The Athletic ranks Big 12 Football programs from most valuable to least ahead of 2025 season

The mutli-billion dollar business side of college football has taken center stage in recent years, especially now that the House v. NCAA settlement has formally ended the NCAA’s “amateur” model and ushered in professionalized revenue-sharing with student-athletes. And given the renewed focus on the finances of the sport, The Athletic‘s Matt Baker answered the question: “How much would it take to buy your favorite college football program?”

As the sport of college football begins to look more and more like its professional counterpart, the NFL, The Athletic broke down the potential financial evaluations for all 68 Power Four football programs utilizing a methodology that’s “part art, part science.” Baker and The Athletic “used real-life pro transactions to gauge purchase prices relative to a team’s revenue over the past three available years of data,” specifically utilizing MLB and NHL team sale prices as “rough benchmarks” for both the ACC and Big 12. By the same token, The Athletic used NFL and NBA sales as a guide for the SEC and Big Ten.

In this piece, On3 used The Athletic‘s figures to break down where the Big 12’s 16 teams rank in comparison to one another and overall. Based on The Athletic‘s overall ranking, 12 Power Four teams from the Big Ten and SEC plus Notre Dame topped the $1 billion projected price tag, while the Big 12’s most expensive teams topped out at just over half that figure, beginning with Utah at $539 million.

1. Utah: $539 million (No. 29 overall)

While they are one of its newest members, the Utes top the Big 12’s list of most expensive college football programs based on its conference-leading $77 million average revenue over the past three years.

Utah also has the benefit of being the top school in the country’s No. 1 state in real GDP (gross domestic product) growth in 2024, reaching 4.5-percent according to data from the U.S. Bureau of Economic Analysis. The Athletic favorably compared the Big 12’s top programs to Sportico’s valuations of MLS teams such as Chicago Fire FC and Real Salt Lake.

2. TCU: $523 million (No. 30)

Much like Utah, TCU has the benefit of being the only other Big 12 football program to top the $70 million mark in average annual revenue ($74 million) and actually gets a boost from its location.

TCU’s Fort Worth is known to be “a talent-rich, populous area” according to Baker, which gives it a significant advantage over its Big 12 peers from other less appealing locals. The Athletic identified the MLS’ FC Dallas as the most similar comparison to TCU.

3. Texas Tech: $440 million (No. 33)

While Texas Tech has elevated its NIL game in recent years, thanks to efforts by billionaire booster Cody Campbell, the Red Raiders still stand a distant third in the Big 12 with an average revenue of 67.7 million.

The Athletic specifially cited Lubbock as “a negative for Texas Tech” given its distance from other major metropolitian areas. Of course, if Campbell and other oil barrons continue to subsidize the Red Raiders’ NIL commitment, leading to more success on the field, Texas Tech’s evaluation could certainly increase.

4. Oklahoma State: $373 million (No. 39)

The Cowboys only slightedly edged out the Sun Devils in The Athletic‘s overall ranking due mostly to Oklahoma State’s multi-million advantage in average football revenue at $57.3 million.

Now that state rival Oklahoma is officially in the SEC, the Cowboys represent the Big 12’s lone team in the Panhandle State, which could provide opportunity should Oklahoma State and longtime head coach Mike Gundy re-establish its winning ways now that it’s out of the Sooners’ rather large shadow.

5. Arizona State: $372 million (No. 40)

While the Sun Devils had a nearly identical price tag as Oklahoma State, its football program’s $53.1 million in average annual revenue relegated it to No. 5 in the Big 12 and No. 40 overall.

Still, The Athletic cited Arizona State’s “greater potential” given its burgeoning Tempe local, featuring one of the nation’s largest population areas, as well as its recent success on the field after the Sun Devils won the Big 12 title last year to make its first-ever College Football Playoff.

6. Iowa State: $331 million (No. 45)

The Cyclones lead the second-half of the Big 12’s Top 10 due to its favorable average revenue of $55.2 million, surpassing Arizona State in that category and ranking ahead of more than half of the league.

That said, Ames is hardly a booming metropolis with a population of just more than 66,000, ranking it the ninth most populous city in the Hawkeye State. Despite those limitations, Iowa State won its first seven games of 2024 and finished last season as a Top 15 program after losing to Sun Devils (45-19) in the Big 12 Championship game.

7. Colorado: $328 million (No. 47)

While it’s understandably difficult to put a price on the true financial impact made by third-year Buffaloes head coach Deion Sanders, The Athletic “conservatively estimated it to be at least $50 million,” per Baker.

That Coach Prime bump is close to Colorado’s average football revenue figure of $54.6 million, which placed it right between longtime Big 12 programs Iowa State and Kansas State. The Buffs also get the benefit of being the main state school in beautiful Colorado, which is known for its scenic mountains and booming Top 10-ranked economy.

8. Kansas State: $321 million (No. 49)

The Wildcats get the significant financial nod over BYU with it $53.6 million average football revenue, which actually places it ahead of the No. 5 Big 12 team on this list, Arizona State ($53.1 million).

Kansas State’s EMAW fanbase has seen a level of consistency on the gridiron under head coach Chris Klieman, topping nine wins in each of the past three seasons. If Klieman can get the Wildcats back to winning Big 12 titles like he did in 2022, a Playoff berth could certainly boost their revenue quite a bit.

9. BYU: $306 million (No. 50)

The Cougars round out The Athletic’s Top 50 with a $306 million evaluation despite having one of the Big 12’s lowest average football revenue at $43.7 million, which would rank it 12th in the conference.

Of course, those revenue figures are expected to rise in the coming years now that the Cougars are eligible to receive full payouts from the Big 12 after its two-year introduction period as one of the league’s four newest members. And while not a state school persay, BYU’s history of success on the field should only boost its value in upcoming years.

10. West Virginia: $284 million (No. 53)

The Mountaineers round out the Big 12’s Top 10 most expensive football programs with an average revenue figure of $47.4 million, which puts it ahead of several other more successful programs like BYU.

Not helping matters is West Virginia’s inconsistency on the field. Outside of last year’s 9-4 campaign in its fifth season under head coach Neal Brown, the Mountaineers have struggled just to reach bowl eligibility during his tenure, achieving six wins just three times in that span.

11. Arizona: $282 million (No. 54)
12. Baylor: $276 million (No. 55)
13. UCF: $210 million (No. 59)
14. Kansas: $197 million (No. 61)
15. Cincinnati: $106 million (No. 67)
16. Houston: $91 million (No. 68)