The University of Texas Longhorns are the richest college football program in 2026, with a valuation of $2.197 billion — more than $600 million ahead of second-place Texas A&M. The figures come from the annual Wall Street Journal analysis conducted by Ryan Brewer, an associate professor of finance at Indiana University Columbus.
College football's financial revolution is in full swing. Fifteen programs now exceed the $1 billion valuation threshold, up from just four two years earlier. The top 20 programs saw an average year-over-year valuation increase of 46%, driven by the 12-team College Football Playoff's massive TV ratings and the formalization of revenue-sharing with athletes.
Texas Leads by a Historic Margin
Texas reported $298 million in adjusted football revenue for the 2025 season — the highest ever recorded. The Longhorns' total athletics revenue for fiscal 2025 reached $352.5 million, with $69 million coming from corporate sponsorships, advertising, and licensing. Ticket sales contributed $61 million, and donor contributions totaled nearly $168 million.
According to the Wall Street Journal study, Texas's valuation is the highest ever recorded for a college football program. The Longhorns' football program alone generated a profit of $106.9 million in fiscal 2025, making it the only profitable varsity sport sponsored by the university.
Texas spent $375.9 million in operating expenses in fiscal 2025 — a $50 million jump over its previous record. That spending includes a completed $175 million South End Zone renovation at Darrell K Royal–Texas Memorial Stadium and coaching salaries among the nation's highest.
Texas A&M Holds Second Place
Texas A&M ranks second at $1.593 billion, with $218 million in adjusted 2025 revenue — second only to Texas. Kyle Field, expanded to over 102,000 capacity, generates elite gate and premium hospitality revenue. The Aggies' donor network, known for historic NIL fundraising through the 12th Man Foundation, helps the program compete aggressively in the transfer portal era.
Mike Elko, who took over as head coach in 2024, has led the Aggies to competitive seasons. The gap between Texas and Texas A&M — more than $600 million — is the largest between first and second place in the history of the Wall Street Journal's college football valuation study.
Ohio State, LSU, and Georgia Complete the Top Five
Ohio State ranks third at $1.547 billion. The Buckeyes won the national championship in 2025 and have more home games than in previous years, boosting revenue. Ohio State athletic director Ross Bjork confirmed the Buckeyes had one of the nation's highest-paid rosters prior to winning the title.
LSU sits fourth at $1.543 billion, with $213 million in adjusted 2025 revenue — third in the country. New head coach Lane Kiffin has brought in the top transfer class nationally, including high-profile quarterback Sam Leavitt from Arizona State.
Georgia is fifth at $1.472 billion. Back-to-back national championships in 2021 and 2022 transformed the Bulldogs into a blue-blood program, unlocking tier-one donor commitments and skyrocketing merchandise revenue.
Full List of the 15 Richest Programs
- 15. Iowa Hawkeyes — $1.017 billion
- 14. Auburn Tigers — $1.101 billion
- 13. Tennessee Volunteers — $1.114 billion
- 12. Washington Huskies — $1.147 billion
- 11. Oklahoma Sooners — $1.153 billion
- 10. Nebraska Cornhuskers — ~$1.2 billion
- 9. Alabama Crimson Tide — $1.407 billion
- 8. Penn State Nittany Lions — $1.411 billion
- 7. Notre Dame Fighting Irish — $1.418 billion
- 6. Michigan Wolverines — $1.463 billion
- 5. Georgia Bulldogs — $1.472 billion
- 4. LSU Tigers — $1.543 billion
- 3. Ohio State Buckeyes — $1.547 billion
- 2. Texas A&M Aggies — $1.593 billion
- 1. Texas Longhorns — $2.197 billion
Conference Dominance: SEC and Big Ten
Fourteen of the top 15 programs come from either the SEC or the Big Ten. Notre Dame, an independent, is the only exception. The SEC and Big Ten each have nine programs in the top 20. The SEC's media rights deal with ESPN, reportedly worth about $3 billion over 10 years, and the Big Ten's lucrative TV contracts provide steady financial floors for member schools.
Notre Dame's value is set to grow: starting in 2026, its new four-year media rights deal with NBC will pay the school an average of $50 million a year, more than double its previous agreement.
Programs That Defy On-Field Performance
Nebraska ranks 10th at ~$1.2 billion despite not finishing a season ranked in the AP top 25 since 2012. The Cornhuskers' $197 million in adjusted 2025 revenue and a decades-long sellout streak at Memorial Stadium prove that brand loyalty transcends on-field results.
Iowa, at 15th with $1.017 billion, is a surprise entrant in the billion-dollar club. Consistent bowl appearances under long-tenured coach Kirk Ferentz and massive Kinnick Stadium atmosphere keep donor contributions flowing.
Future Outlook
Texas expects to receive a full SEC distribution share in the 2026 reporting cycle, which will further widen its financial lead. The SEC's new TV contract with ESPN will begin reflecting in distributions by 2027, likely boosting valuations across the conference.
According to Ryan Brewer, the Wall Street Journal analyst, the 46% year-over-year valuation surge reflects the new financial reality of college football: the 12-team playoff, revenue-sharing with athletes, and the transfer portal have created a free market that rewards the biggest brands most aggressively.
