According to The Athletic’s Matt Baker, the Ohio State Buckeyes football program is valued at $2.3 billion, securing the No. 2 spot nationally in a comprehensive valuation of Power 4 college athletic programs. The figure represents a $400 million increase from the publication’s previous valuation, driven by rising revenues and sustained multi-decade success that places the program just behind Texas.
Valuing College Football’s Elite Programs
Baker’s financial exercise evaluated what Power 4 programs would be worth if sold on an open market. Texas claimed the top spot nationally with a $2.46 billion valuation, fueled by a three-year average revenue of $190 million, according to Baker’s calculations. Ohio State followed closely at No. 2 with $2.3 billion. Notre Dame ranked third at $2.1 billion, Michigan placed fourth at $2 billion, and Georgia rounded out the top five at $1.95 billion.
The top 10 list includes Alabama at $1.8 billion, Oklahoma and USC tied at $1.6 billion, Tennessee at $1.57 billion, and Penn State at $1.4 billion. Baker noted that while Ohio State’s revenue figures were temporarily weighed down by a 2023 season featuring only six home games, the program’s football revenue jumped by nearly $50 million during its 2024 national title run.
Big Ten Program Valuations
The Big Ten holds a strong position near the top of the valuations, placing seven programs within the top 15 spots. Beyond Ohio State and Michigan, USC anchors the conference at No. 7 with $1.6 billion, and Penn State stands at No. 10 with $1.4 billion. Oregon follows at No. 13 with $1.13 billion, while Nebraska and Washington tie at No. 15 with $1.06 billion each.
Further down the conference list, Wisconsin sits at No. 19 with $922 million, Iowa ranks No. 21 at $806 million, and Indiana reaches No. 22 at $696 million. Michigan State holds the No. 24 spot at $686 million, Minnesota is No. 28 at $629 million, and Illinois stands at No. 30 with $568 million. The remaining conference members include Northwestern at No. 36 with $498 million, Purdue at No. 39 with $450 million, UCLA at No. 45 with $363 million, Maryland at No. 46 with $359 million, and Rutgers at No. 52 with $314 million, according to Baker’s metrics.
Did you know? Ohio State has recorded only two losing seasons since 1967, anchoring a level of program stability that analysts cite as a primary driver for its recession-proof market valuation.
Jersey Patch Sponsorship Transparency
While athletic valuations climb, the exact financial terms of modern sponsorships remain shielded by corporate structures. Front Office Sports’ Amanda Christovich filed a public records request for a copy of Ohio State’s agreement with JPMorganChase after the athletic department announced Chase Bank as its jersey patch sponsor. Within minutes, the university responded that it does not possess a copy of the contract.
According to the university’s response, the agreement is held between Chase Bank and Learfield, the multi-media rights holder representing Ohio State. Because Learfield operates as a private entity, the exact financial payout remains outside the scope of public records laws. However, ESPN’s Pete Thamel reported that the Buckeyes are projected to yield approximately $17 million annually from the sponsorship patches.
FAQ
How much is the Ohio State football program worth?
According to Matt Baker of The Athletic, Ohio State is valued at $2.3 billion, ranking No. 2 nationally behind Texas.
Where can the public view the Chase Bank jersey patch contract?
The contract is not available via public records requests. According to Ohio State’s response to Front Office Sports, the agreement is held by Learfield rather than the university itself.
How much revenue do the jersey patches generate?
According to ESPN’s Pete Thamel, the jersey patch sponsorship agreement is expected to yield $17 million annually for Ohio State.
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