Gophers rank ahead of major programs in new college football program valuations

On the heels of Ohio State winning the college football national championship, the Buckeyes have also been crowned the most valuable college football program in the country. While Ohio State tops the new list from the Wall Street Journal, the Minnesota Gophers rank just outside the top 20 in program valuations.
According to Ryan Brewer, an associate professor of finance at Indiana University Columbus, the Buckeyes generated an adjusted revenue of over $223 million last season, and their program is valued at $1.96 billion. In total, nine programs are valued at more than $1 billion, while 11 others are worth over $600 million.
The Gophers ranked 21st on the list, with an adjusted revenue of over $110 million and an enterprise value of $550 million. These rankings consider a wide range of factors, and it is notable that Minnesota ranks higher than well-known programs such as Southern California (24th), Florida State (25th), and Clemson (27th).
Within the newly expanded 18-team Big Ten Conference, this ranking places Minnesota ninth.
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A separate ranking from CNBC in December evaluated Minnesota's athletic department as the 32nd most valuable in the country, with a valuation of $637 million.
The Big Ten’s seven-year, $7 billion media rights agreement with Fox, CBS, and NBC—signed in 2022—significantly impacts the overall value of the schools’ athletic departments and, more specifically, their football programs.
In Brewer’s analysis, he incorporates metrics such as television viewership and enrollment trends. He notes that college football programs could become the subject of "bidding wars" as wealthy alumni continue to pour millions of dollars into the sport.
While college programs cannot be bought or sold like professional sports franchises, these valuations provide a fascinating perspective on the rapidly evolving landscape of college sports.
Related: Gophers' 2025 homecoming game set for Oct. 11 against Purdue