{"id":224360,"date":"2025-07-21T11:01:12","date_gmt":"2025-07-21T11:01:12","guid":{"rendered":"https:\/\/www.rawchili.com\/nfl\/224360\/"},"modified":"2025-07-21T11:01:12","modified_gmt":"2025-07-21T11:01:12","slug":"how-much-would-college-football-teams-sell-for-texas-leads-our-power-4-valuation-rankings","status":"publish","type":"post","link":"https:\/\/www.rawchili.com\/nfl\/224360\/","title":{"rendered":"How much would college football teams sell for? Texas leads our Power 4 valuation rankings"},"content":{"rendered":"<p>Editor\u2019s note: This article is part of our\u00a0<a class=\"c-link\" href=\"https:\/\/www.nytimes.com\/athletic\/tag\/rankings-and-tiers\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" data-stringify-link=\"https:\/\/www.nytimes.com\/athletic\/tag\/rankings-and-tiers\/\" data-sk=\"tooltip_parent\">Rankings &amp; Tiers<\/a>\u00a0series, an evaluation across sport about the key players, front offices, teams, franchises and much more.<\/p>\n<p>How much would it take to buy your favorite college football program?<\/p>\n<p>As much as college football has drifted toward professionalization, one major difference remains: NCAA teams are not for sale. Not yet, at least. But private equity explorations by schools like <a href=\"https:\/\/www.tampabay.com\/sports\/2024\/02\/06\/florida-state-private-equity-fsu-football-conference-realignment-acc\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Florida State<\/a> and <a href=\"https:\/\/frontofficesports.com\/boise-state-expects-private-equity-investment-within-the-next-six-months\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Boise State<\/a>\u00a0led The Athletic to consider a future where the Seminoles and Broncos could be bought and sold, just like the <a href=\"https:\/\/www.nytimes.com\/athletic\/6218327\/2025\/03\/20\/celtics-franchise-sale-william-chisholm-highest-value-billion\/\" target=\"_blank\" rel=\"noopener nofollow\">Boston Celtics<\/a> or <a href=\"https:\/\/www.nytimes.com\/athletic\/6436000\/2025\/06\/18\/tampa-bay-rays-possible-sale\/\" target=\"_blank\" rel=\"noopener nofollow\">Tampa Bay Rays.\u00a0<\/a><\/p>\n<p>We approached the hypothetical question with a methodology that was part art, part science. We used real-life pro transactions to gauge purchase prices relative to a team\u2019s revenue over the past three available years of data. NFL and NBA sales guided our ratios in the SEC and Big Ten, while the MLB and NHL were our rough benchmarks in the ACC and Big 12. For each school in a Power 4 conference (plus Notre Dame), we factored in everything from prestige and championships to facility renovations, population trends and realignment scenarios. That means treating Notre Dame more like the Los Angeles Lakers and Boston College more like the Kansas City Royals.<\/p>\n<p>Because athletic departments isolate and report football revenue differently, our numbers are squishy. Actual transactions are much more complicated than what we did with a spreadsheet or what you see on \u201cShark Tank.\u201d But the process is imperfect in the real world, too. What a team sells for (our objective with this story) is not the same as a team\u2019s actual value (a story for another day). Buyers routinely pay a premium because there are only so many opportunities to own a sports team.<\/p>\n<p>That sentiment would be even stronger in college football, where pre-established allegiances and irrational decisions already run deeper. Though Texas A&amp;M just missed our $1 billion club, it\u2019s easy to envision a few Aggies boosters artificially boosting the price to brag about spending 10 figures on their team. Or some Michigan fan paying extra to make sure the Wolverines out-priced Ohio State.<\/p>\n<p>Do not take our numbers to the bank, literally or metaphorically. Instead, consider this a fun attempt at blending back-of-the-envelope math with common sense to price college programs like their professional peers \u2014 an exercise that\u2019s theoretical for now \u2026 but might not be much longer.