But neither agreement has revealed enough data to answer our lingering, still-hypothetical question: How much would it take to buy an NCAA football team on the open market? To try to come up with an answer for every team in the Big Ten, SEC, ACC and Big 12, plus Notre Dame, we resurfaced our approach from last year with fresh numbers and updated insight.
Our broad approach did not change: We used actual transactions in professional leagues to compare a team’s sale price with its average revenue. We treated the SEC and Big Ten like NFL and NBA franchises (which have higher ratios of revenue to sales price). The ACC and Big 12 were more like MLB and NHL clubs (which have lower ratios). In addition to using financial numbers reported by the schools themselves, we also considered factors such as brand power, demographics and conference realignment to settle on our valuation. The full methodology is at the bottom.
Last year: No. 1, $2.38 billion
The Longhorns, somewhat surprisingly, didn’t report the most football revenue in the 2024-25 fiscal year (we’ll come back to that a couple spots later). But Texas’ three-year average ($190 million) is No. 1 in the country and enough to stay No. 1 on our list. Our valuation puts Texas on par with the 2020 sale of the New York Mets ($2.4 billion, not adjusted for inflation).
The Longhorns have elite resources, an ideal location and a spot in a premier conference. The only thing missing is a recent national championship, although Arch Manning’s team should be in the conversation this year. Then again, we thought the same thing last season …
Last year: No. 3, $1.9 billion
Revenue alone would put the Buckeyes seventh or eighth, but their average figures are weighed down by a 2023 season that featured only six home games. We put more stock in the fact that Ohio State’s football revenue jumped almost $50 million during the 2024 national-title run and the fact that the program is recession-proof (still only two losing seasons since 1967). The Buckeyes’ power isn’t tied to one coach or one era, which makes them a safer investment than some other programs in this tier. It also helps explain why Ohio State’s figure grew the most of any other team.
Last year: No. 4, $1.85 billion
In the 2024-25 fiscal year, Notre Dame reported more football revenue (almost $196 million) to the U.S. Department of Education than anyone else. Its recent average, however, still trailed Texas by $27 million, and the Irish have shown more volatility as a program than Ohio State. Our number puts Notre Dame football on par with the valuation of the average NHL team (according to Sportico).
4. Michigan: $2 billion
Last year: No. 5, $1.83 billion
The last member of our $2 billion club. Instability in the university, athletic department and football offices cannot shake the brand power and assets such as the nation’s largest stadium — and perhaps the largest fanbase. Michigan’s football revenue was up $25 million year-over-year, according to its most recent NCAA financial reports. If our price is right, the valuation is 1.2 percent of the net worth of Larry Ellison, the tech billionaire largely credited with the recruitment of five-star quarterback Bryce Underwood.
5. Georgia: $1.95 billion
Last year: No. 2, $1.92 billion
We didn’t feel great about putting the Bulldogs second last year, but their average football revenue helped justify it. That changed this year as we drift further from Georgia’s 2021 and 2022 national titles (and, crucially for our purposes, the inflated paydays that accompanied them). The state’s long-term demographics (a large, growing state with a lot of football prospects and fans) remain a selling point over the next team on this list.
6. Alabama: $1.8 billion
Last year: No. 6, $1.74 billion
Just like last year, Alabama was the final team to earn our top multiplier — 13x its average revenue ($139 million). Last year’s College Football Playoff run did little to improve or worsen our long-term thoughts about the on-field product, and the Crimson Tide remain one of the marquee brands in the sport.
T-7. Oklahoma: $1.6 billion
Last year: No. 7, $1.49 billion
T-7. USC: $1.6 billion
Last year: No. 8, $1.40 billion
We did not pair these two for Lincoln Riley-related reasons. The Sooners got a bump by showing they can still fulfill Playoff expectations in the SEC, and the Trojans are benefiting financially from their move to the Big Ten. The football revenue figure ($74 million) USC submitted to the U.S. Department of Education would lead to a much lower valuation, but the size of its athletic budget overall is in the same ballpark as OU, Michigan and Georgia. Our final number here puts the Sooners and Trojans just below the recent sales of the Tampa Bay Rays and Pittsburgh Penguins ($1.7 billion each).
