Ohio State University has been ranked as the most valuable college athletics program in the United States, according to a recent survey by CNBC. This ranking, which evaluates the 75 most valuable programs in the NCAA Football Bowl Subdivision (FBS), places Ohio State at the top with an estimated value of $1.32 billion. The ranking excludes military academies like the U.S. Military Academy at West Point and the U.S. Naval Academy.
Ohio State achieved this status by generating nearly $280 million in revenue during the 2023 fiscal year, the highest of any school in the study. Contributing factors include its large alumni network of over 600,000 individuals, a passionate fan base of more than 11 million people, and booster donations totaling nearly $60 million last year. The Buckeyes’ football games consistently attract over 100,000 attendees, highlighting their immense popularity and financial impact.
The university’s athletic department faced a $10 million budget shortfall for the 2024 fiscal year, as revealed in June by the athletic director. However, by November, the financial situation had improved significantly.
Ohio State narrowly surpassed the University of Texas at Austin, which is valued at $1.28 billion, and Texas A&M University, with a valuation of $1.26 billion. The University of Michigan, another prominent Big Ten school, ranked fourth at $1.06 billion.
Other Big Ten schools featured in the top 20 include Penn State University at 11th place with a valuation of $924 million, the University of Wisconsin at 15th with $838 million, and the University of Oregon at 17th with $780 million. The rankings largely reflect the dominance of Big Ten and SEC schools, bolstered by lucrative media rights agreements.
Collectively, the SEC is valued at approximately $13.3 billion, averaging $832 million per school. The Big Ten follows closely at $13.2 billion, with an average of $734 million per school. The ACC and Big 12 rank third and fourth among conferences, with total valuations of $10 billion and $6.7 billion, respectively.
The CNBC analysis was conducted in collaboration with Jason Belzer, a publisher specializing in advising universities on athletic department operations and name, image, and likeness (NIL) deals. Data sources included the U.S. Department of Education’s Equity in Athletics Data Analysis and the Knight Commission on Intercollegiate Athletics. The findings underscore the financial significance of college athletics programs, particularly in conferences with substantial media and sponsorship revenues.
The study highlights Ohio State’s dominance in college athletics, driven by strong revenue generation, dedicated fans, and extensive alumni support.