The 15 richest college football programs in 2026 — Texas tops $2 billion, and it's not close
The richest college football program in 2026 is the University of Texas, with a staggering valuation of nearly $2.2 billion — more than $600 million clear of runner-up Texas A&M. The figures come from an 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, and the gap between the haves and the rest of FBS has never been wider.
Source: UGC
TABLE OF CONTENTS
- Key takeaways
- Richest college football programs in 2026
- 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)
- FAQs
- What college football program is the richest in 2026?
- Why did college football program valuations jump so sharply in 2026?
- How does the University of Texas make so much money from football?
- Is Ohio State still one of the richest college football programs?
- How many college football programs are worth over $1 billion?
Key takeaways
- #1: Texas Longhorns — valued at $2.197 billion, the highest valuation ever recorded for a college football program, with $298 million in adjusted 2025 revenue
- Runner-up: Texas A&M — valued at $1.593 billion, a $600M+ gap behind their in-state rival
- The top 15 range from $2.197 billion (#1 Texas) down to $1.017 billion (#15 Iowa) — 15 programs have now crossed the $1 billion threshold
- 14 of the top 15 come from the SEC or Big Ten; Notre Dame is the only independent in the mix
- Program valuations surged 46% year-over-year in 2026, driven by the 12-team playoff's TV ratings and the arrival of revenue-sharing with athletes
Richest college football programs in 2026
Our rankings are based on the Wall Street Journal's annual college football valuation study conducted by finance professor Ryan Brewer, as well as CNBC's 2025 college athletic program valuations and spending figures from Sportico's public records requests. Criteria include adjusted football revenue, program brand value, conference distributions, NIL market activity, facility investments, alumni donor bases, and what each program would realistically sell for on the open market. We use the most up-to-date figures available at the time of publishing (January–April 2026).
Rank | Program | WSJ Valuation | Conference | 2025 Adj. Revenue |
15 | Iowa Hawkeyes | $1.017B | Big Ten | — |
14 | Auburn Tigers | $1.101B | SEC | — |
13 | Tennessee Volunteers | $1.114B | SEC | $177M+ |
12 | Washington Huskies | $1.147B | Big Ten | — |
11 | Oklahoma Sooners | $1.153B | SEC | — |
10 | Nebraska Cornhuskers | ~$1.2B | Big Ten | $197M |
9 | Alabama Crimson Tide | $1.407B | SEC | — |
8 | Penn State Nittany Lions | $1.411B | Big Ten | — |
7 | Notre Dame Fighting Irish | $1.418B | Independent | — |
6 | Michigan Wolverines | $1.463B | Big Ten | $200M |
5 | Georgia Bulldogs | $1.472B | SEC | — |
4 | LSU Tigers | $1.543B | SEC | $213M |
3 | Ohio State Buckeyes | $1.547B | Big Ten | — |
2 | Texas A&M Aggies | $1.593B | SEC | $218M |
1 | Texas Longhorns | $2.197B | SEC | $298M |
15. Iowa Hawkeyes ($1.017 billion)
Source: Getty Images
- Full name: University of Iowa Hawkeyes
- Conference: Big Ten
- Head coach: Kirk Ferentz
- WSJ valuation: $1.017 billion
Iowa checks in as the 15th-most valuable program in college football at $1.017 billion, making them one of the surprise entries in the billion-dollar club. College football media rights recently crossed $4 billion, with ticket sales, alumni donations, licensing, ad contracts, and conference distributions collectively helping make college athletics one of the world's biggest businesses — and Big Ten membership is a primary driver for the Hawkeyes.
Under long-tenured coach Kirk Ferentz, Iowa's consistent bowl appearances and massive Kinnick Stadium atmosphere keep donor contributions and conference revenue distributions flowing at an elite level year after year.
14. Auburn Tigers ($1.101 billion)
Source: Getty Images
- Full name: Auburn University Tigers
- Conference: SEC
- WSJ valuation: $1.101 billion
Auburn lands 14th on the WSJ list with a valuation of $1.101 billion, powered by one of the most passionate fan bases in the SEC. Auburn's membership in the SEC is its primary financial engine — the conference's media rights deal with ESPN and CBS delivers hundreds of millions to its member schools every year.
Jordan-Hare Stadium, with a capacity of over 87,000, generates premium gate revenue, and the Tigers' sprawling donor network through the Tiger Scholarship Fund keeps capital investment in facilities and recruiting competitive with college football's biggest names.
