The Longhorns, somewhat surprisingly, didn\u2019t report the most football revenue in the 2024-25 fiscal year (we\u2019ll come back to that a couple spots later). But Texas\u2019 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).<\/p>\n
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\u2019s team<\/a> should be in the conversation this year. Then again, we thought the same thing last season \u2026<\/p>\n Last year:<\/strong> No. 3, $1.9 billion<\/p>\n 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\u2019s football revenue jumped almost $50 million during the 2024 national-title run and the fact that the program is recession-proof<\/a> (still only two losing seasons since 1967). The Buckeyes\u2019 power isn\u2019t 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\u2019s figure grew the most of any other team.<\/p>\n Last year:<\/strong> No. 4, $1.85 billion<\/p>\n 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<\/a>).<\/p>\n<\/p>\n 4. Michigan: $2 billion<\/p>\n Last year: <\/strong>No. 5, $1.83 billion<\/p>\n 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\u2019s largest stadium<\/a> \u2014 and perhaps the largest fanbase<\/a>. Michigan\u2019s 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<\/a> of Larry Ellison, the tech billionaire largely credited with the recruitment of five-star quarterback Bryce Underwood<\/a>.<\/p>\n 5. Georgia: $1.95 billion<\/p>\n Last year: <\/strong>No. 2, $1.92 billion<\/p>\n We didn\u2019t 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\u2019s 2021 and 2022 national titles (and, crucially for our purposes, the inflated paydays that accompanied them). The state\u2019s 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.<\/p>\n 6. Alabama: $1.8 billion<\/p>\n Last year:<\/strong> No. 6, $1.74 billion<\/p>\n Just like last year, Alabama was the final team to earn our top multiplier \u2014 13x its average revenue ($139 million). Last year\u2019s 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.<\/p>\n T-7. Oklahoma: $1.6 billion<\/p>\n Last year: <\/strong>No. 7, $1.49 billion<\/p>\n T-7. USC: $1.6 billion<\/p>\n Last year: <\/strong>No. 8, $1.40 billion<\/p>\n 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<\/a> and Pittsburgh Penguins ($1.7 billion each).<\/p>\n 9. Tennessee: $1.57 billion<\/p>\n Last year:<\/strong> No. 9, $1.37 billion<\/p>\n 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\u2019t enough to rank Tennessee any higher.<\/p>\n 10. Penn State: $1.4 billion<\/p>\n Last year: <\/strong>No. 11, $1.2 billion<\/p>\n 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<\/a> to Matt Campbell<\/a> while Penn State is in the midst of a $700 million renovation to Beaver Stadium. This valuation is the same as CNBC\u2019s valuation<\/a> for the bottom MLB team, the Miami Marlins.<\/p>\n 11. LSU: $1.32 billion<\/p>\n Last year: <\/strong>No. 10, $1.23 billion<\/p>\n 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<\/a>. The Kiffin Effect doesn\u2019t 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.<\/p>\n 12. Florida: $1.16 billion<\/p>\n Last year: <\/strong>No. 12, $1.08 billion<\/p>\n The Gators routinely rank among the nation\u2019s top 20 in finances despite 15 years of (mostly) mediocre results and an antiquated stadium. We\u2019ll see what new coach Jon Sumrall<\/a> can do on Saturdays, but Florida is fixing the latter issue through what\u2019s believed to be the most expensive stadium renovation in college football history<\/a> ($1.45 billion).<\/p>\n \n There’s a $1.45 billion price tag on Florida’s upcoming Ben Hill Griffin Stadium renovation. (James Gilbert \/ Getty Images)<\/p>\n 13. Oregon: $1.13 billion<\/p>\n Last year: <\/strong>No. 14, $990 million<\/p>\n 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\u2019t: a national title. That minor detail keeps the Ducks in this tier.<\/p>\n 14. Auburn: $1.11 billion<\/p>\n Last year:<\/strong> No. 13, $1.06 billion<\/p>\n T-15. Nebraska: $1.06 billion<\/p>\n Last year: <\/strong>No. 17, $930 million<\/p>\n T-15. Washington: $1.06 billion<\/p>\n Last year: <\/strong>No. 16, $970 million<\/p>\n 17. Texas A&M: $1.05 billion<\/p>\n Last year:<\/strong> No. 15, $973 million<\/p>\n The Tigers, Cornhuskers and Huskies have all averaged about $120 million in football revenue. The Aggies are a notch behind ($105 million), but we\u2019re lumping them in the same group because their location and alumni size give them a higher upside. Last year\u2019s 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.