No, it's not misleading. "The National Football League takes in more than $9.5 billion per year and is exempt from Federal taxes." source http://www.forbes.com/sites/tomwatson/2014/01/30/the-real-su...

Update: Keep down-voting all you want. The Forbes article is weak in classifying all of the NFL as one entity. The below link gives a good overview of the structure of the NFL and it's tax exceptions. I'm glad I read it. That said the NFL still shouldn't be a non-profit organization. http://www.todayifoundout.com/index.php/2014/01/nfl-tax-exem...