Texas dethrones Ohio State as college sports' most valuable program—and 13 schools are now worth over $1 billion
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The University of Texas at Austin now sits atop college sports in a way that matters as much as any championship: money. According to CNBC’s latest valuation rankings, Texas’ athletic program is worth $1.48 billion, a 16% increase from last year and enough to dethrone Ohio State as the most valuable program in the country.
The shift at the top reflects a broader financial explosion across college athletics. Just one year ago, only four schools had athletic programs valued above $1 billion. That number has now more than tripled to 13, with the combined value of the top 75 programs reaching $51.22 billion—a 13% jump from last year’s $45.14 billion. These programs generated $11.84 billion in aggregate revenue in fiscal 2024, an 8% increase over the previous year.
Texas’ rise wasn’t accidental. The Longhorns generated $332 million in revenue during fiscal 2024, more than any other school and 23% more than the previous year, according to figures from the Knight-Newhouse College Athletics Database at Syracuse University. The biggest driver was donor contributions, which totaled $137 million—53% more than in 2023. That flood of cash, combined with the program’s move to the SEC and the conference’s lucrative media rights deals, positioned Texas to leapfrog Ohio State in the rankings.
While the exact 2025 football-specific revenue is still emerging, Texas Football generated around $205 million in football revenue in the 2024 fiscal year, making it the SEC’s top earner, contributing heavily to the overall Texas athletic department’s $331.9 million total revenue (FY 2024). These numbers place Texas as the most valuable football program, with projections pointing to even higher figures in the coming years.
13 college athletic programs valued over $1 billion (2025)
- Texas Longhorns – $1.48 billion
- Ohio State Buckeyes – $1.35 billion
- Texas A&M Aggies – $1.32 billion
- Georgia Bulldogs – $1.16 billion
- Michigan Wolverines – $1.155 billion
- Notre Dame Fighting Irish – Over $1 billion*
- Tennessee Volunteers – Over $1 billion*
- USC Trojans – Over $1 billion*
- Alabama Crimson Tide – Over $1 billion*
- Nebraska Cornhuskers – Over $1 billion*
- Penn State Nittany Lions – Over $1 billion*
- LSU Tigers – Over $1 billion*
- Oklahoma Sooners – Over $1 billion*
Ohio State’s fall to No. 2 shows the volatility of college sports revenue
Ohio State, which held the top spot in last year’s rankings, fell to second with a valuation of $1.35 billion, just 2% higher than a year ago. The Buckeyes’ revenue dropped 9% to $255 million in fiscal 2024, driven largely by a 20% decrease in ticket revenue. According to an Ohio State spokesperson, the decline came from having two fewer home football games during the 2023-24 season compared to the previous year.
That kind of volatility underscores the razor-thin margins programs face, even at the top. Ohio State’s slip wasn’t the result of mismanagement or declining interest—it was a scheduling quirk. Yet in a landscape where programs are now valued like professional franchises, even small fluctuations in revenue can shift the pecking order.
Rounding out the top five are Texas A&M ($1.32 billion), Georgia ($1.16 billion), and Michigan ($1.155 billion). The remaining schools with valuations over $1 billion include Notre Dame, Tennessee, USC, Alabama, Nebraska, Penn State, LSU, and Oklahoma. The rapid expansion of billion-dollar programs signals that the financial boom in college athletics isn’t limited to a handful of blue bloods—it’s spreading across the power conference landscape.
Media rights deals are fueling the financial explosion
The primary driver behind these surging valuations is media rights revenue. The Big 12 conference, for example, began a six-year television extension with Fox and ESPN this season that pays the conference an average of $380 million per year—nearly double what it received under its previous deal, according to S&P Global Market Intelligence. Beginning in 2026, ESPN will pay an average of $1.3 billion annually for the College Football Playoff, more than twice its previous agreement. Notre Dame’s new four-year media rights deal with NBC, also starting in 2026, will pay the school an average of $50 million per year, more than double its current contract.
“College football is at the apex, right below the NFL, and will eventually go to a 16-team playoff [from 12], because that’s where the money is,” said Patrick Crakes, principal of Crakes Media, a media rights and distribution advisory firm.
Crakes’ prediction reflects the reality that college sports are no longer operating under the old nonprofit model. These programs are generating revenue at a scale that rivals professional leagues, and the financial incentives to expand postseason formats, negotiate bigger media deals, and attract donor investment are only intensifying.
Private equity is entering the game
As the financial stakes grow, so does the need for outside capital. Schools are now facing massive new expenses that didn’t exist a few years ago. The NCAA and Power Five conferences agreed to pay $2.78 billion in back damages over a 10-year period to thousands of Division I athletes as part of a class action settlement. On top of that, schools will now pay more than $20 million per year in revenue share to current student-athletes. Opendorse, a company that facilitates name, image, and likeness (NIL) deals, projects the NIL market will grow from $1.17 billion in 2024 to $2.55 billion in 2026.
To fund these obligations, private equity is circling. Earlier this month, the University of Utah became the first college athletic department to accept private equity money. A separate deal that would have UC Investments pay the Big Ten $2.4 billion for 10% of the conference’s media and sponsorship rights stalled in October after opposition from Michigan and USC, but the interest from institutional investors remains strong.
What comes next for college athletics
The financial transformation of college sports is no longer theoretical—it’s here. Programs are being valued like professional franchises, media rights deals are reaching unprecedented levels, and private equity is positioning itself to take a stake in the industry. The schools that can maximize donor contributions, secure favorable conference realignments, and capitalize on media exposure will continue to rise in value. Those that can’t risk falling behind in a landscape where financial power increasingly dictates competitive success.
For now, Texas sits at the top, but the volatility of Ohio State’s decline shows just how quickly the rankings can shift. The real question isn’t who will be No. 1 next year—it’s whether the traditional college sports model can sustain this level of commercialization without fundamentally changing what these programs represent.
Related: Sarkisian hiring Will Muschamp signals a hard reset for Texas’ defensive future
This story was originally published by A to Z Sports on Dec 21, 2025, where it first appeared in the College Football section. Add A to Z Sports as a Preferred Source by clicking here.
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