Most Valuable College Football Teams

Last updated October 15, 2026

Texas tops The Athletic’s 2026 college football valuations at $2.46 billion. Ohio State follows at $2.30 billion. But these are estimates of what the programs might sell for, not prices a buyer can pay today.

I love college football. And as a founder and investor, I find the business behind it almost as interesting as the games. Loyal fans, TV money, and packed stadiums can build a huge business. The harder question is how much of that business someone could own.

That makes this ranking different from the world’s most valuable sports teams. College programs sit inside universities. Investors can fund parts of their commercial operations, but they cannot buy them like an NFL franchise.

Most Valuable College Football Teams in the 2025 Ranking

The table below shows the 2025 estimates, led by Texas at $2.38 billion. The 30 programs add up to about $32.7 billion. Revenue figures are three-year football averages, not total athletic department revenue.

Source: The Athletic’s July 2025 valuation model. Values are hypothetical sale estimates. The table remains a 2025 snapshot; the update below covers the five leaders in 2026.

What Changed in 2026

The Athletic’s 2026 update put Texas at $2.46 billion, Ohio State at $2.30 billion, Notre Dame at $2.10 billion, Michigan at $2.00 billion, and Georgia at $1.95 billion.

Those five gained $930 million from their 2025 estimates, based on the rounded figures. Ohio State moved from third to second and accounted for $400 million of the increase.

These changes show how new revenue data and revised assumptions can shift a ranking. They do not mean those schools received offers at those prices.

How College Football Valuations Work

The model starts with average football revenue and compares it with prices paid for pro teams. It then adjusts for factors such as brand strength, location, and conference membership.

A revenue multiple is the estimated price divided by annual revenue. A team valued at $1 billion on $100 million in revenue has a 10x revenue multiple. That does not mean it earns $100 million in profit.

The Athletic uses higher pro-sports sale multiples for SEC and Big Ten teams than for ACC and Big 12 teams. That choice builds a conference premium into the model.

You can see the effect in the existing table. Ohio State, Auburn, and Nebraska each averaged about $116 million to $118 million in football revenue. Yet their estimated values ranged from $930 million to $1.90 billion. Dividing value by revenue gives multiples of about 16.4x, 9.0x, and 8.0x, respectively.

The model places different prices on similar revenue streams. Future growth, fan demand, and conference money help explain why. As with valuing a small business, the quality and durability of the revenue matter alongside its size.

Player Pay Changes the Economics

The House settlement allowed participating schools to share up to $20.5 million with athletes in 2025-26. The limit rose to $21.58 million for 2026-27.

That cap covers the school’s athletes across sports. It is not a football-only budget. Third-party deals for an athlete’s name, image, and likeness, known as NIL, are separate from direct school payments.

For a school making these payments, they are a recurring cost that belongs in its budget. But you cannot subtract the entire schoolwide cap from a football valuation and call the result an updated price.

Here is a simpler example. Suppose a business takes on $10 million in new annual costs, with no added revenue. If a buyer values annual cash flow at 10 times earnings, that cost could reduce its value by $100 million.

That is an illustration, not a forecast for any team. The result depends on football’s share of the cost, future revenue, and the method used to value the business. You also need to know whether the original estimate already accounts for player pay. Subtracting it twice would understate value.

What Private Equity Can Buy

Utah offers a concrete example. In June 2026, the university and its foundation finalized a partnership with Otro Capital to form Crimson Brand Partners.

The company manages commercial activities such as ticketing, sponsorships, licensing, digital media, and events. Coaching, recruiting, scheduling, athlete support, and private fundraising stay with the university. Utah also keeps ownership of its athletic facilities.

This gives outside capital a way to take part in the business around college sports. It does not turn the football team into a franchise for sale.

The trade-off deserves attention. Outside money can help a school grow revenue today. In return, investors expect a financial return. Schools need to compare that benefit with the future income and control they give up under the deal.

What the Numbers Mean for Investors

The ranking shows the scale of college football’s biggest brands. An investment still comes down to the rights and cash flows in a specific deal.

Before putting a price on those rights, ask:

• What revenue does the investor receive, and for how long?
• What costs come out before the investor gets paid?
• Who controls prices, spending, and major business decisions?
• What happens if TV deals, conference membership, or player costs change?
• How can the investor sell its stake or get its money back?

The lesson applies beyond sports: a famous brand can attract money, but the contract determines what that money buys. Texas can carry a $2.46 billion estimate while the actual investment opportunity is a much smaller slice of the business.

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