Story by Austin Jacobsen
• 33m•
4 min read
Nebraska football remains as one of the top brands in college football.
According to a report from CBS Sports on the Wall Street Journal's annual study of college football's wealthiest programs, Nebraska football ranks among the top 10 in the sport in program valuations. As noted by the Wall Street Journal, valuations in college football have increased by 46% year-over-year within the nation's top 20 programs.
The increase in the valuation and revenue across college football has come from the profound changes in the sport over the past half-decade. From name, image, and likeness deals increasing the student athlete payout per school as well as increasing athletic budgets at individual universities, revenue spending, and programs have never been more valuable to potential investors and donors in the sport. This includes the past season, where schools were allowed to share $20.5 million of revenue with players.
The annual study, conducted by Ryan Brewer, an associate professor of finance at Indiana University Columbus, examines industry trends, cash flows, and revenue with broader economic shifts to calculate what every time would be worth if the program could be bought or sold on an open market, similar to professional sports franchises.
Per the Wall Street Journal's report, Nebraska was listed at No. 10 in the highest program valuation across college football with a projection of $1.236 billion. The Huskers were also among some of the highest in college football in adjusted revenue in 2025, adding $197 million in revenue in the sport. Nebraska would end fourth in the highest adjusted revenue across college football, finishing behind Texas ($298 million), Texas A&M ($218 million), and LSU ($213 million).
The only non-Power Four conference team inside the top 20 programs in estimated valuation was Notre Dame at No. 6 with a valuation of $1.42 billion. The remaining 19 programs were members of the SEC, Big Ten, and Big 12, as the SEC and Big Ten made up 18 of the top 20 spots. Both conferences totaled nine programs each in the top 20.
Texas led in each category of the adjusted revenue from 2025 and program valuation, with $298 million in revenue and a valuation of $2.197 billion. The Longhorns were trailed by Texas A&M at a valuation of $1.593 billion, with the Big Ten earning the third spot as Ohio State was behind the Aggies at $1.547 billion in its valuation. The remaining top 10 included LSU ($1.54 billion), Michigan ($1.46 billion), Notre Dame ($1.41 billion), Georgia ($1.47 billion), Penn State ($1.41 billion), Alabama ($1.40 billion), and then Nebraska.
The remaining programs included Oklahoma ($1.15 billion), Washington ($1.14 billion), Tennessee ($1.11 billion), Auburn ($1.10 billion), Iowa ($1.01 billion), USC ($999 million), Florida ($978 million), Wisconsin ($963 million), Oregon, ($873 million), and Colorado ($870 million). Colorado was the lone non-SEC, Big Ten, or Notre Dame program to finish inside the top 20 in program valuation and adjusted revenue from 2025.
In the past few seasons, college football has boomed in more expensive rosters, ticket sales, donations, and media rights distribution contracts. The business of college football continues to get more expensive, and Nebraska noted in the 2025 season that the cost continues to rise to match other programs' spending habits.
“Make no mistake: a good quarterback in the portal costs $1 million to $1.5 million to $2 million right now,” Rhule said during a November press conference. “So just so we’re on the same page, right? Let’s make sure we all understand what’s happening. There are some teams that have $6-7 million players playing for them.”
“(Oregon coach) Dan Lanning had a great quote, 'We’re investing to win,' and that’s just players, right? In a world of 30 and 40-million-dollar rosters – which isn’t going away – I’d like us to do the same thing. There’s sort of a like a, 'Hey, that’s not the Nebraska way,' and I’d like it to be," Rhule said in October.
Ohio State's lead in the Big Ten Conference likely comes from the substantial media rights distributions, ticket sales, and licensing opportunities, along with merchandising prospects for the brand. The Buckeyes 2025 National Championship run reinforced Ohio State's national momentum and recruiting prowess, creating key indicators in the program valuation model.
Nebraska football has continued its slow build back under coach Matt Rhule, improving from 5-7 in 2023 to a bowl campaign in the 2024 season. Rhule and the Huskers once again saw the postseason at the end of the 2025 season, and earned a top 40 rating from 247Sports in its transfer portal class.