9. Tennessee: $1.57 billion
Last year: No. 9, $1.37 billion
The Volunteers were fifth in football revenue, both last year and over a three-year average. But their prestige, championship pedigree and on-field prospects aren’t enough to rank Tennessee any higher.
10. Penn State: $1.4 billion
Last year: No. 11, $1.2 billion
The Nittany Lions also reported a spike in football revenue ($33 million) after their CFP semifinal run in 2024. Our bean counters are in wait-and-see mode regarding the coaching change from James Franklin to Matt Campbell while Penn State is in the midst of a $700 million renovation to Beaver Stadium. This valuation is the same as CNBC’s valuation for the bottom MLB team, the Miami Marlins.
11. LSU: $1.32 billion
Last year: No. 10, $1.23 billion
Between firing Brian Kelly, hiring Lane Kiffin and building one of the most expensive rosters in the sport, LSU has acted as if money is no object. So far, the state and fanbase have been able to support it. The Kiffin Effect doesn’t show up in these numbers yet, but it makes LSU one of the most interesting programs to watch on the field and financially over the next few years.
12. Florida: $1.16 billion
Last year: No. 12, $1.08 billion
The Gators routinely rank among the nation’s top 20 in finances despite 15 years of (mostly) mediocre results and an antiquated stadium. We’ll see what new coach Jon Sumrall can do on Saturdays, but Florida is fixing the latter issue through what’s believed to be the most expensive stadium renovation in college football history ($1.45 billion).
There’s a $1.45 billion price tag on Florida’s upcoming Ben Hill Griffin Stadium renovation. (James Gilbert / Getty Images)
13. Oregon: $1.13 billion
Last year: No. 14, $990 million
We considered bumping the Ducks up even more after a second consecutive CFP appearance, but every program higher on this list has something Oregon doesn’t: a national title. That minor detail keeps the Ducks in this tier.
14. Auburn: $1.11 billion
Last year: No. 13, $1.06 billion
T-15. Nebraska: $1.06 billion
Last year: No. 17, $930 million
T-15. Washington: $1.06 billion
Last year: No. 16, $970 million
17. Texas A&M: $1.05 billion
Last year: No. 15, $973 million
The Tigers, Cornhuskers and Huskies have all averaged about $120 million in football revenue. The Aggies are a notch behind ($105 million), but we’re lumping them in the same group because their location and alumni size give them a higher upside. Last year’s CFP appearance was a point of vindication for A&M, too. Auburn was the only one of these programs in our $1 billion club last year.
18. Miami: $950 million
Last year: No. 24, $604 million
We treated the Hurricanes like a middle-of-the-road SEC program last year, but Mario Cristobal’s trip to the national title game showed The U can be The U again. Miami looks like the marquee program in the ACC, and a $20 million jump in football revenue predating last year’s successful season bolsters its valuation even more. Rival Florida State held this spot last year, so this has effectively been the ceiling for a program outside the SEC/Big Ten.
19. Wisconsin: $922 million
Last year: No. 19, $801 million
20. Florida State: $819 million
Last year: No. 18, $867 million
21. Iowa: $806 million
Last year: No. 20, $709 million
This trio shows the emphasis we put on conference affiliation. As Congress debates legislation that could freeze or limit realignment, we place an even greater premium on being in the Big Ten or SEC. That was good for Iowa and Wisconsin. The flip side is that there’s more uncertainty over whether the Seminoles will have a viable way to get into the Power 2. That (and their continued on-field struggles) led us to downgrade FSU. The valuation of Sportico’s top WNBA team, the Golden State Valkyries, is in the middle of this bunch at $850 million.
22. Indiana: $696 million
Last year: No. 38, $386 million
We don’t have the figures for the financial windfall Indiana got from last year’s shocking national championship, which makes its valuation one of the trickiest to place. How do you balance the fact that IU has awoken as a brand and program with the possibility of a short-lived bump that ends with the Hoosiers crashing back to reality? We tried to split the difference by giving Indiana the largest jump (percentage-wise) while also providing a gap between IU and the Big Ten’s more consistent programs.
