Benson LeBlanc collaborated on the creative financing plan that bankrolled the Dome’s face-lift. The state put $165 million into improvements and upgrades long sought by Benson, who chipped in $15 million of the N.F.L.’s $20 million share.

Alas, the 32-year-old Superdome is the sixth-oldest facility in a league in which team value is tied to stadiums. According to Robert Baade, president of the International Association of Sports Economists, stadiums account for between 17 and 25 percent of the values of the five most lucrative N.F.L. franchises. The bottom five, he says, draw between 7 and 11 percent from their stadiums. Of those top five teams, none play in stadiums older than 10 years. Of the bottom five, only the Atlanta Falcons occupy a facility that is less than 25 years old. The biggest media markets don’t necessarily have the most valuable teams: The New York Giants and Jets rank 15th and 19th in value, respectively. The 31-year-old stadium they share, the Meadowlands, is an economic Jurassic Park.

Two years ago, the Saints ranked last among the 32 franchises in operating income—$9.1 million behind the next-­lowest team, the Seattle Seahawks, and $112.9 million behind the leader, the Washington Redskins. Much of the disparity derived from revenue that was not shared, such as the proceeds from luxury suites. While the league divides gate receipts 60-40 between the home and visiting teams, luxury-box revenue is exempt. “Benson knows he can make a whole lot more money moving somewhere else,” says Matheson. “If Los Angeles erected a state-of-the-art stadium, many teams would be tempted to relocate there. The Saints would be first in line.”

With another N.F.L. campaign kicking off, the team’s prospects are as promising as Mardi Gras. Last season—buttressed by a dynamic new coach (Sean Payton), quarterback (Drew Brees), and running back (Reggie Bush)—the Saints went from worst to first in their division and finished one victory away from the Super Bowl. “The Saints came back from the trauma of Katrina a better team,” says Kevin Wildes, president of Loyola University New Orleans. “They’ve become a serious symbol of renewal for the people of New Orleans.”

They also became a serious symbol of merchandising. In 2005, the Saints were 29th among N.F.L. teams in sales at nflshop.com, the league’s e-commerce site. Last season, they climbed to seventh.

Still, the team’s turnaround does not increase its chances of staying in New Orleans beyond 2010. “The Saints’ current success and good won-lost record would certainly help with fan support and team economics,” says former N.F.L. commissioner Paul Tagliabue. “But that wouldn’t necessarily mean the Saints are viable long-term. The macroeconomics of the region would be most important.”

The macroeconomics in this region of microbusinesses looks grim, says Matheson. He notes that New Orleans’ population is only half its pre-Katrina level of 460,000 and that vast stretches of the city resemble a modern Pompeii. He also points out that the Big Easy’s corporate base was devastated. Both of its Fortune 500 companies left town. Freeport-McMoRan Copper & Gold relocated to Phoenix, while Entergy Corp. moved to Jackson, Mississippi, and has only recently returned.

Matheson says the prosperity of other N.F.L. franchises has raised the cost of fielding a competitive team and made the Saints an even more inviting candidate for relocation. “Why would Benson tie himself to one of the league’s smallest markets?” asks Matheson. “Why would the N.F.L., especially when it depends on revenue sharing and national TV contracts? Unless a lot of things go right, I don’t see how New Orleans can support an N.F.L. team.”

The city’s pro-football fans—the ones Benson LeBlanc took by storm—hope she tells her grandfather something like what Saints coaches tell potential free agents: Move the team and become just another owner; stay and become a hometown hero. “The question is how much being beloved is worth to Benson,” says Matheson.

It may be worth less to Benson than to his granddaughter. After all, he takes concessions; she makes them. Benson LeBlanc says a shiny new stadium would be nice, but she’s not “pushing hardcore” for one. “There are no mandates from the club,” she says, sounding like the anti-Benson. “Any proposal would have to go beyond just a mere facility and involve reclaiming property that was devastated by Katrina. We’re trying to do everything we can to bring prosperity and economic investment to New Orleans.”