<\/p>\n 18. Miami: $950 million<\/p>\n Last year: <\/strong>No. 24, $604 million<\/p>\n We treated the Hurricanes like a middle-of-the-road SEC program last year, but Mario Cristobal\u2019s 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\u2019s 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.<\/p>\n 19. Wisconsin: $922 million<\/p>\n Last year:<\/strong> No. 19, $801 million<\/p>\n 20. Florida State: $819 million<\/p>\n Last year: <\/strong>No. 18, $867 million<\/p>\n 21. Iowa: $806 million<\/p>\n Last year: <\/strong>No. 20, $709 million<\/p>\n This trio shows the emphasis we put on conference affiliation. As Congress debates legislation that could freeze or limit realignment<\/a>, 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\u2019s 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\u2019s top WNBA team<\/a>, the Golden State Valkyries, is in the middle of this bunch at $850 million.<\/p>\n 22. Indiana: $696 million<\/p>\n Last year:<\/strong> No. 38, $386 million<\/p>\n We don\u2019t have the figures for the financial windfall Indiana got from last year\u2019s 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\u2019s more consistent programs.<\/p>\n 23. Arkansas: $690 million<\/p>\n Last year: <\/strong>No. 23, $646 million<\/p>\n 24. Michigan State: $686 million<\/p>\n Last year: <\/strong>No. 21, $708 million<\/p>\n 25. Clemson: $674 million<\/p>\n Last year: <\/strong>No. 22, $665 million<\/p>\n The Tigers are in a similar spot to Florida State, but their situation is more precarious because Clemson doesn\u2019t have the geographic advantages of being in Florida or a history quite as rich as FSU\u2019s. The trend doesn\u2019t look great for Clemson \u2014 regardless of what Dabo Swinney says<\/a> \u2014 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<\/a>.<\/p>\n 26. Utah: $638 million<\/p>\n Last year: <\/strong>No. 29, $539 million<\/p>\n We\u2019d love to tell you what the Utes\u2019 overall athletic department might actually be worth after closing its private equity deal with Otro earlier this year.<\/a> 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 \u201cbusiness confidentiality.\u201d<\/p>\n Our email inbox remains open: mbaker@theathletic.com<\/a>. This valuation reflects Utah\u2019s 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.<\/p>\n \n Ole Miss reached the CFP semifinals last year but is still searching for its first SEC championship since 1963. (Norm Hall \/ Getty Images)<\/p>\n 27. Ole Miss: $636 million<\/p>\n Last year: <\/strong>No. 25, $591 million<\/p>\n We considered moving the Rebels up higher after their semifinal run but decided against it because of Kiffin\u2019s departure. There\u2019s not enough data to know how first-year coach Pete Golding<\/a> can build a program, so we erred on the side of status quo until we see whether Ole Miss\u2019 recent rise is sustainable.<\/p>\n 28. Minnesota: $629 million<\/p>\n Last year:<\/strong> No. 28, $562 million<\/p>\n 29. South Carolina: $597 million<\/p>\n Last year: <\/strong>No. 27, $563 million<\/p>\n 30. Illinois: $568 million<\/p>\n Last year: <\/strong>No. 36, $405 million<\/p>\n 31. North Carolina: $560 million<\/p>\n Last year: <\/strong>No. 26, $572 million<\/p>\n 32. Texas Tech: $525 million<\/p>\n Last year: <\/strong>No. 33, $400 million<\/p>\n 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\u2019re all in the same valuation range as Sportico\u2019s 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.<\/p>\n 33. Virginia Tech: $520 million<\/p>\n Last year:<\/strong> No. 31, $455 million<\/p>\n T-34. BYU: $500 million<\/p>\n Last year: <\/strong>No. 50, $306 million<\/p>\n T-34. Missouri: $500 million<\/p>\n Last year: <\/strong>No. 34, $407 million<\/p>\n 36. Northwestern: $498 million<\/p>\n Last year: <\/strong>No. 35, $406 million<\/p>\n 37. TCU: $495 million<\/p>\n Last year: <\/strong>No. 30, $523 million<\/p>\n 38. NC State: $480 million<\/p>\n Last year: <\/strong>No. 32, $445 million<\/p>\n 39. Purdue: $450 million<\/p>\n Last year: <\/strong>No. 41, $367 million<\/p>\n 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<\/a>) in October, even if its revenue streams don\u2019t show up yet. There\u2019s a lot of volatility in the middle class of the ACC and Big 12; TCU reported a $16 million dip in football revenue.