Editor’s note: This article is part of our Rankings & Tiers series, an evaluation across sport about the key players, front offices, teams, franchises and much more.
How much would it take to buy your favorite college football program?
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 Florida State and Boise State led The Athletic to consider a future where the Seminoles and Broncos could be bought and sold, just like the Boston Celtics or Tampa Bay Rays.
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’s 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.
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 “Shark Tank.” 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’s actual value (a story for another day). Buyers routinely pay a premium because there are only so many opportunities to own a sports team.
That sentiment would be even stronger in college football, where pre-established allegiances and irrational decisions already run deeper. Though Texas A&M just missed our $1 billion club, it’s 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.
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 — an exercise that’s theoretical for now … but might not be much longer.
1. Texas: $2.38 billion (projected price)
Three-year average football revenue: $183 million
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’t won a national title since 2005 but made the College Football Playoff semifinals each of the past two seasons and are among this preseason’s top championship contenders. Add in the SEC brand, and Texas looks like the safest investment.
Our price tag makes the Longhorns comparable to the 2018 sale of the Carolina Panthers (almost $2.3 billion).
2. Georgia: $1.92 billion
Average football revenue: $147 million
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?
We ultimately justified this placement with demographics. Georgia’s 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’s 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.
3. Ohio State: $1.90 billion
Average football revenue: $116 million
Our initial numbers would have put the Buckeyes sixth at $1.5 billion, but that’s where the art part of this exercise enters the mix. Ohio State’s income was weighed down by a 2023 season with only six home games, and it takes time for a spike from last season’s national championship run to show up on the balance sheet. The Buckeyes are also the sport’s most recession-proof program with only one losing season in the past 35 years.
Those factors led us to bump Ohio State here.
4. Notre Dame: $1.85 billion
Average football revenue: $143 million
The income doesn’t reflect a jump in TV revenue thanks to the contract extension the Irish landed with NBC in 2023; it’s large enough to put Notre Dame’s paydays within striking distance of SEC/Big Ten programs. Last year’s 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.
5. Michigan: $1.83 billion
Average football revenue: $141 million
Michigan boasts the largest stadium and, according to our previous analysis, 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.
6. Alabama: $1.74 billion
Average football revenue: $133 million
Alabama was the final team to earn our top revenue multiplier — 13x reported revenue — 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).
Our price puts the Crimson Tide on par with the 2024 sale of the Baltimore Orioles ($1.725 billion) or the expected price tag for the Rays ($1.7 billion).
7. Oklahoma: $1.49 billion
Average football revenue: $135 million
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.
8. USC: $1.40 billion
Average football revenue: $71.3 million
We took the biggest liberty here. Revenue figures alone would put the Trojans’ value in the Nebraska-Wisconsin range ($800 million to $900 million). But those numbers don’t reflect the fact that they’re adding millions of dollars annually by shedding Pac-12 payouts and receiving full shares from the Big Ten. Add in brand power — where the Trojans are more like Alabama or Oklahoma historically — plus the value of Los Angeles, and this seemed like a reasonable landing spot.
9. Tennessee: $1.37 billion
Average football revenue: $124.9 million
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 “volatile.”
This price puts them slightly behind the 2023 valuation of the NHL’s Tampa Bay Lightning.
10. LSU: $1.23 billion
Average football revenue: $102.9 million
Although we’d value the Tigers somewhere below the Texas-Alabama tier but above the Tennessees and Oklahomas, their average football revenue was only 13th nationally. LSU’s overall athletic department revenue was in the 8-10 range, which gave us more confidence in our ranking and price.
11. Penn State: $1.20 billion
Average football revenue: $109.5 million
Penn State is working on upgrading Beaver Stadium with better amenities and a new club area. The renovation will cost up to $700 million 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’s semifinal run.
12. Florida: $1.08 billion
Average football revenue: $98.5 million
The Gators are also pursuing a major stadium upgrade that would significantly change the revenue picture; in January, the chairperson of the university’s board of trustees publicly floated a $1 billion price tag for the project. Florida’s 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.
13. Auburn: $1.06 billion
Average football revenue: $118.2 million
Like Florida, the Tigers have been in an on-field funk. The national championship trophy Auburn won with Cam Newton is almost old enough to get its driver’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).