13. Tennessee Volunteers ($1.114 billion)
- Full name: University of Tennessee Volunteers
- Conference: SEC
- Head coach: Josh Heupel
- WSJ valuation: $1.114 billion
Tennessee reported over $177 million in football revenue in the 2025 season as Josh Heupel's high-speed offense keeps the "Power T" in the national spotlight. The Vols are positioned to be a major player in the 2026 playoff race, which should drive their valuation even higher as media rights deals escalate.
Neyland Stadium — one of the largest venues in college sports — is a reliable revenue engine, and Tennessee's passionate Vol Nation fan base fills it virtually every week. The program's strong 2025 campaign re-energized a donor base that had been patient through years of rebuilding, putting the Volunteers firmly in the billion-dollar tier.
12. Washington Huskies ($1.147 billion)
Source: Getty Images
- Full name: University of Washington Huskies
- Conference: Big Ten
- WSJ valuation: $1.147 billion
The Huskies' move to the Big Ten has been a financial masterstroke, providing the program with a level of visibility and cash flow it never had in the Pac-12. The valuation of $1.147 billion reflects a team that has successfully navigated the big move without losing its competitive edge on the field.
Washington's location in Seattle — one of the wealthiest metro areas in the United States — gives it access to a high-earning alumni base and strong corporate sponsorship opportunities that smaller-market programs simply can't match. Big Ten TV money now flows directly into a program that was previously hamstrung by the Pac-12's inferior media rights deal.
11. Oklahoma Sooners ($1.153 billion)
Source: Getty Images
- Full name: University of Oklahoma Sooners
- Conference: SEC
- Head coach: Brent Venables
- WSJ valuation: $1.153 billion
The Sooners' transition to the SEC hasn't dampened their financial spirit, as they continue to draw massive audiences for their matchups with Texas and Alabama. While on-field results in 2025 were mixed, the donor base remains one of the most generous in the country, contributing nearly $600 million over recent cycles.
Oklahoma owns seven national championships and seven Heisman Trophy winners — brand equity that translates directly into merchandise sales, licensing revenue, and the kind of donor loyalty that keeps a program flush even through lean seasons on the field.
10. Nebraska Cornhuskers (~$1.2 billion)
- Full name: University of Nebraska Cornhuskers
- Conference: Big Ten
- Head coach: Matt Rhule
- WSJ valuation: ~$1.2 billion
- 2025 adjusted revenue: $197 million
The Cornhuskers are the ultimate proof that brand is everything in college football, sitting inside the top 10 despite having a rough decade on the field. Nebraska's $197 million in adjusted revenue for 2025 shows that the Sea of Red will never stop spending on their beloved Huskers.
The Huskers haven't finished a season ranked in the AP top 25 since 2012, but a slow build continues under Matt Rhule. In 2024 and 2025, he got Nebraska to their first bowl games since 2016. Memorial Stadium has sold out every home game for decades — a streak that transcends on-field performance and speaks to one of the most devoted fan bases in the country.
9. Alabama Crimson Tide ($1.407 billion)
Source: Getty Images
- Full name: University of Alabama Crimson Tide
- Conference: SEC
- Head coach: Kalen DeBoer
- WSJ valuation: $1.407 billion
At $1.4 billion, Alabama is no longer the undisputed No. 1 in value, but they remain the bedrock upon which the SEC's media empire is built. Life after Nick Saban hasn't been the disaster critics predicted, as the Crimson Tide brand remains an absolute juggernaut in the SEC.
Kalen DeBoer has kept the Tide in the playoff hunt, ensuring that TV ratings and merchandise sales stay at their historic, Saban-era levels. With six national championships in the BCS/CFP era and a fanbase that spans well beyond state lines, Alabama's brand power alone makes it one of the safest bets in college sports regardless of coaching transitions.
8. Penn State Nittany Lions ($1.411 billion)
Source: Getty Images
- Full name: Pennsylvania State University Nittany Lions
- Conference: Big Ten
- Head coach: Matt Campbell
- WSJ valuation: $1.411 billion
The Nittany Lions have leveraged a massive $700 million renovation of Beaver Stadium to create new, high-margin revenue streams for the athletic department. Even after the firing of James Franklin, the hire of Matt Campbell has re-energized a donor base that is hungry for more than just 10-win seasons.