23. Arkansas: $690 million
Last year: No. 23, $646 million
24. Michigan State: $686 million
Last year: No. 21, $708 million
25. Clemson: $674 million
Last year: No. 22, $665 million
The Tigers are in a similar spot to Florida State, but their situation is more precarious because Clemson doesn’t have the geographic advantages of being in Florida or a history quite as rich as FSU’s. The trend doesn’t look great for Clemson — regardless of what Dabo Swinney says — which puts the Tigers behind this group of mid-Power 2 programs. This valuation is in the Chicago Fire FC/New York Red Bulls range in the middle of the MLS, according to Sportico.
26. Utah: $638 million
Last year: No. 29, $539 million
We’d love to tell you what the Utes’ overall athletic department might actually be worth after closing its private equity deal with Otro earlier this year. But Utah officials said then that they would not discuss the contractual terms, and the school recently denied our request from December for related documents, citing “business confidentiality.”
Our email inbox remains open: mbaker@theathletic.com. This valuation reflects Utah’s spot at the top of the Big 12 in football revenue (three-year average: $91 million) while acknowledging the relative weaknesses that come outside the Power 2.
Ole Miss reached the CFP semifinals last year but is still searching for its first SEC championship since 1963. (Norm Hall / Getty Images)
27. Ole Miss: $636 million
Last year: No. 25, $591 million
We considered moving the Rebels up higher after their semifinal run but decided against it because of Kiffin’s departure. There’s not enough data to know how first-year coach Pete Golding can build a program, so we erred on the side of status quo until we see whether Ole Miss’ recent rise is sustainable.
28. Minnesota: $629 million
Last year: No. 28, $562 million
29. South Carolina: $597 million
Last year: No. 27, $563 million
30. Illinois: $568 million
Last year: No. 36, $405 million
31. North Carolina: $560 million
Last year: No. 26, $572 million
32. Texas Tech: $525 million
Last year: No. 33, $400 million
The last three form an interesting trio. The on-field arrow is pointed up for Illinois (its 19 wins are its most ever in a two-year span) and Texas Tech (a CFP appearance). Not so at North Carolina, where the Bill Belichick buzz has quickly worn off. Realignment uncertainty helped the Illini, hurt the Tar Heels and did neither for the Red Raiders, who clearly have a financial model that works. They’re all in the same valuation range as Sportico’s estimate for the Caitlin Clark-led Indiana Fever ($560 million). At this valuation, Red Raiders booster Cody Campbell could buy eight Texas Tech football programs based on what he and a partner sold an oil company for last year.
33. Virginia Tech: $520 million
Last year: No. 31, $455 million
T-34. BYU: $500 million
Last year: No. 50, $306 million
T-34. Missouri: $500 million
Last year: No. 34, $407 million
36. Northwestern: $498 million
Last year: No. 35, $406 million
37. TCU: $495 million
Last year: No. 30, $523 million
38. NC State: $480 million
Last year: No. 32, $445 million
39. Purdue: $450 million
Last year: No. 41, $367 million
Revenue figures weighed BYU down last year, but the Cougars’ brand and religious backing led us to rethink their spot. Northwestern moved up as it prepares to open the nicest stadium in the country (the new Ryan Field) in October, even if its revenue streams don’t show up yet. There’s a lot of volatility in the middle class of the ACC and Big 12; TCU reported a $16 million dip in football revenue.
40. Kentucky: $400 million
Last year: No. 37, $400 million
41. Georgia Tech: $398 million
Last year: T-43, $340 million
42. Oklahoma State: $389 million
Last year: No. 39, $373 million
43. Arizona State: $374 million
Last year: No. 40, $372 million
44. Colorado: $368 million
Last year: No. 47, $328 million
45. UCLA: $363 million
Last year: No. 43, $340 million
46. Maryland: $359 million
Last year: No. 52, $288 million
UCLA was another program that gave us pause. Did the Bruins deserve another Big Ten boost as they enter Year 3 in the conference (with the revenue that entails)? Our answer: not really. UCLA and the Rose Bowl are in a legal dispute because the Bruins want more stadium money from premium seating.
Colorado’s revenue is up $40 million since 2022, so the Coach Prime Effect continues to resonate for now.
