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After Paul Brown's death in 1991, controlling interest in the team was inherited by his son, Mike Brown. In 2011, Brown purchased shares of the team owned by the estate of co-founder Austin Knowlton and is now the majority owner of the Bengals franchise.
The Bengals won the AFC championship in 1981, 1988, and in 2021. After each of the 1981 and 1988 conference championships, they went on to lose to the San Francisco 49ers, in Super Bowls XVI and XXIII. The team struggled greatly in the 1990s and the early 2000s, during which time they were sometimes referred to disparagingly as "The Bungles," a term coined by Steelers broadcaster Myron Cope. Following the 1990 season, the team went 14 years without making the NFL playoffs or posting a winning record. The Bengals went through several head coaches in that period, and many of their top draft picks did not pan out.
The team's fortunes improved in the mid-2000s and into the mid-2010s, which saw them become more consistent postseason contenders, but they continued to struggle in the playoffs. The turning point for the Bengals was during the 2021 season, when they won their first playoff game in 31 years and advanced to the first of two consecutive AFC Championship games. In 2021, they defeated the Kansas City Chiefs 27–24 in overtime and advanced to Super Bowl LVI, their first appearance in the Super Bowl in 33 years, where they lost to the Los Angeles Rams 23–20. They advanced to the AFC Championship game again in 2022 but lost to the eventual Super Bowl champion Chiefs by a score of 23–20.
The team does not have an official general manager. However, Duke Tobin is the Bengals' "de facto general manager" because he handles most personnel decisions. In a 2011 survey, Brown was rated as among the worst team owners in American professional sports.
In a Forbes article on the value of NFL teams as of August 2022, the Cincinnati Bengals were ranked last with a value of $3 billion.