10 Most Valuable College Football Programs

College football is one of the most popular sports in the United States, and a huge cash cow for universities, conferences, television networks, and the NCAA. It’s become a multi-billion dollar industry.

It’s a sport that funds many athletic departments, alongside college basketball. The money brought in allows other non-revenue sports to continue competing on the field.

We can look at revenue reports to help decipher which schools are more successful than others financially, though we can’t put a true “value” on those programs like we can when pro franchises get bought and sold.

That didn’t stop the Wall Street Journal from providing an estimate. Research for the projections includes cash flow, sustainability, and other aspects. Below are the Top 10 most valuable programs in college football.

10. Oklahoma Sooners

Oklahoma is one of college football’s most historic programs, boasting 49 conference championships, seven national titles, and seven Heisman trophy winners.

That history was enough on its own to make the Sooners a top contender on this list. A recent move to the SEC should only prove more lucrative in the future. OU is valued at $881 million.

9. Texas A&M Aggies

The Aggies, much like the Sooners, made the jump from the Big 12 to the SEC though that conference realignment decision came a decade earlier. They’ve always had deep donor pockets, but success has sometimes proven evasive.

The Aggies boast just one 10-win season since 1998, but they do own two Heisman winners and two pre-1940s national championships. Location, alumni, and conference ties keep the program near the top of college football. It’s valued at $1.001 billion.

8. Tennessee Volunteers

The Vols are one of the SEC’s founding members where they own 13 conference titles. They also have one of the most loyal fanbases in the country.

Tennessee won the last of their two national championships in 1998, and while they were stuck in the mud for two decades, they appear on the path back to relevance. The program is valued at $1.017 billion.

7. Penn State Nittany Lions

The Nittany Lions are the first of three Big Ten teams on the list, and for good reason. The program boasts one of the most recognizable brands in the sport.

Penn State, while located in a small college town, has a massive fanbase in a bigtime football state. They’ve won four national championships with the last coming in 1986. The team is valued at $1.027 billion.

6. LSU Tigers

The Tigers are another founding member of the SEC, and one of the more successful college football teams of late. LSU has won three national titles since the turn of the century (5 total) with the latest coming behind Heisman recipient Joe Burrow.

LSU has three Heisman trophy winners. They also have the benefit of being on the SEC payroll. The program is valued at $1.060 billion.

5. Notre Dame Fighting Irish

Notre Dame is the lone independent on the list, though they continue to move closer to conference affiliation with the ACC. They’ve been able to keep that status due to both worldwide recognition and a network deal with NBC.

The Fighting Irish have a rich history with 13 national championships and seven Heisman trophy winners. They competed for a 14th title last year before falling to another team on this list. The program is valued at $1.293 billion.

4. Georgia Bulldogs

Georgia has been the class of the SEC over the last few seasons with two national championship wins over the last four years. As the most beloved program in the football-crazy Peach State, they possess no shortage of supporters.

The Bulldogs are one of six schools from the Southeastern Conference on this list, and the last of the founding members. The program is valued at $1.348 billion.

3. Michigan Wolverines

The Michigan Wolverines have the most wins in college football history with 1,012. They also boast 10 national titles, 45 conference championships, and three Heisman trophy winners.

The Wolverines are a beneficiary of a recently signed $1 billion Big Ten television deal, and they helped put a spotlight on the conference with a 2023 national title win. The program is valued at $1.655 billion.

2. Texas Longhorns

Texas is a storied college football program with the hardware to back it up. The Longhorns boast 31 conference championships, four national championships, and a pair of Heisman trophy winners.

They recently made the move to the SEC, an affiliation that should pay off financially in the future. Location, deep booster pockets, and past success should help them stay near the top of this list. The program is valued at $1.897 billion.

1. Ohio State Buckeyes

The reigning national champs top this list with a value of $1.957 billion. The Buckeyes, like Michigan, will benefit from college football’s richest media deal with the Big Ten. They also have a prestigious history to fall back on.

Ohio State has the second-most wins in college football while racking up 40 conference titles, nine national championships, and seven Heisman trophy winners.