College Football Business: Texas Leads with $2.2B Valuation

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College Football’s Billion-Dollar Powerhouses: Texas Leads the Valuation Surge

College football’s financial landscape is undergoing a dramatic shift, with program valuations soaring to unprecedented heights. A recent study by the Wall Street Journal reveals that the top 20 college football programs are now worth a collective fortune, fueled by expanding media rights, lucrative alumni donations, and the groundbreaking impact of Name, Image, and Likeness (NIL) deals. The University of Texas currently leads the pack, boasting an estimated valuation of $2.197 billion as of 2025.

The Billion-Dollar Club and the NIL Revolution

The study found that valuations within the top 20 programs have increased by a record 46% year-over-year, a direct consequence of the evolving financial dynamics in college athletics. A total of 15 teams now exceed $1 billion in valuation, with 14 hailing from the powerhouse SEC and Big Ten conferences, and Notre Dame rounding out the elite group at No. 6 with a valuation of $1.418 billion.

this surge in value is inextricably linked to the advent of NIL compensation,which began in 2021. Following last summer’s landmark House v. NCAA antitrust settlement, schools are now permitted to share revenue with players, with many exceeding the $10 million mark in NIL-related activities. This has created a new economic force.

Conference Realignment and Playoff Expansion

The financial stakes are also driving meaningful changes in conference alignment and playoff structure. The SEC and Big ten, wielding considerable voting power, are currently engaged in negotiations regarding the future of the College Football Playoff. As of Monday, no agreement had been reached for the 2026 season, with the two conferences divided on whether to expand the playoff bracket to 16 or 24 teams. A decision is pending a Friday deadline.

The Top 20 Most Valuable Programs (2025)

Here’s a look at the top 20 most valuable college football programs, according to the Wall Street Journal‘s analysis:

1. Texas: $2.197 billion ($298 million adjusted revenue)
2. Texas A&M: $1.593 billion ($218 million adjusted revenue)
3. Ohio State: $1.547 billion ($185 million adjusted revenue)
4. LSU: $1.543 billion ($213 million adjusted revenue)
5. Michigan: $1.463 billion ($200 million adjusted revenue)
6. Notre Dame: $1.418 billion ($170 million adjusted revenue)
7. Georgia: $1.472 billion ($195 million adjusted revenue)
8. Penn State: $1.411 billion ($193 million adjusted revenue)
9. Alabama: $1.401 billion ($192 million adjusted revenue)
10. Nebraska: $1.236 billion ($197 million adjusted revenue)
11. Oklahoma: $1.153 billion ($160 million adjusted revenue)
12. Washington: $1.147 billion ($182 million adjusted revenue)
13. Tennessee: $1.114 billion ($177 million adjusted revenue)
14. Auburn: $1.101 billion ($175 million adjusted revenue)
15. Iowa: $1.017 billion ($162 million adjusted revenue)
16. USC: $999 million ($161 million adjusted revenue)
17. Florida: $978 million ($155 million adjusted revenue)
18. Wisconsin: $963 million ($156 million adjusted revenue)
19. Oregon: $873 million ($139 million adjusted revenue)
20. Colorado: $870 million ($141 million adjusted revenue)

Emerging Trends and Future Outlook

The financial landscape of college football is clearly shifting,with programs like Ohio State,Oregon,Texas Tech,Texas A&M,and Miami leading the way in spending and recruiting through the transfer portal. As a quarter of the top 20 programs prepare for coaching changes in 2026 – including LSU with Lane Kiffin and Penn State with Matt Campbell – the competition for talent and financial dominance will only intensify. The Tigers, already boasting the nation’s top transfer class, are signaling their intent to remain at the forefront of this evolving era.