14. Oregon: $990 million
Average football revenue: $90.0 million
In prestige and championship potential, the Ducks — the top team on this list that has never won a national title — 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.
15. Texas A&M: $973 million
Average football revenue: $97.3 million
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 (about $77 million). But we’re also considering wins and losses because of the money victories bring. Texas A&M is arguably the nation’s 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.
16. Washington: $970 million
Average football revenue: $107.8 million
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’ Sounders FC. The Huskies’ market faces a higher risk of overcrowding than most peers.
17. Nebraska: $930 million
Average football revenue: $116.3 million
Although the Cornhuskers usually rank in the top 10 in football revenue, they haven’t finished ranked since 2012 or even beaten a ranked team since 2016, and they’re 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.
The cost puts Nebraska between the sales prices of the NHL’s Ottawa Senators ($950 million in 2023) and Pittsburgh Penguins ($900 million in 2021).
18. Florida State: $867 million
Average football revenue: $86.7 million
The Seminoles’ financial future looks better after they settled their dueling lawsuits with the ACC. We can expect Florida State’s revenue to jump by eight figures under the conference’s 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 theoretical super league. 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.
19. Wisconsin: $801 million
Average football revenue: $100.1 million
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’s high enough for Wisconsin — the only program above Division III in the 20th most popular state — to belong in our top 20 with a big gap to the next tier.
20. Iowa: $709 million
Average football revenue: $88.6 million
21. Michigan State: $708 million
Average football revenue: $88.5 million
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’d 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 Forbes and Sportico.
22. Clemson: $665 million
Average football revenue: $78.2 million
The Tigers were one of the trickiest to place. They, like Florida State, are positioned to capitalize with the ACC’s 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’s first ring (2016). That makes the Tigers’ 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.
23. Arkansas: $646 million
Average football revenue: $80.8 million
24. Miami: $604 million
Average football revenue: $75.5 million
25. Ole Miss: $591 million
Average football revenue: $73.8 million
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’t 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.
26. North Carolina: $572 million
Average football revenue: $63.6 million
27. South Carolina: $563 million
Average football revenue: $70.3 million
28. Minnesota: $562 million
Average football revenue: $80.2 million
29. Utah: $539 million
Average football revenue: $77.0 million
30. TCU: $523 million
Average football revenue: $74.7 million
If UNC seems high, it’s because it has more financial upside (beyond whatever happens during Bill Belichick’s 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’s a good sign for the potential growth of a fan base. Assuming academics matter in future college football iterations — probable but not a given — the leaders of Big Ten and SEC schools will both want to be associated with one of the nation’s top public schools.
South Carolina, Minnesota and Utah are being capped by lower ceilings. TCU’s 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’s valuations of the MLS’ Chicago Fire FC, FC Dallas, Orlando City SC, the New England Revolution and Real Salt Lake.
31. Virginia Tech: $455 million
Average football revenue: $65.0 million
32. North Carolina State: $445 million
Average football revenue: $63.6 million
33. Texas Tech: $440 million
Average football revenue: $67.7 million
34. Missouri: $407 million
Average football revenue: $47.9 million
35. Northwestern: $406 million
Average football revenue: $67.7 million
36. Illinois: $405 million
Average football revenue: $67.5 million
37. Kentucky: $400 million
Average football revenue: $51.0 million
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’s 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’s reported revenues (lower than we expected), we figured the Wildcats’ spot in the SEC was worth enough to put them ahead of a rival in the next tier.
At the high end of this group, Virginia Tech is slightly higher than the $450 million valuation for the WNBA’s New York Liberty.
38. Indiana: $386 million
Average football revenue: $64.3 million
39. Oklahoma State: $373 million
Average football revenue: $57.3 million
40. Arizona State: $372 million
Average football revenue: $53.1 million
41. Purdue: $367 million
Average football revenue: $61.2 million
42. Louisville: $350 million
Average football revenue: $49.9 million
A year ago, we would have treated Indiana like one of the Big Ten’s 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’ greater revenue against the Sun Devils’ greater potential (Tempe is in a county that’s among the nation’s largest in population and recent population growth). Arizona State’s CFP run also helps. Louisville lands where we expected as a solid middle-class ACC program.
