifications through shares, and you need to sell licenses for seats, you're obviously not bringing in enough to meet "future needs," like you'd hope your model would.
