The St. Louis Rams announced Friday that a panel of three arbitrators ruled in favor of a $700 million plan to upgrade Edward Jones Dome. The Rams plan was picked ahead of a cheaper one by the city's stadium authority. The St. Louis Convention and Visitors Commission proposed $124 million in renovations. "(The decision) acknowledges that significant improvements are required to put the Edward Jones Dome on equal standing with most National Football League stadiums," Rams chief operating officer Kevin Demoff said in a statement. The commission has 30 days to accept or reject the Rams plan or else it goes to a year-to-year agreement in which the team can leave the city after the 2014-15 season. NFL commissioner Roger Goodell said the league is willing to provide financial help to make the improvements or for a new stadium. "If we can get to the point where we have the structure of a deal, I'm very confident that the league will support that and participate," he said.