CNBC ranks most valuable programs in college athletics

As the money continues to pour into college athletics and fans debate what the sport might look like in the years to come as NIL evolves and revenue sharing takes over, CNBC has compiled a list of the current most valuable programs in college athletics.

The list has a heavy dose of the Big Ten and SEC, which benefit from some of the highest TV rights deals in sports.

CNBC notes that it created the list to be “reflective of the current enterprise value of each program, starting with a base revenue multiple of four for all institutions, and then adjusting the multiple for variables, including conference affiliation, estimated NIL spend, school subsidies, number of alumni and other factors that can catalyze future revenue growth and profitability.”

So without further ado, let’s just dive straight into which are the most valuable programs according to CNBC’s methodology.

1. Ohio State Buckeyes – $1.32B

Ohio State typically checks in right near the top of these lists, with an overall sports program as robust as any in the country. It has been anchored by a football team that has been competitive at the highest level for decades.

According to CNBC, Ohio State reported $280 million in revenue for the fiscal year 2023. That figure ranks at the top of the sport, narrowly edging out Texas A&M and Texas.

2. Texas Longhorns – $1.28B

Texas checks in with a valuation just 40 million below that of Ohio State, not too far off at all. The Longhorns also have a tremendous overall athletics program, one that is benefiting from a move to the SEC.

The total revenue reported for Texas was $271 million, an absurd figure that continues to grow. And Texas’ football team has helped boost the valuation; for the second straight year, the Longhorns are in the College Football Playoff.

3. Texas A&M Aggies – $1.26B

Never far from any most valuable programs list, Texas A&M is hot on the heels of both Texas and Ohio State. The Aggies have made immense investments into the program and aren’t afraid to do so, evidenced by paying an exorbitant buyout to part ways with Jimbo Fisher.

Football success hasn’t come quite as easily as for the top two programs, though Mike Elko seems to have things on the upswing. Texas A&M’s reported revenue of $279 million checks in just a million behind Ohio State.

4. Michigan Wolverines – $1.06B

There’s a bit of a dropoff in valuation after the top three, with Michigan checking in at $1.06 billion. The Wolverines have long been one of the highest-earning athletics departments in the country.

Michigan’s total revenue was reported at $230 million for 2023. Only 12 schools reported revenues in excess of $200 million for the reporting period studied.

5. Alabama Crimson Tide – $978M

Everyone knows about Alabama’s success on the gridiron, largely thanks to the presence of Nick Saban for nearly two decades. That success has helped Alabama maintain its place as one of the most valuable programs.

The Crimson Tide boast a huge array of successful sports, with gymnastics and softball frequently challenging football for sheer dominance in their respective sports. Men’s basketball has also been excellent under Nate Oats.

6. Notre Dame Fighting Irish – $969M

The Fighting Irish always have a special place among the financial elites in college athletics, courtesy of a sweet television deal. But Notre Dame is backing it up, too, with a playoff appearance this year under Marcus Freeman.

Notre Dame’s total revenue for 2023 came in at $224 million, one of the larger figures. Don’t expect that to change any time soon, even as the Big Ten and SEC keep pushing the envelope.

7. Georgia Bulldogs – $950M

Georgia hasn’t always had quite this high a perch among the most valuable programs, but it has been heavily boosted by Kirby Smart‘s success in recent years. The Bulldogs won back-to-back national titles, and that’ll start the dollars rolling in big time.

Past that, Georgia simply doesn’t look to be going anywhere on the national stage for the foreseeable future. It’s a program built to succeed and sustain right now.

8. Nebraska Cornhuskers – $943M

While Nebraska is quite some time removed from top-level success on the football field, it has remained no stranger to being a financial juggernaut. Moreover, the Cornhuskers have some other sports that are absolutely top notch.

Coach Matt Rhule should have all the financial backing he needs in a program that pulled in $205 million in revenue in 2023. All that’s left is to return the winning ways.

9. Tennessee Volunteers – $940M

Tennessee has done quite well for itself under coach Josh Heupel, having a couple of really competitive years on the national stage. This year’s result was a College Football Playoff berth, where the Volunteers can vie for a national title.

The Volunteers were one of the 12 programs topping $200 million in revenue, checking in at $202 million. Athletics director Danny White has done a masterful job building the program up.

10. Oklahoma Sooners – $928M

With a total program valuation of $928 million, Oklahoma rounds out the list of the 10 most valuable programs. The Sooners have built a monster, which includes a powerhouse softball program led by Patty Gasso.

Football’s success has been harder to come by, with Brent Venables battling to stay off the hot seat. But it won’t be due to lack of financing if he can’t get things going. Oklahoma did $199 million in revenue in fiscal year 2023.

Most Valuable Programs: 11-25

11. Penn State Nittany Lions: $924M
12. USC Trojans: $923M
13. LSU Tigers: $916M
14. Florida Gators: $865M
15. Wisconsin Badgers: $838M
16. Clemson Tigers: $800M
17. Oregon Ducks: $780M
18. Arkansas Razorbacks: $776M
19. Kentucky Wildcats: $775M
20. Auburn Tigers: $772M
21. Iowa Hawkeyes: $747M
22. Michigan State Spartans: $740M
23. Stanford Cardinal: $687M
24. Florida State Seminoles: $673M
25. Illinois Fighting Illini: $665M