There is only one TV market.
8&8 has a very important post about valuation. Thank you. Read it.
I would imagine that the public's appetite for funding stadiums will diminish, or has diminished already, and this will be reflected in a slower increase in value of franchises. Definitely linked, in my mind. However, scarcity (there are only 32, with expansion adding maybe 2 more franchises) will ensure that the values won't decrease in almost any scenario.
kj