Essentially, you can try to break down the benefits into more understandable pieces. E.g. seconds of stadium dome signage shown on TV, seconds of press conference backdrop with stadium name shown on TV, number of eyeballs passing a sign during a game (classic billboard problem), etc.
If you run through these estimates (which clearly not all companies do before buying), it almost always looks like a bad deal. The stock ROI analysis confirms this, and is also a bit more compelling imo because it's harder to argue that something was left out. However, there are exceptions (such as Target) where the advertising components of a stadium deal can actually appear to be quite favorable, and interestingly the stock performance backs that exception up. My next Market Intelligence newsletter mentioned at the end of the article will go into more detail on how to do that analysis for an arbitrary deal.