With the revenue-sharing era of college sports finally here, you are going to start seeing plenty of athletic programs screaming that they are broke. There's never enough money when it comes time to pay the student-athletes, but there's always enough money to build a new recruiting lounge, practice facility, or to pay exorbitant buyout dollars to fire a disappointing coach.
The pennies get pinched when that money has to go to those doing the actual work and earning the cash.
And sure, some programs are much, much richer than others. The same is true of conferences. The list of programs valued the highest in college athletics features 14 of the Top 15 from either the SEC or the Big Ten.
Massive media rights deals from ESPN (SEC) and CBS (Big Ten) produce the majority of the revenue stream for those two power conferences. The separation between the big two and the rest of the "power-four" continues to get bigger and bigger.
CNBC researched the valuations of the Top 75 athletic departments in December of last year. You can view he full list here.
The 10 most valuable college sports programs
10. Oklahoma - $928 million
Oklahoma flexed its budgetary muscles in the Transfer Portal this offseason for both football and basketball. For football, the Sooners landed impact players like QB John Mateer (Washington State) and RB Jayden Ott (Cal) as the powers that be in Norman supply Brent Venables everything he needs to turn Oklahoma back into a powerhouse after a mostly disappointing three-year tenure to date.
9. Tennessee - $940 million
Life in the SEC is that you can have the ninth most valuable athletic department in the country, and that still ranks you fifth in your own conference. The Vols have spent plenty of money in the NIL era, most notably to land Nico Iamaleava in the 2023 recruiting class, just to see the star QB bolt for UCLA this spring.
8. Nebraska - $943 million
Perhaps the most interesting name on this list is Nebraska, as the Huskers are a shell of their former selves on the gridiron. Nebraska has one winning season in the last nine years, and despite the gold mine they are sitting on in Lincoln, they clearly have not allocated their resources in the correct direction.
7. Georgia - $950 million
Everyone knew Georgia was a sleeping powerhouse, and Kirby Smart has delivered a pair of national titles during his tenure as the head coach. The Bulldogs are also spending in basketball recently, landing 5-star prospects like Anthony Edwards and Asa Newell over the last six years.
6. Notre Dame - $969 million
The only non-SEC or Big Ten school in the Top 10 is, unsurprisingly, Notre Dame. The Irish have maintained conference independence even into the new era, and their media rights deal with NBC is incredibly lucrative. Marcus Freeman has the football team rolling, with Notre Dame making the National Championship last season and reeling in high-end talent in recruiting.
5. Alabama - $978 million
The last 20 years of football dominance have done wonders for Alabama's athletic department budget and the city of Tuscaloosa as a whole. Nick Saban laid the foundation for what the Tide is today, and that money has also allowed the basketball program to take a giant leap forward under Nate Oats.
4. Michigan - 1.06 billion
Four athletic departments are worth more than a billion dollars, one of which is Michigan. The Wolverines are typically competitive in most sports, but like the others, their bread and butter is on the gridiron. Michigan recently won a national title and hasn't been shy to spend the necessary money to bring in elite talent like 5-star freshman QB Bryce Underwood.
3. Texas A&M - $1.26 billion
Texas A&M will ultimately pay Jimbo Fisher $77.5 million not to coach the Aggies after he was fired near the end of the 2023 season. Most programs would just deal with mediocrity for a while to prevent paying such a high figure, but A&M is flush with cash and short on patience.
2. Texas - $1.28 billion
Texas is finally back among the elite in college football. All that is missing is Steve Sarkisian to deliver a National Title, and with the way the Longhorns have recruited, and the significant NIL investment made by the University and its boosters, that feels like just a matter of time.
1. Ohio State - $1.32 billion
Ohio State spent what it had to in order to deliver a National Championship in football last season. Some estimated the Buckeyes spent north of $20 million putting together their 2024 football roster. Fans in Columbus would tell you that's money well spent for the reward of the program's first National Championship in a decade.