<\/p>\n<p>1. Texas: $2.38 billion (projected price)<\/p>\n<p>Three-year average football revenue: $183 million<\/p>\n<p>The Longhorns routinely lead the country in revenue and were the only team to top $200 million in the most recent financial reports. No program came within $25 million of Texas in either of the past two years. The Longhorns haven\u2019t won a national title since 2005 but made the College Football Playoff semifinals each of the past two seasons and are among this preseason\u2019s top championship contenders. Add in the SEC brand, and Texas looks like the safest investment.<\/p>\n<p>Our price tag makes the Longhorns comparable to the 2018 sale of the Carolina Panthers (almost $2.3 billion).<\/p>\n<p>2. Georgia: $1.92 billion<\/p>\n<p>Average football revenue: $147 million<\/p>\n<p>Though the Bulldogs are second in average revenue and an obvious heavyweight with only five losing seasons in the past 50 years, we still paused at the price and ranking our numbers suggested. Should we really value Georgia higher than the next three teams bunched together on our list?<\/p>\n<p>We ultimately justified this placement with demographics. Georgia\u2019s population has doubled since 1980, and only three states added more residents from 2020-24, according to the U.S. Census. That overall trend, plus the state\u2019s explosion into a top-four football talent producer and Georgia unlocking its potential as a perennial national power under Kirby Smart, gave the Bulldogs the edge as a long-term play.<\/p>\n<p>3. Ohio State: $1.90 billion<\/p>\n<p>Average football revenue: $116 million<\/p>\n<p>Our initial numbers would have put the Buckeyes sixth at $1.5 billion, but that\u2019s where the art part of this exercise enters the mix. Ohio State\u2019s income was weighed down by a 2023 season with only six home games, and it takes time for a spike from last season\u2019s national championship run to show up on the balance sheet. The Buckeyes are also the sport\u2019s most recession-proof program with only one losing season in the past 35 years.<\/p>\n<p>Those factors led us to bump Ohio State here.<\/p>\n<p>4. Notre Dame: $1.85 billion<\/p>\n<p>Average football revenue: $143 million<\/p>\n<p>The income doesn\u2019t reflect a jump in TV revenue thanks to <a href=\"https:\/\/www.nytimes.com\/athletic\/5073677\/2023\/11\/18\/notre-dame-nbc-tv-contract-extension\/\" rel=\"nofollow noopener\" target=\"_blank\">the contract extension the Irish landed with NBC in 2023<\/a>; it\u2019s large enough to put Notre Dame\u2019s paydays within striking distance of SEC\/Big Ten programs. Last year\u2019s Playoff run helps, too, not that we need to justify the lofty price tag for a team known for putting flakes of real gold on its helmets.<\/p>\n<p>5. Michigan: $1.83 billion<\/p>\n<p>Average football revenue: $141 million<\/p>\n<p>Michigan boasts <a href=\"https:\/\/www.nytimes.com\/athletic\/5740008\/2024\/09\/03\/michigan-big-house-college-football-largest-stadium\/\" target=\"_blank\" rel=\"noopener nofollow\">the largest stadium<\/a> and, <a href=\"https:\/\/www.nytimes.com\/athletic\/6250250\/2025\/04\/03\/college-football-most-popular-team-fans\/\" rel=\"nofollow noopener\" target=\"_blank\">according to our previous analysis<\/a>, the largest fan base, too. So why are the Wolverines behind the rival Buckeyes? Their on-field product has been much more inconsistent (five unranked seasons since 2013), and they compete with Michigan State for the share of a smaller state with a weaker population growth. Michigan feels like a slightly riskier bet than Ohio State.<\/p>\n<p>6. Alabama: $1.74 billion<\/p>\n<p>Average football revenue: $133 million<\/p>\n<p>Alabama was the final team to earn our top revenue multiplier \u2014 13x reported revenue \u2014\u00a0 thanks to the tradition and prestige that predated Nick Saban and will continue to survive after him. Those factors mitigate the risks if the program regresses under Kalen DeBoer (or any of his successors, as we consider the long-term view).<\/p>\n<p>Our price puts the Crimson Tide on par with the<a href=\"https:\/\/www.nytimes.com\/athletic\/5242865\/2024\/02\/01\/baltimore-orioles-sale-valuation\/\" rel=\"nofollow noopener\" target=\"_blank\"> 2024 sale of the Baltimore Orioles ($1.725 billion)<\/a> or the <a href=\"https:\/\/www.nytimes.com\/athletic\/6493774\/2025\/07\/14\/tampa-bay-rays-sale-zalupski-mlb\/\" rel=\"nofollow noopener\" target=\"_blank\">expected price tag for the Rays ($1.7 billion).