Just remember this is the VALUE OF THE FRANCHISE. Not payroll. It includes revenues from ticket sales, concessions...quality of the venue...etc. This is what is the determined to be the cost of the team if it was up for sale.
Are intangibles factored in? I mean, when you value an ongoing business enterprise, you include things like "goodwill" and intellectual property values and things like that. I am sure "original six" franchises have a lot more of this intangible value than, say, the Columbus Blue Jackets.