IPL franchises are commanding massive valuations, with RCB valued at $1.78 billion and Rajasthan Royals at $1.63 billion. The real driver is media rights, not cricket. IPL's 48,390 crore rupees broadcast deal guarantees annual payouts, but experts warn valuations are detached from fundamentals as rights growth slows after 2027. Analysts fear the current boom may be unsustainable.