• 33m•
4 min read
Nebraska football remains as one of the top brands in college football.
According to a report from CBS Sports on the Wall Street Journal's annual study of college football's wealthiest programs, Nebraska football ranks among the top 10 in the sport in program valuations. As noted by the Wall Street Journal, valuations in college football have increased by 46% year-over-year within the nation's top 20 programs.
The increase in the valuation and revenue across college football has come from the profound changes in the sport over the past half-decade. From name, image, and likeness deals increasing the student athlete payout per school as well as increasing athletic budgets at individual universities, revenue spending, and programs have never been more valuable to potential investors and donors in the sport. This includes the past season, where schools were allowed to share $20.5 million of revenue with players.
The annual study, conducted by Ryan Brewer, an associate professor of finance at Indiana University Columbus, examines industry trends, cash flows, and revenue with broader economic shifts to calculate what every time would be worth if the program could be bought or sold on an open market, similar to professional sports franchises.
Per the Wall Street Journal's report, Nebraska was listed at No. 10 in the highest program valuation across college football with a projection of $1.236 billion. The Huskers were also among some of the highest in college football in adjusted revenue in 2025, adding $197 million in revenue in the sport. Nebraska would end fourth in the highest adjusted revenue across college football, finishing behind Texas ($298 million), Texas A&M ($218 million), and LSU ($213 million).
The only non-Power Four conference team inside the top 20 programs in estimated valuation was Notre Dame at No. 6 with a valuation of $1.42 billion. The remaining 19 programs were members of the SEC, Big Ten, and Big 12, as the SEC and Big Ten made up 18 of the top 20 spots. Both conferences totaled nine programs each in the top 20.
Texas led in each category of the adjusted revenue from 2025 and program valuation, with $298 million in revenue and a valuation of $2.197 billion. The Longhorns were trailed by Texas A&M at a valuation of $1.593 billion, with the Big Ten earning the third spot as Ohio State was behind the Aggies at $1.547 billion in its valuation. The remaining top 10 included LSU ($1.54 billion), Michigan ($1.46 billion), Notre Dame ($1.41 billion), Georgia ($1.47 billion), Penn State ($1.41 billion), Alabama ($1.40 billion), and then Nebraska.
The remaining programs included Oklahoma ($1.15 billion), Washington ($1.14 billion), Tennessee ($1.11 billion), Auburn ($1.10 billion), Iowa ($1.01 billion), USC ($999 million), Florida ($978 million), Wisconsin ($963 million), Oregon, ($873 million), and Colorado ($870 million). Colorado was the lone non-SEC, Big Ten, or Notre Dame program to finish inside the top 20 in program valuation and adjusted revenue from 2025.
In the past few seasons, college football has boomed in more expensive rosters, ticket sales, donations, and media rights distribution contracts. The business of college football continues to get more expensive, and Nebraska noted in the 2025 season that the cost continues to rise to match other programs' spending habits.
“Make no mistake: a good quarterback in the portal costs $1 million to $1.5 million to $2 million right now,” Rhule said during a November press conference. “So just so we’re on the same page, right? Let’s make sure we all understand what’s happening. There are some teams that have $6-7 million players playing for them.”
“(Oregon coach) Dan Lanning had a great quote, 'We’re investing to win,' and that’s just players, right? In a world of 30 and 40-million-dollar rosters – which isn’t going away – I’d like us to do the same thing. There’s sort of a like a, 'Hey, that’s not the Nebraska way,' and I’d like it to be," Rhule said in October.
Ohio State's lead in the Big Ten Conference likely comes from the substantial media rights distributions, ticket sales, and licensing opportunities, along with merchandising prospects for the brand. The Buckeyes 2025 National Championship run reinforced Ohio State's national momentum and recruiting prowess, creating key indicators in the program valuation model.
Nebraska football has continued its slow build back under coach Matt Rhule, improving from 5-7 in 2023 to a bowl campaign in the 2024 season. Rhule and the Huskers once again saw the postseason at the end of the 2025 season, and earned a top 40 rating from 247Sports in its transfer portal class.