<\/p>\n 40. Kentucky: $400 million<\/p>\n Last year: <\/strong>No. 37, $400 million<\/p>\n 41. Georgia Tech: $398 million<\/p>\n Last year:<\/strong> T-43, $340 million<\/p>\n 42. Oklahoma State: $389 million<\/p>\n Last year: <\/strong>No. 39, $373 million<\/p>\n 43. Arizona State: $374 million<\/p>\n Last year: <\/strong>No. 40, $372 million<\/p>\n 44. Colorado: $368 million<\/p>\n Last year: <\/strong>No. 47, $328 million<\/p>\n 45. UCLA: $363 million<\/p>\n Last year: <\/strong>No. 43, $340 million<\/p>\n 46. Maryland: $359 million<\/p>\n Last year:<\/strong> No. 52, $288 million<\/p>\n 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<\/a> because the Bruins want more stadium money from premium seating.<\/p>\n Colorado\u2019s revenue is up $40 million since 2022, so the Coach Prime Effect continues to resonate for now.<\/p>\n 47. Louisville: $350 million<\/p>\n Last year:<\/strong> No. 42, $350 million<\/p>\n 48. Iowa State: $330 million<\/p>\n Last year<\/strong>: No. 45, $331 million<\/p>\n T-49. Duke: $328 million<\/p>\n Last year:<\/strong> No. 48, $323 million<\/p>\n T-49. Syracuse: $328 million<\/p>\n Last year: <\/strong>No. 46, $329 million<\/p>\n 51. Pitt: $323 million<\/p>\n Last year<\/strong>: No. 51, $303 million<\/p>\n 52. Rutgers: $314 million<\/p>\n Last year: <\/strong>No. 62, $188 million<\/p>\n Rutgers\u2019 finances continue to be the roughest in the Big Ten<\/a>, but its valuation rose as its revenue ticked up. Louisville\u2019s brass has been refreshingly candid about the financial stress the Cardinals and their peers face<\/a>. The white papers didn\u2019t 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\u2019 ACC championship was offset by the fact that they lost their standout quarterback to another team<\/a> in the league.<\/p>\n 53. West Virginia: $289 million<\/p>\n Last year:<\/strong> No. 53, $284 million<\/p>\n T-54. Kansas State: $268 million<\/p>\n Last year:<\/strong> No. 49, $321 million<\/p>\n T-54. Arizona: $268 million<\/p>\n Last year: <\/strong>No. 54, $282 million<\/p>\n 56. Baylor: $267 million<\/p>\n Last year: <\/strong>No. 55, $276 million<\/p>\n 57. Virginia: $263 million<\/p>\n Last year: <\/strong>No. 56, $257 million<\/p>\n 58. SMU: $251 million<\/p>\n Last year:<\/strong> No. 63, $178 million<\/p>\n 59. Vanderbilt: $250 million<\/p>\n Last year:<\/strong> No. 58, $228 million<\/p>\n The Mustangs are, like Indiana, hard to place. Aside from Miami, SMU is probably the ACC\u2019s best program, but the Mustangs gave up nine years of conference TV revenue to get into the league<\/a>. 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\u2019t affect our thought process much; we need more than top-16 finishes to change our outlooks. West Virginia\u2019s valuation is comparable to what Sportico valued the bottom WNBA team<\/a> at from 2025 (the Atlanta Dream).<\/p>\n 60. Mississippi State: $248 million<\/p>\n Last year:<\/strong> No. 57, $250 million<\/p>\n 61. UCF: $234 million<\/p>\n Last year:<\/strong> No. 59, $210 million<\/p>\n 62. Kansas: $225 million<\/p>\n Last year: <\/strong>No. 61, $197 million<\/p>\n 63. Boston College: $185 million<\/p>\n Last year: <\/strong>No. 64, $172 million<\/p>\n UCF\u2019s 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\u2019s 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.<\/p>\n 64. Cal: $183 million<\/p>\n Last year: <\/strong>No. 65, $158 million<\/p>\n 65. Stanford: $182 million<\/p>\n Last year: <\/strong>No. 62, $202 million<\/p>\n 66. Wake Forest: $150 million<\/p>\n Last year: <\/strong>No. 66, $124 million<\/p>\n 67. Cincinnati: $110 million<\/p>\n Last year: <\/strong>No. 67, $106 million<\/p>\n 68. Houston: $100 million<\/p>\n Last year: <\/strong>No. 68, $91 million<\/p>\n Stanford\u2019s latest football revenue ($36 million) was about $9 million less than what the Cardinal averaged from 2015-21 (excluding 2020). Wake Forest\u2019s revenue, however, is up $11 million over the last four years and will likely benefit from the mixed-use development around the stadium<\/a>.<\/p>\n![\"A](\"https:\/\/www.europesays.com\/us\/wp-content\/uploads\/2026\/07\/GettyImages-2234028924-1024x683.jpg\")
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