<\/a><\/p>\n<p>7. Oklahoma: $1.49 billion<\/p>\n<p>Average football revenue: $135 million<\/p>\n<p>Though Oklahoma has spent decades as the most stable program outside of Ohio State, its dominance came in the Big Eight\/12, not the SEC. Instead of being one of two unquestioned juggernauts, the Sooners are in danger of being lost in the shuffle (like they were last year). For those reasons, we slotted Oklahoma behind Alabama despite its slightly higher revenue.<\/p>\n<p>8. USC: $1.40 billion<\/p>\n<p>Average football revenue: $71.3 million<\/p>\n<p>We took the biggest liberty here. Revenue figures alone would put the Trojans\u2019 value in the Nebraska-Wisconsin range ($800 million to $900 million). But those numbers don\u2019t reflect the fact that they\u2019re adding millions of dollars annually by shedding Pac-12 payouts and receiving full shares from the Big Ten. Add in brand power \u2014 where the Trojans are more like Alabama or Oklahoma historically \u2014 plus the value of Los Angeles, and this seemed like a reasonable landing spot.<\/p>\n<p>9. Tennessee: $1.37 billion<\/p>\n<p>Average football revenue: $124.9 million<\/p>\n<p>Texas, Notre Dame and Michigan are the only programs that reported more football revenue than Tennessee in the last fiscal year. The Volunteers, however, were outside the top 12 in some pre-pandemic accounting and have a recent history that we can politely call \u201cvolatile.\u201d<\/p>\n<p>This price puts them slightly behind the 2023 valuation of the NHL\u2019s Tampa Bay Lightning.<\/p>\n<p>10. LSU: $1.23 billion<\/p>\n<p>Average football revenue: $102.9 million<\/p>\n<p>Although we\u2019d value the Tigers somewhere below the Texas-Alabama tier but above the Tennessees and Oklahomas, their average football revenue was only 13th nationally. LSU\u2019s overall athletic department revenue was in the 8-10 range, which gave us more confidence in our ranking and price.<\/p>\n<p>11. Penn State: $1.20 billion<\/p>\n<p>Average football revenue: $109.5 million<\/p>\n<p>Penn State is working on upgrading Beaver Stadium with better amenities and a new club area. The <a href=\"https:\/\/www.nytimes.com\/athletic\/6133182\/2025\/02\/13\/beaver-stadium-renovation-penn-state-football\/\" rel=\"nofollow noopener\" target=\"_blank\">renovation will cost up to $700 million<\/a> but will pay off with increased revenue streams in our scenario. The Nittany Lions will be an interesting school to revisit in five years if they break through this season and live up to their national championship potential after last season\u2019s semifinal run.<\/p>\n<p>12. Florida: $1.08 billion<\/p>\n<p>Average football revenue: $98.5 million<\/p>\n<p>The Gators are also pursuing a major stadium upgrade that would significantly change the revenue picture; in January, the chairperson of the university\u2019s board of trustees <a href=\"https:\/\/x.com\/MattBakerCFB\/status\/1885030337178190038\" rel=\"nofollow noopener noreferrer\">publicly floated a $1 billion price tag<\/a> for the project. Florida\u2019s downside remains its on-field product. USC is the only other program in our top 12 that has never made the College Football Playoff, and the Gators have suffered through four consecutive seasons without finishing ranked.<\/p>\n<p>13. Auburn: $1.06 billion<\/p>\n<p>Average football revenue: $118.2 million<\/p>\n<p>Like Florida, the Tigers have been in an on-field funk. The national championship trophy Auburn won with <a href=\"https:\/\/www.nytimes.com\/athletic\/6362235\/2025\/05\/20\/college-football-best-25-players-rankings-2000s\/\" target=\"_blank\" rel=\"noopener nofollow\">Cam Newton<\/a> is almost old enough to get its driver&#8217;s license. We slotted the Tigers behind the Gators because Florida remains the flagship school of a large, still-growing state. Auburn is No. 2 in Alabama, a state with a quarter of the residents (5.2 million).<\/p>\n<p>14. Oregon: $990 million<\/p>\n<p>Average football revenue: $90.0 million<\/p>\n<p>In prestige and championship potential, the Ducks \u2014 the top team on this list that has never won a national title \u2014 are probably undervalued here. Nike has made them a national brand, and Dan Lanning has re-established them as a title contender. Though Oregon proved it belongs in the Big Ten by winning the conference championship in Year 1, the Ducks get a half-share payout from the league until the 2030 fiscal year. That reality kept them from being the 14th member of our $1 billion club.