Full Breakdown
2025 Rankings of College Athletic Programs: A Financial Overview
12/20/2025, 6:40:26 AM
Overview of College Athletic Program Valuations
In 2025, CNBC reported that the top 75 college athletic programs are collectively valued at $51.22 billion, reflecting a 13% increase from the previous year. The aggregate revenue for these programs reached $11.84 billion in fiscal 2024, an 8% rise compared to the prior year. The University of Texas at Austin has emerged as the new leader, with a valuation of $1.48 billion, marking a 16% increase from 2024. Ohio State University, which held the top spot last year, fell to second place with a valuation of $1.35 billion, despite a 2% increase.
Key Financial Drivers
The surge in valuations is largely attributed to escalating media rights deals for college football and basketball. For instance, the Big 12 conference secured a six-year television extension with Fox and ESPN, worth an average of $380 million annually, nearly double its previous deal. Additionally, starting in 2026, ESPN will pay an average of $1.3 billion per year for the College Football Playoff, more than twice its prior agreement. Notre Dame's new media rights deal with NBC will also significantly increase its annual revenue to $50 million.
Notable Rankings and Revenue Sources
The top five athletic programs in 2025 are:
1. University of Texas at Austin - Valuation: $1.48 billion; Revenue: $332 million
2. Ohio State University - Valuation: $1.35 billion; Revenue: $255 million
3. Texas A&M University - Valuation: $1.32 billion; Revenue: $266 million
4. University of Georgia - Valuation: $1.16 billion; Revenue: $242 million
5. University of Michigan - Valuation: $1.16 billion; Revenue: $239 million
The University of Texas's revenue was bolstered by $137 million from donations, a 53% increase from the previous year. In contrast, Ohio State's revenue declined by 9% due to fewer home football games.
Criticism and Concerns
Despite the financial growth, there are concerns regarding the sustainability of these valuations. CNBC's senior sports reporter Michael Ozanian noted that many athletic programs rely on external funding, including institutional support and private equity, to cover expenses. This reliance raises questions about the long-term viability of these programs without consistent revenue generation.
Future Outlook
The financial landscape of college athletics is expected to continue evolving, particularly with the anticipated expansion of the College Football Playoff to 16 teams. The increasing involvement of private capital and the growth of the name, image, and likeness (NIL) market, projected to rise from $1.17 billion in 2024 to $2.55 billion by 2026, further indicate a shift in how college sports are financed and operated.
Verbatim Quotes
- “College football is at the apex, right below the NFL, and will eventually go to a 16-team playoff [from 12], because that's where the money is,” — Patrick Crakes, Principal, Crakes Media
- “You can't have these enormous television deals and the schools making all this money and then say to the players, you can't have any of it, as it's just become a huge business,” — Michael Ozanian, Senior Sports Reporter, CNBC
The 2025 rankings underscore the significant financial stakes in college athletics, driven by lucrative media deals and evolving revenue streams, while also highlighting the challenges that lie ahead for many programs.