Penn State's value is locked in at $1.4 billion, making them a cornerstone of the Big Ten's financial future alongside Michigan and Ohio State. Beaver Stadium holds over 106,000 fans, and "White Out" games consistently rank among the highest-attended sporting events in the country, generating premium gate and hospitality revenue that few programs can replicate.
7. Notre Dame Fighting Irish ($1.418 billion)
- Full name: University of Notre Dame Fighting Irish
- Conference: Independent (FBS)
- Head coach: Marcus Freeman
- WSJ valuation: $1.418 billion
One of the most recognizable brands in sports, Notre Dame's fandom spreads far and wide across the country. The Athletic still has the Fighting Irish in the top five despite its average football revenue not reflecting any jump in TV revenue. Overall, Notre Dame's value as a college football program is on par with most Big Ten and SEC programs.
That financial power is about to grow: starting in 2026, Notre Dame's new four-year media rights deal with NBC will pay the school an average of $50 million a year, more than double the amount in its current agreement with the network. Notre Dame's national brand means its merchandise is sold in all 50 states, and its alumni network is one of the wealthiest and most active in all of college athletics.
6. Michigan Wolverines ($1.463 billion)
Source: Getty Images
- Full name: University of Michigan Wolverines
- Conference: Big Ten
- Head coach: Kyle Whittingham
- WSJ valuation: $1.463 billion
The Wolverines are entering a new era under Kyle Whittingham, but the Block M remains one of the most recognizable and profitable logos in sports. Michigan's $200 million in football revenue for the 2025–26 season was a record for the school, even during a year of major coaching and roster turnover.
They remain the financial gold standard in the Big Ten, though they have been narrowly overtaken by their rival from Columbus in the latest rankings. Michigan Stadium — "The Big House" — is the largest stadium in the Western Hemisphere at over 107,000 capacity, providing an annual revenue advantage that simply cannot be replicated elsewhere.
5. Georgia Bulldogs ($1.472 billion)
Source: Getty Images
- Full name: University of Georgia Bulldogs
- Conference: SEC
- Head coach: Kirby Smart
- WSJ valuation: $1.472 billion
The Athletic valued Georgia as the second most valuable college football team in the country at the time of its study. The recent success gave them a huge bump. They also referenced the Bulldogs' success going hand in hand with Georgia's population doubling since 1980.
Back-to-back national championships in 2021 and 2022 transformed Georgia into a genuine blue-blood program almost overnight, unlocking tier-one donor commitments, skyrocketing merchandise revenue, and recruits who previously wouldn't have considered Athens. The SEC's lucrative ESPN deal keeps the financial floors high even in down seasons.
4. LSU Tigers ($1.543 billion)
- Full name: Louisiana State University Tigers
- Conference: SEC
- Head coach: Lane Kiffin
- WSJ valuation: $1.543 billion
- 2025 adjusted revenue: $213 million
LSU's adjusted revenue of $213 million for 2025 ranks third in the country, a figure that reflects both a massive Tiger Stadium gate and some of the most lucrative SEC media distributions in the conference. A quarter of the top 20 programs will have new coaches in 2026, including LSU's Lane Kiffin.
The Tigers currently hold the top transfer class nationally ahead of Kiffin's first season, per 247Sports. The arrival of high-profile quarterback Sam Leavitt from Arizona State signals that LSU is spending aggressively to make the most of its financial power under its new head coach.
3. Ohio State Buckeyes ($1.547 billion)
Source: Getty Images
- Full name: Ohio State University Buckeyes
- Conference: Big Ten
- Head coach: Ryan Day
- WSJ valuation: $1.547 billion
- CNBC valuation (athletic dept.): $1.35 billion
The Athletic called Ohio State practically recession-proof these days. The Buckeyes won the national title in 2025 and have more home games compared to just six in 2023, giving them more revenue. Prior to winning last season's national championship, Ohio State athletic director Ross Bjork confirmed the Buckeyes had one of the nation's highest-paid rosters.
Ohio State's combination of the country's third-largest state by population, a fanatical alumni network, the Big Ten's premier TV deal, and Ohio Stadium's 100,000+ capacity makes the Buckeyes a perennial financial powerhouse. The program has won nine national championships and boasts more NFL Draft picks than virtually any program in history.
2. Texas A&M Aggies ($1.593 billion)
Source: Getty Images
- Full name: Texas A&M University Aggies
- Conference: SEC
- Head coach: Mike Elko
- WSJ valuation: $1.593 billion
- 2025 adjusted revenue: $218 million
Texas A&M ranked second in the WSJ study at nearly $1.6 billion. The Aggies' 2025 adjusted revenue of $218 million is second in the country, trailing only their in-state rival. Kyle Field — expanded to over 102,000 capacity — is consistently among the loudest and most intimidating venues in college football, generating elite gate and premium hospitality revenue.