<\/p>\n<p>15. Texas A&amp;M: $973 million<\/p>\n<p>Average football revenue: $97.3 million<\/p>\n<p>The Aggies have the rabid fan base and demographic upside to be higher. Money has also never been an issue at a program that paid Jimbo Fisher the biggest buyout in college football history (<a href=\"https:\/\/www.nytimes.com\/athletic\/5056311\/2023\/11\/12\/buyout-jimbo-fisher-contract\/\" rel=\"nofollow noopener\" target=\"_blank\">about $77 million<\/a>). But we\u2019re also considering wins and losses because of the money victories bring. Texas A&amp;M is arguably the nation\u2019s biggest underachiever with only four top-five finishes and one national title (1939) since the Associated Press poll began in 1936 and zero conference titles since 1998.<\/p>\n<p>16. Washington: $970 million<\/p>\n<p>Average football revenue: $107.8 million<\/p>\n<p>Like Oregon, the Huskies have Big Ten status but no full Big Ten payday until 2030, and two coaches have led the team to the CFP. Both Washington and Seattle have swelling populations, which helps the sale price. But the location in Seattle cuts the other way, too, as the Huskies share a town with the Seahawks, Mariners and Kraken, plus the MLS\u2019 Sounders FC. The Huskies\u2019 market faces a higher risk of overcrowding than most peers.<\/p>\n<p>17. Nebraska: $930 million<\/p>\n<p>Average football revenue: $116.3 million<\/p>\n<p>Although the Cornhuskers usually rank in the top 10 in football revenue, they haven\u2019t finished ranked since 2012 or even <a href=\"https:\/\/www.nytimes.com\/athletic\/6353921\/2025\/05\/14\/nebraska-losing-streak-ranked-teams-michigan\/\" rel=\"nofollow noopener\" target=\"_blank\">beaten a ranked team since 2016<\/a>, and they\u2019re almost 30 years removed from their last national championship. They also have failed to stand out in the Big Ten. Those factors make Nebraska a shakier investment; the program looks more like a depreciating asset than a team on the rise.<\/p>\n<p>The cost puts Nebraska between the sales prices of the NHL\u2019s Ottawa Senators (<a href=\"https:\/\/www.nytimes.com\/athletic\/4887746\/2023\/09\/21\/ottawa-senators-sale-complete-michael-andlauder\/\" rel=\"nofollow noopener\" target=\"_blank\">$950 million in 2023<\/a>) and Pittsburgh Penguins (<a href=\"https:\/\/www.nytimes.com\/athletic\/3687600\/2021\/11\/29\/fenway-sports-group-owner-of-red-sox-and-liverpool-agrees-to-buy-penguins\/\" rel=\"nofollow noopener\" target=\"_blank\">$900 million in 2021)<\/a>.<\/p>\n<p>18. Florida State: $867 million<\/p>\n<p>Average football revenue: $86.7 million<\/p>\n<p>The Seminoles\u2019 financial future looks better after they <a href=\"https:\/\/www.nytimes.com\/athletic\/6472151\/2025\/07\/03\/accs-legal-settlement-with-fsu-clemson-reveals-super-league-escape-clause\/\" rel=\"nofollow noopener\" target=\"_blank\">settled their dueling lawsuits with the ACC<\/a>. We can expect Florida State\u2019s revenue to jump by eight figures under the conference\u2019s new uneven distribution model, which tilts TV payouts toward the programs that attract the most viewers. The settlement agreement also set a clear, manageable exit fee for FSU to join the SEC, Big Ten or <a href=\"https:\/\/www.nytimes.com\/athletic\/6472151\/2025\/07\/03\/accs-legal-settlement-with-fsu-clemson-reveals-super-league-escape-clause\/\" rel=\"nofollow noopener\" target=\"_blank\">theoretical super league<\/a>. If the Seminoles can stabilize themselves on the field, they should be in position to benefit in conference realignment or other changes to the landscape.<\/p>\n<p>19. Wisconsin: $801 million<\/p>\n<p>Average football revenue: $100.1 million<\/p>\n<p>The Badgers are the final $100 million-a-year program on our list. The program has stalled (32-26 over the last five seasons) and lacks the tradition of Nebraska or the upside of Washington and Florida State. But even though the floor looks lower than it did a decade ago, it\u2019s high enough for Wisconsin \u2014 the only program above Division III in the 20th most popular state \u2014 to belong in our top 20 with a big gap to the next tier.