Purdue offers more stability and a higher floor than the Big Ten programs beneath it. This cost puts the Boilermakers slightly behind Forbes’ valuation for another in-state team, the WNBA’s Indiana Fever.
T-43. Georgia Tech: $340 million
Average football revenue: $56.7 million
T-43. UCLA: $340 million
Average football revenue: $42.2 million
45. Iowa State: $331 million
Average football revenue: $55.2 million
46. Syracuse: $329 million
Average football revenue: $54.9 million
47. Colorado: $328 million
Average football revenue: $54.6 million
48. Duke: $323 million
Average football revenue: $64.7 million
49. Kansas State: $321 million
Average football revenue: $53.6 million
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’s the Rose Bowl).
Although we can’t isolate Deion Sanders’ 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’t want to make too much of it because there’s no guarantee the bump lasts beyond his tenure, whenever and however it ends. Duke’s value was deflated by its history (one top-25 finish in the last six decades) and the fact that it’s the school’s No. 2 sport behind men’s basketball. This price point is comparable to the 2019 expansion fee for a Charlotte club to join MLS ($325 million).
50. BYU: $306 million
Average football revenue: $43.7 million
51. Pittsburgh: $303 million
Average football revenue: $50.5 million
52. Maryland: $288 million
Average football revenue: $57.6 million
53. West Virginia: $284 million
Average football revenue: $47.4 million
54. Arizona: $282 million
Average football revenue: $46.9 million
55. Baylor: $276 million
Average football revenue: $46.0 million
Much of the parity-filled Big 12 is, fittingly, clustered together, although BYU’s revenues are set to rise now that it’s eligible for full payouts from the league.
Maryland is the oddball here. The Terrapins’ last 10-win season was in 2003, and they still seem somewhat out of place in the Big Ten. Losing athletic director Damon Evans to SMU and men’s basketball coach Kevin Willard to Villanova led to more questions about the school’s finances compared to the rest of the conference. Those department-wide questions trickled into our football analysis.
56. Virginia: $257 million
Average football revenue: $51.4 million
57. Mississippi State: $250 million
Average football revenue: $41.7 million
58. Vanderbilt: $228 million
Average football revenue: $38.1 million
59. UCF: $210 million
Average football revenue: $35.0 million
60. Stanford: $202 million
Average football revenue: $40.3 million
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’s a concern as we consider the program’s future in possible realignment/super league iterations.
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’s largest enrollments plus a growing alumni base and city (Orlando).
Mississippi State and Vanderbilt, unsurprisingly, are our final SEC programs. The Bulldogs would cost the same as the expansion fee for a WNBA franchise.
61. Kansas: $197 million
Average football revenue: $39.3 million
62. Rutgers: $188 million
Average football revenue: $37.6 million
63. SMU: $178 million
Average football revenue: $29.7 million
64. Boston College: $172 million
Average football revenue: $43.1 million
65. California: $158 million
Average football revenue: $39.5 million
66. Wake Forest: $124 million
Average football revenue: $31.0 million
67. Cincinnati: $106 million
Average football revenue: $26.4 million
68. Houston: $91 million
Average football revenue: $22.7 million
SMU feels like the outlier in the bottom group, especially after last year’s Playoff run. But the Mustangs gave up their TV money to join the ACC, putting a cap on their financial earnings. Rutgers still isn’t getting a full share from the Big Ten, and the Scarlet Knights don’t have enough upside or brand power to be any higher. Cal shares Stanford’s long-term realignment concerns but adds an extra wrinkle as a public institution.
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’s greater risk with the Power 4 newbies, too.
Our methodology
Most revenue figures for public schools came from their NCAA financial reports, which we compiled largely through public records requests and schools’ 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.
For SEC and Big Ten teams, we set the multiplier range as 5-13x a program’s 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.
Our exercise did not address the new annual expense of up to $20.5 million in paying players, which started July 1. We didn’t get into the nitty gritty of assets like stadium values, either.
— The Athletic‘s Scott Dochterman, Matt Brown and Jayson Jenks contributed to this report.
(Illustration: Dan Goldfarb / The Athletic; Chris Leduc/Icon Sportswire, Kirby Lee, Erich Schlegel / Getty Images)
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.
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