47. Louisville: $350 million
Last year: No. 42, $350 million
48. Iowa State: $330 million
Last year: No. 45, $331 million
T-49. Duke: $328 million
Last year: No. 48, $323 million
T-49. Syracuse: $328 million
Last year: No. 46, $329 million
51. Pitt: $323 million
Last year: No. 51, $303 million
52. Rutgers: $314 million
Last year: No. 62, $188 million
Rutgers’ finances continue to be the roughest in the Big Ten, but its valuation rose as its revenue ticked up. Louisville’s brass has been refreshingly candid about the financial stress the Cardinals and their peers face. The white papers didn’t affect our valuation but were a reminder of the ceiling the Big 12/ACC middle class hits. Duke was in a similar situation; the Blue Devils’ ACC championship was offset by the fact that they lost their standout quarterback to another team in the league.
53. West Virginia: $289 million
Last year: No. 53, $284 million
T-54. Kansas State: $268 million
Last year: No. 49, $321 million
T-54. Arizona: $268 million
Last year: No. 54, $282 million
56. Baylor: $267 million
Last year: No. 55, $276 million
57. Virginia: $263 million
Last year: No. 56, $257 million
58. SMU: $251 million
Last year: No. 63, $178 million
59. Vanderbilt: $250 million
Last year: No. 58, $228 million
The Mustangs are, like Indiana, hard to place. Aside from Miami, SMU is probably the ACC’s best program, but the Mustangs gave up nine years of conference TV revenue to get into the league. That, obviously, hurts the bottom line and valuation. The drops for Kansas State and Arizona reflect a dip in one set of figures (their recent Department of Education reports). Breakthrough seasons by Vanderbilt and Virginia didn’t affect our thought process much; we need more than top-16 finishes to change our outlooks. West Virginia’s valuation is comparable to what Sportico valued the bottom WNBA team at from 2025 (the Atlanta Dream).
60. Mississippi State: $248 million
Last year: No. 57, $250 million
61. UCF: $234 million
Last year: No. 59, $210 million
62. Kansas: $225 million
Last year: No. 61, $197 million
63. Boston College: $185 million
Last year: No. 64, $172 million
UCF’s revenue was up $15 million from the previous year as its move to the Big 12 starts to pay off. If the wins follow, the Knights have other factors (including stadium upgrades) that make them an intriguing investment. Kansas is also a little more attractive because of its ongoing work in and around the stadium. Mississippi State’s valuation is almost exactly 10 percent of the valuation of the top team in its conference, Texas. Maybe that seems extreme, but contraction/relegation scenarios are a concern for the Bulldogs.
64. Cal: $183 million
Last year: No. 65, $158 million
65. Stanford: $182 million
Last year: No. 62, $202 million
66. Wake Forest: $150 million
Last year: No. 66, $124 million
67. Cincinnati: $110 million
Last year: No. 67, $106 million
68. Houston: $100 million
Last year: No. 68, $91 million
Stanford’s latest football revenue ($36 million) was about $9 million less than what the Cardinal averaged from 2015-21 (excluding 2020). Wake Forest’s revenue, however, is up $11 million over the last four years and will likely benefit from the mixed-use development around the stadium.
The bottom few teams are a reminder of our takeaway from last year: Income figures put some of these valuations lower than we’d expect. Houston’s valuation is one-third of the recent sale price of the WNBA’s Connecticut Sun ($300 million). The Sun, coincidentally, were bought by the Fertitta family — the namesake for the Cougars’ basketball home, the Fertitta Center. If a WNBA team is worth $300 million to them, how much would the Fertittas pay for their college football team? Despite our best efforts, that question remains hypothetical for another year.
Our methodology
For public schools, most revenue figures were three-year averages from programs’ NCAA financial reports, which were compiled through public records requests and schools’ websites. We also looked at figures those schools submitted to the U.S. Department of Education. We averaged both groups of data if they were significantly different.
For private schools, we used the data those institutions provided to the Department of Education.
For SEC and Big Ten teams, we set the multiplier range as 5-13x a program’s revenue. The Big 12 and ACC have lower floors, less visibility and more uncertainty, so their multipliers were in the 4-10x range.
For simplicity’s sake, we generally excluded other assets (such as real estate value) and debt (such as stadium financing).
— Scott Dochterman contributed to this report.