<\/p>\n<p>20. Iowa: $709 million<\/p>\n<p>Average football revenue: $88.6 million<\/p>\n<p>21. Michigan State: $708 million<\/p>\n<p>Average football revenue: $88.5 million<\/p>\n<p>The Hawkeyes and Spartans are virtually identical in revenue and on-field results (Iowa is 123-69 since 2010, while Michigan State is 119-69). We\u2019d classify their standings in the Big Ten and the sport as a whole as about the same, too, even as we game out future realignment scenarios. This price point is on par with average MLS team valuations by <a href=\"https:\/\/www.forbes.com\/sites\/justinbirnbaum\/2025\/02\/21\/the-most-valuable-mls-teams-2025\/\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Forbes<\/a> and <a href=\"https:\/\/www.sportico.com\/feature\/mls-soccer-team-value-ranking-1234689586\/\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Sportico<\/a>.<\/p>\n<p>22. Clemson: $665 million<\/p>\n<p>Average football revenue: $78.2 million<\/p>\n<p>The Tigers were one of the trickiest to place. They, like Florida State, are positioned to capitalize with the ACC\u2019s new payout structure and have a viable escape hatch to the SEC or Big Ten if\/when the next realignment wave hits around 2030. Two national championships in the past decade plus a likely preseason top-five roster are also great selling points. But Clemson averaged only 8.2 wins between its 1981 title and Dabo Swinney\u2019s first ring (2016). That makes the Tigers\u2019 footing feel a little shakier without a gargantuan student body or nearby population to fall back on if the program regresses to its historic mean.<\/p>\n<p>23. Arkansas: $646 million<\/p>\n<p>Average football revenue: $80.8 million<\/p>\n<p>24. Miami: $604 million<\/p>\n<p>Average football revenue: $75.5 million<\/p>\n<p>25. Ole Miss: $591 million<\/p>\n<p>Average football revenue: $73.8 million<\/p>\n<p>Miami was also interesting to place beyond the future of its conference, the ACC. The U brings the appeal of south Florida and a marquee name. On the other hand, the program lacks a home stadium, and its recent returns on investment would politely be described as inconsistent. Miami hasn\u2019t finished in the top 10 or won a conference title since 2003, its final year in the Big East. We decided to treat Miami the same as middle-of-the-pack SEC programs Arkansas and Ole Miss.<\/p>\n<p>26. North Carolina: $572 million<\/p>\n<p>Average football revenue: $63.6 million<\/p>\n<p>27. South Carolina: $563 million<\/p>\n<p>Average football revenue: $70.3 million<\/p>\n<p>28. Minnesota: $562 million<\/p>\n<p>Average football revenue: $80.2 million<\/p>\n<p>29. Utah: $539 million<\/p>\n<p>Average football revenue: $77.0 million<\/p>\n<p>30. TCU: $523 million<\/p>\n<p>Average football revenue: $74.7 million<\/p>\n<p>If UNC seems high, it\u2019s because it has more financial upside (beyond whatever happens during Bill Belichick\u2019s tenure) than other teams in this ballpark. North Carolina is already the ninth-largest state and growing more than all but Texas and Florida. That\u2019s a good sign for the potential growth of a fan base. Assuming academics matter in future college football iterations \u2014 probable but not a given \u2014 the leaders of Big Ten and SEC schools will both want to be associated with one of the nation\u2019s top public schools.<\/p>\n<p>South Carolina, Minnesota and Utah are being capped by lower ceilings. TCU\u2019s location in Fort Worth (a talent-rich, populous area) was an advantage over many of its Big 12 peers. These prices are in line with Sportico\u2019s valuations of the MLS\u2019 Chicago Fire FC, FC Dallas, Orlando City SC, the New England Revolution and Real Salt Lake.