The Aggies' massive donor network, known for historic NIL fundraising efforts through the 12th Man Foundation, has helped the program spend aggressively in the transfer portal era and compete at the highest level of the SEC's financial arms race.
1. Texas Longhorns ($2.197 billion)
- Full name: University of Texas at Austin Longhorns
- Conference: SEC
- Head coach: Steve Sarkisian
- WSJ valuation: $2.197 billion
- CNBC valuation (athletic dept.): $1.48 billion
- 2025 adjusted revenue: $298 million
- FY2025 total athletics revenue: $352.5 million
The University of Texas isn't just the richest college football program in 2026 — it's in a financial class entirely its own. Texas topped the list with a valuation of nearly $2.2 billion. Its adjusted revenue for the 2025 season totaled $298 million.
With Texas's $322 million in total revenue, $69 million stemmed from corporate sponsorships, advertising, and licensing. The Longhorns also brought in $61 million in ticket sales, with names like Matthew McConaughey a regular attendee. The Texas football program alone accounted for a profit of $106.9 million in the 2025 fiscal year, making it the only profitable varsity sport sponsored by the Longhorns.
Texas's athletic department reported spending $375.9 million in operating expenses in fiscal 2025 — a $50 million jump over its previous, record-setting year. That eye-watering spend covers everything from a completed $175 million South End Zone renovation at Darrell K Royal–Texas Memorial Stadium to coaching salaries that rank among the nation's highest.
Texas football generated the most revenue of any school in 2025 and surpassed the closest SEC program's earnings by nearly $30 million. Texas also had the largest margin between its football revenue and expenses, reaching nearly $107 million.
The future looks even brighter: Texas expects to receive a full SEC distribution share in the 2026 reporting cycle. In 2027, that share will reflect a lucrative TV contract between the SEC and ESPN, which is reportedly worth about $3 billion over a 10-year period. Hook 'em.
FAQs
What college football program is the richest in 2026?
Texas leads the way in program valuation at $2.197 billion, well ahead of No. 2 Texas A&M at $1.593 billion and No. 3 Ohio State at $1.547 billion. The gap between Texas and the field is the largest in the history of the Wall Street Journal's annual college football valuation study, driven by record revenue, dominant SEC branding, and a $375M+ athletics spending spree.
Why did college football program valuations jump so sharply in 2026?
According to the latest valuation report by the Wall Street Journal, the top 20 programs have seen an average year-over-year increase of 46%, driven by the 12-team playoff's massive TV ratings and the formalization of revenue-sharing with athletes. The study found that valuations went up 46% over last year as players moved freely around the country through the transfer portal in the age of NIL and revenue sharing.
How does the University of Texas make so much money from football?
Texas benefits from multiple elite revenue streams simultaneously. Top-ranked Texas gets no money from student fees, doesn't charge its students a fee to support athletics, and there are no outside government institutional funds coming in — every dollar is self-generated.
Its $69M in sponsorships, $62.8M in football ticket sales, and nearly $168 million in donor contributions in FY2025 combine to produce totals no other program can touch.
Is Ohio State still one of the richest college football programs?
Yes. Like the Wall Street Journal analysis, CNBC had Texas with the highest worth at $1.48 billion, followed by Ohio State at $1.35 billion and Texas A&M at $1.32 billion. Ohio State ranks third on the WSJ's football-specific list at $1.547 billion. The Buckeyes won the national title in 2025 and have more home games, giving them more revenue.
How many college football programs are worth over $1 billion?
Fifteen schools exceeded the $1 billion mark in the 2026 Wall Street Journal valuation study — a dramatic jump from just four programs at that threshold two years earlier. SEC and Big Ten schools dominated the top 20 richest teams, with nine each from those two conferences. Notre Dame is the sole non-Power-conference member to crack the top 10.
We also highlighted facts about the richest MLB teams, showcasing the impressive financial standings of franchises like the New York Yankees and the Los Angeles Dodgers, as outlined in Forbes' 2026 rankings.
As the Dodgers inch closer to the Yankees' $8.5 billion valuation, the competitive landscape of Major League Baseball is evolving, leaving fans wondering if a new financial champion may emerge in the near future.
Source: Legit.ng
