Does it? Who does it work out well for? Franchises continuously extort tax-payer funds for stadia,some team switches host cities every few years, and the for-profit corporations are legal cartels that decides who gets to own a team. The number of ad-breaks is horrendous to anyone who's watched sports elsewhere.
Lastly, football is a grassroots participation sport that is seen by its fans as more of a religion than a conventional act of entertainment. Of course, religion in the US is also often for-profit, but hopefully you get the point.
Internationally the standard is non-profits. Most sports have both their international organisations and highest standard of play organisations as non-profits - football, tennis, golf, cricket. The international components of baseball, american football, and basketball are all non-profits (though they are lower standards of play than the US internal leagues).
Oakland Raiders? not anymore! teams just leave to another city if the money is right. craziness.
the sheer number of ads and marketing.
what are you smoking?