<\/p>\n<p>31. Virginia Tech: $455 million<\/p>\n<p>Average football revenue: $65.0 million<\/p>\n<p>32. North Carolina State: $445 million<\/p>\n<p>Average football revenue: $63.6 million<\/p>\n<p>33. Texas Tech: $440 million<\/p>\n<p>Average football revenue: $67.7 million<\/p>\n<p>34. Missouri: $407 million<\/p>\n<p>Average football revenue: $47.9 million<\/p>\n<p>35. Northwestern: $406 million<\/p>\n<p>Average football revenue: $67.7 million<\/p>\n<p>36. Illinois: $405 million<\/p>\n<p>Average football revenue: $67.5 million<\/p>\n<p>37. Kentucky: $400 million<\/p>\n<p>Average football revenue: $51.0 million<\/p>\n<p>Location and demographics were a positive for NC State (the Triangle region has a lot of potential) and a negative for Texas Tech (Lubbock is not Fort Worth). There\u2019s little separation between Northwestern and in-state rival Illinois, but the $850 million stadium the Wildcats plan to open in 2026 helps their case. Despite Kentucky\u2019s reported revenues (lower than we expected), we figured the Wildcats\u2019 spot in the SEC was worth enough to put them ahead of a rival in the next tier.<\/p>\n<p>At the high end of this group, Virginia Tech is slightly higher than <a href=\"https:\/\/www.nytimes.com\/athletic\/6373611\/2025\/05\/22\/new-york-liberty-450-million-valuation-wnba\/\" rel=\"nofollow noopener\" target=\"_blank\">the $450 million valuation for the WNBA\u2019s New York Liberty<\/a>.<\/p>\n<p>38. Indiana: $386 million<\/p>\n<p>Average football revenue: $64.3 million<\/p>\n<p>39. Oklahoma State: $373 million<\/p>\n<p>Average football revenue: $57.3 million<\/p>\n<p>40. Arizona State: $372 million<\/p>\n<p>Average football revenue: $53.1 million<\/p>\n<p>41. Purdue: $367 million<\/p>\n<p>Average football revenue: $61.2 million<\/p>\n<p>42. Louisville: $350 million<\/p>\n<p>Average football revenue: $49.9 million<\/p>\n<p>A year ago, we would have treated Indiana like one of the Big Ten\u2019s bottom teams, but a CFP run moved the Hoosiers up a peg. Oklahoma State and Arizona State end up with an almost identical price, as we weighed the Cowboys\u2019 greater revenue against the Sun Devils\u2019 greater potential (Tempe is in a county that\u2019s among the nation\u2019s largest in population and recent population growth). Arizona State\u2019s CFP run also helps. Louisville lands where we expected as a solid middle-class ACC program.<\/p>\n<p>Purdue offers more stability and a higher floor than the Big Ten programs beneath it. This cost puts the Boilermakers slightly behind Forbes\u2019 valuation for another in-state team, the WNBA\u2019s Indiana Fever.<\/p>\n<p>T-43. Georgia Tech: $340 million<\/p>\n<p>Average football revenue: $56.7 million<\/p>\n<p>T-43. UCLA: $340 million<\/p>\n<p>Average football revenue: $42.2 million<\/p>\n<p>45. Iowa State: $331 million<\/p>\n<p>Average football revenue: $55.2 million<\/p>\n<p>46. Syracuse: $329 million<\/p>\n<p>Average football revenue: $54.9 million<\/p>\n<p>47. Colorado: $328 million<\/p>\n<p>Average football revenue: $54.6 million<\/p>\n<p>48. Duke: $323 million<\/p>\n<p>Average football revenue: $64.7 million<\/p>\n<p>49. Kansas State: $321 million<\/p>\n<p>Average football revenue: $53.6 million<\/p>\n<p>Los Angeles glamor inflates UCLA, just as it did USC, but playing off-campus is a bit of a drawback (despite the fact that it\u2019s the Rose Bowl).<\/p>\n<p>Although we can\u2019t isolate Deion Sanders\u2019 impact on Colorado, we conservatively estimated it to be at least $50 million. Why? Without Sanders, the Buffaloes (two 10-win seasons this century) would undoubtedly be lower on this list. But we didn\u2019t want to make too much of it because there\u2019s no guarantee the bump lasts beyond his tenure, whenever and however it ends. Duke\u2019s value was deflated by its history (one top-25 finish in the last six decades) and the fact that it\u2019s the school\u2019s No. 2 sport behind men\u2019s basketball. This price point is comparable to the <a href=\"https:\/\/www.nytimes.com\/athletic\/1474835\/2019\/12\/19\/why-charlotte-paid-325-million-for-its-mls-team-and-where-the-cash-goes-next\/\" rel=\"nofollow noopener\" target=\"_blank\">2019 expansion fee for a Charlotte club to join MLS ($325 million).<\/a><\/p>\n<p>50. BYU: $306 million<\/p>\n<p>Average football revenue: $43.7 million<\/p>\n<p>51. Pittsburgh: $303 million<\/p>\n<p>Average football revenue: $50.5 million<\/p>\n<p>52. Maryland: $288 million<\/p>\n<p>Average football revenue: $57.6 million<\/p>\n<p>53. West Virginia: $284 million<\/p>\n<p>Average football revenue: $47.4 million<\/p>\n<p>54. Arizona: $282 million<\/p>\n<p>Average football revenue: $46.9 million<\/p>\n<p>55. Baylor: $276 million<\/p>\n<p>Average football revenue: $46.0 million<\/p>\n<p>Much of the parity-filled Big 12 is, fittingly, clustered together, although BYU\u2019s revenues are set to rise now that it\u2019s eligible for full payouts from the league.