What college football program is worth the most?

Indiana has a golden trophy signifying it as the best college football team in the country when it comes to play on the field. But when it comes to just plain gold, another school easily bests the rest — and it’s not really close.

The Hoosiers defeated the Miami Hurricanes 27-21 on Monday to capture its first-ever college football championship. Indiana finished the season 16-0 under second-year coach Curt Cignetti and on the arm — and legs — of Heisman-winning quarterback Fernando Mendoza.

Just before the CFP championship game, the Wall Street Journal released an annual analysis of college football program valuations conducted by Ryan Brewer, an associate professor of finance at Indiana University Columbus.

His study examines industry trends, cash flows, revenue and broader economic shifts to calculate what every team would be worth if it could be bought and sold on the open market— just like a professional sports franchise, according to the Journal.

Texas topped the list with a valuation nearly $2.2 billion. Its adjusted revenue for the 2025 season totaled $298 million, per the Journal.

Another Lone Star State school, Texas A&M, ranked second at nearly $1.6 billion, while Ohio State ranked third at just over $1.5 billion in valuation.

The study found that valuations went up 46% over last year, as players moved freely around the country through the transfer portal in the age of NIL and revenue sharing. Many teams spent more than $20 million this past season on NIL and revenue sharing.

“There’s more value in college football than there’s ever been,” Brewer told the Journal. “Even though they’re paying players and it’s more expensive, it’s also worth more.”

SEC and Big Ten schools dominated the top 20 richest teams, with nine each from those two conferences. Only one Big 12 school — Colorado — made the list, checking in at No. 20. Notre Dame is the only independent in the top 20.

Fifteen schools exceeded the $1 billion mark.

Miami ranked 21st with a valuation of $806 million, while Indiana ranked 28th at $648 million.

Utah and BYU were in the top 40. Utah ranked 35th, with a 2025 adjusted revenue of $91 million and valuation of $565 million. BYU ranked 40th, with $80 million in revenue and a valuation of $505 million.

Same programs, different numbers

Last month, CNBC released its 2025 valuations of the top 75 college athletic programs in the country.

Like the analysis in the Wall Street Journal, Texas had the highest worth of any school on the CNBC list at $1.48 billion, followed by Ohio State at $1.35 billion and Texas A&M at $1.32 billion. The valuations were lower overall than the Journal ranking even though CNBC looked at athletic programs, not just the football team. Of course, football accounts for the most revenue in college sports by far.

BYU was 57th with a valuation of $500 million, while Utah was 60th with a valuation of $451 million.

Last month, the University of Utah announced it will be the first school in the country to accept private equity money. Otro Capital will reportedly invest $500 million in the athletic program, but university administrators would not confirm a number. Still, the investment could substantially elevate Utah’s valuation in coming years.

Interestingly, Colorado landed 47th on the CNBC ranking at $574 million, about $300 million less than the Journal analysis where it was 20th.

What’s a college football team worth?

Here’s the Wall Street Journal list of 20 wealthiest college football teams: