NFL players, coaches and other team employees could suffer mightily if a resolution to the league’s labor dispute isn’t reached in time for the 2011 season to begin. But the state of Maryland also is bracing for a big financial hit.

Peter Franchot, comptroller for the state of Maryland, released a study Tuesday on the impact the lockout would have on the state if regular season games are canceled. He estimates that governments could lose $40 million or more in tax revenue if the entire 2011 season is missed.

Franchot’s study reveled that for every home game that the Washington Redskins or Baltimore Ravens miss, roughly $2 million in revenue would be lost. Sources of the tax revenue the state receives in relation to the NFL include income tax paid to the state by players and other team employees (mostly the Ravens), sales tax from stadium concession stands, merchandise sales, admissions and amusement tax.

“As a football fan, I am anxious for both sides to come together and settle this dispute. But as the state’s chief fiscal officer and tax collector, I’m very concerned about what the lack of a season will mean for Maryland’s already tenuous revenue collections,” Franchot said in a news release. “Our economy is still very fragile and while we’ve been meeting our recent revenue estimates, those estimates have been historically conservative. Unanticipated events, such as the lack of revenue from Ravens’ and Redskins’ games, would throw an unwanted speed bump on our road to economic recovery.”

The full study can be found here.