<\/p>\n<p>Maryland is the oddball here. The Terrapins\u2019 last 10-win season was in 2003, and <a href=\"https:\/\/www.nytimes.com\/athletic\/4607653\/2023\/06\/15\/maryland-football-locksley-friedgen-big-ten\/\" target=\"_blank\" rel=\"noopener nofollow\">they still seem somewhat out of place<\/a> in the Big Ten. Losing athletic director Damon Evans to SMU and men\u2019s basketball coach Kevin Willard to Villanova led to more questions about the school\u2019s finances compared to the rest of the conference. Those department-wide questions trickled into our football analysis.<\/p>\n<p>56. Virginia: $257 million<\/p>\n<p>Average football revenue: $51.4 million<\/p>\n<p>57. Mississippi State: $250 million<\/p>\n<p>Average football revenue: $41.7 million<\/p>\n<p>58. Vanderbilt: $228 million<\/p>\n<p>Average football revenue: $38.1 million<\/p>\n<p>59. UCF: $210 million<\/p>\n<p>Average football revenue: $35.0 million<\/p>\n<p>60. Stanford: $202 million<\/p>\n<p>Average football revenue: $40.3 million<\/p>\n<p>Virginia has enough brand power and academic prestige to avoid the bottom of the ACC. Stanford is similar, too, but remember that the Big Ten had the chance to add the Cardinal alongside Oregon and Washington in 2023 but did not do so. That\u2019s a concern as we consider the program\u2019s future in possible realignment\/super league iterations.<\/p>\n<p>UCF has billed itself as the future of college football. Regardless of whether you believe that lofty claim, the Knights are positioned for upward mobility thanks to one of the nation\u2019s largest enrollments plus a growing alumni base and city (Orlando).<\/p>\n<p>Mississippi State and Vanderbilt, unsurprisingly, are our final SEC programs. The Bulldogs would cost the same as <a href=\"https:\/\/www.nytimes.com\/athletic\/6463940\/2025\/06\/30\/wnba-expansion-league-growth\/\" rel=\"nofollow noopener\" target=\"_blank\">the expansion fee for a WNBA franchise.\u00a0<\/a><\/p>\n<p>61. Kansas: $197 million<\/p>\n<p>Average football revenue: $39.3 million<\/p>\n<p>62. Rutgers: $188 million<\/p>\n<p>Average football revenue: $37.6 million<\/p>\n<p>63. SMU: $178 million<\/p>\n<p>Average football revenue: $29.7 million<\/p>\n<p>64. Boston College: $172 million<\/p>\n<p>Average football revenue: $43.1 million<\/p>\n<p>65. California: $158 million<\/p>\n<p>Average football revenue: $39.5 million<\/p>\n<p>66. Wake Forest: $124 million<\/p>\n<p>Average football revenue: $31.0 million<\/p>\n<p>67. Cincinnati:\u00a0 $106 million<\/p>\n<p>Average football revenue: $26.4 million<\/p>\n<p>68. Houston: $91 million<\/p>\n<p>Average football revenue: $22.7 million<\/p>\n<p>SMU feels like the outlier in the bottom group, especially after last year\u2019s Playoff run. But the <a href=\"https:\/\/www.nytimes.com\/athletic\/5598807\/2024\/06\/28\/smu-acc-conference-realignment-money\/\" rel=\"nofollow noopener\" target=\"_blank\">Mustangs gave up their TV money to join the ACC<\/a>, putting a cap on their financial earnings. Rutgers still isn\u2019t getting a full share from the Big Ten, and the Scarlet Knights don\u2019t have enough upside or brand power to be any higher. Cal shares Stanford\u2019s long-term realignment concerns but adds an extra wrinkle as a public institution.<\/p>\n<p>Cincinnati and Houston have faced early hiccups transitioning from the American Athletic Conference to the Big 12. Both have higher ceilings than Wake Forest, but there\u2019s greater risk with the Power 4 newbies, too.<\/p>\n<p>Our methodology<\/p>\n<p>Most revenue figures for public schools came from their NCAA financial reports, which we compiled largely through public records requests and schools\u2019 websites. Sportico and the Knight-Newhouse College Athletics Database filled in a few missing pieces. We also used figures submitted by schools to the U.S. Department of Education. If the two sets of numbers were vastly different, we split the difference. Our final revenues were a three-year average.<\/p>\n<p>For SEC and Big Ten teams, we set the multiplier range as 5-13x a program\u2019s revenue. Because the Big 12 and ACC provide less prestige and more uncertainty, we started with a general range of 4-9x for those teams.