Correct. The league is not declining in any objective sense. Ratings and attendance are higher than ever and the caliber of the athletes is as high or higher than ever, especially with the rise of mobile quarterbacks and the migration of the best athletes in the league to wide receiver.
i do think the decline in youth football participation, although it is regional in nature, poses a real threat in that the talent pool is shrinking and less youth participation could mean fewer future fans. I think this is an important reason the league is trying to expand internationally.