<\/p>\n<p>Our exercise did not address the new annual expense of up to $20.5 million in paying players, which started July 1. We didn\u2019t get into the nitty gritty of assets like stadium values, either.<\/p>\n<p>\u2014 The Athletic&#8217;s Scott Dochterman, Matt Brown and Jayson Jenks contributed to this report.<\/p>\n<p style=\"text-align: right;\">(Illustration: Dan Goldfarb \/ The Athletic; Chris Leduc\/Icon Sportswire, Kirby Lee, Erich Schlegel \/ Getty Images)<\/p>\n<p>The Rankings and Tiers series is sponsored by E*Trade from Morgan Stanley. The Athletic maintains full editorial independence. Sponsors have no control over or input into the reporting or editing process and do not review stories before publication.<\/p>\n","protected":false},"excerpt":{"rendered":"Editor\u2019s note: This article is part of our\u00a0Rankings &amp; Tiers\u00a0series, an evaluation across sport about the key players,&hellip;\n","protected":false},"author":2,"featured_media":224361,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[1919,46529,9436,4715,10305,4221,843,331,59,7643,4713,7,4716,5042,4728,4725,1286,4720,4719,4722,577,1868,2972,2549,71,4727,49,48,4604,4714,4717,8243,4732,69,1787,4723,575,2743,3861,4729,4726,4710,156,1923,3862,4724,1078,4721,4708,666,8242,4718,3863,3201,671,1300,2785],"class_list":{"0":"post-224360","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ncaa-football","8":"tag-arizona-state-sun-devils","9":"tag-arizona-wildca","10":"tag-baylor-bears","11":"tag-boston-college-eagles","12":"tag-byu-cougars","13":"tag-california-golden-bears","14":"tag-clemson-tigers","15":"tag-college-football","16":"tag-colorado-buffaloes","17":"tag-duke-blue-devils","18":"tag-florida-state-seminoles","19":"tag-football","20":"tag-georgia-tech-yellow-jackets","21":"tag-houston-cougars","22":"tag-illinois-fighting-illini","23":"tag-indiana-hoosiers","24":"tag-iowa-hawkeyes","25":"tag-iowa-state-cyclones","26":"tag-kansas-jayhawks","27":"tag-kansas-state-wildcats","28":"tag-louisville-cardinals","29":"tag-maryland-terrapins","30":"tag-miami-hurricanes","31":"tag-michigan-state-spartans","32":"tag-michigan-wolverines","33":"tag-minnesota-golden-gophers","34":"tag-ncaa","35":"tag-ncaa-football","36":"tag-nebraska-cornhuskers","37":"tag-north-carolina-state-wolfpack","38":"tag-north-carolina-tar-heels","39":"tag-northwestern-wildcats","40":"tag-notre-dame-fighting-irish","41":"tag-ohio-state-buckeyes","42":"tag-oklahoma-sooners","43":"tag-oklahoma-state-cowboys","44":"tag-oregon-ducks","45":"tag-penn-state-nittany-lions","46":"tag-pittsburgh-panthers","47":"tag-purdue-boilermakers","48":"tag-rutgers-scarlet-knights","49":"tag-smu-mustangs","50":"tag-sports-business","51":"tag-stanford-cardinal","52":"tag-syracuse-orange","53":"tag-tcu-horned-frogs","54":"tag-texas-longhorns","55":"tag-texas-tech-red-raiders","56":"tag-ucf-knights","57":"tag-ucla-bruins","58":"tag-usc-trojans","59":"tag-virginia-cavaliers","60":"tag-virginia-tech-hokies","61":"tag-wake-forest-demon-deacons","62":"tag-washington-huskies","63":"tag-west-virginia-mountaineers","64":"tag-wisconsin-badgers"},"share_on_mastodon":{"url":"","error":"Validation failed: Text character limit of 500 exceeded"},"_links":{"self":[{"href":"https:\/\/www.rawchili.com\/nfl\/wp-json\/wp\/v2\/posts\/224360","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rawchili.com\/nfl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rawchili.com\/nfl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rawchili.com\/nfl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rawchili.com\/nfl\/wp-json\/wp\/v2\/comments?post=224360"}],"version-history":[{"count":0,"href":"https:\/\/www.rawchili.com\/nfl\/wp-json\/wp\/v2\/posts\/224360\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.rawchili.com\/nfl\/wp-json\/wp\/v2\/media\/224361"}],"wp:attachment":[{"href":"https:\/\/www.rawchili.com\/nfl\/wp-json\/wp\/v2\/media?parent=224360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rawchili.com\/nfl\/wp-json\/wp\/v2\/categories?post=224360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rawchili.com\/nfl\/wp-json\/wp\/v2\/tags?post=224360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}