As the 2025 calendar year rounds out, CNBC has ranked the top-25 college athletic programs by valuation. Texas has skyrocketed to the No. 1 spot, worth $1.48 billion. This number is 16% more than it was last year ($1.28 billion). Ohio State‘s valuation grew by 2%, but it still fell from No. 1 to No. 2.

Per CNBC, “the 75 most valuable athletic programs for 2025 are worth a combined $51.22 billion, 13% more than the value of the top 75 in last year’s rankings”. With more money poured into programs by the day with an emphasis on NIL, this isn’t quite a surprise.

SUBSCRIBE to the On3 NIL and Sports Business Newsletter

The entire list is below. Of note, it includes five programs from the SEC, including two valued at more than $1.3 billion, per CNBC.

The University of Texas comes in at No. 1 in the rankings, worth $1.48 billion. The athletic program brought in $332 million worth of revenue in 2024, helping usher in a 16% YOY (year-over-year) value change. Last year, the program was ranked No. 2 (+1).

It shouldn’t be a surprise that Texas sits atop all programs, as starting quarterback Arch Manning ranks No. 1 in On3’s NIL Valuations ($5.3 million). Manning, in his first season as the Longhorns’ starting quarterback, passed for 2,942 yards and 24 touchdowns with seven interceptions this season. Manning is one of two Texas athletes ranked inside the Top-100, alongside EDGE Colin Simmons.

© Adam Cairns/Columbus Dispatch / USA TODAY NETWORK via Imagn Images

THE Ohio State University comes in at No. 2 in the rankings, worth $1.35 billion. The athletic program brought in $255 million worth of revenue in 2024, helping usher in a 2% YOY value change. Last year, the program was ranked No. 1 (-1).

Although the program slipped one spot, Ohio State is still a juggernaut. Star wide receiver Jeremiah Smith ranks No. 3 in On3’s NIL Valuations ($4.2 million) and is one of three Ohio State football players ranked inside the top-13. Quarterback Julian Sayin sits at No. 10 ($2.5 million) and defensive back Caleb Downs sits at No. 13 ($2.4 million).

Texas A&M University comes in at No. 3 in the rankings, worth $1.32 billion. The athletic program brought in $266 million worth of revenue in 2024, helping usher in a 5% YOY value change. Last year, the program was also ranked No. 3.

With the football program heading to the College Football Playoff for the first time ever, Texas A&M remained the third most profitable athletics program in the country. Quarterback Marcel Reed ranks No. 19 on On3’s NIL Valuations ($2.1 million) and Paul Hornung Award winning receiver K.C. Conepcion ranks No. 52.

The University of Georgia comes in at No. 4 in the rankings, worth $1.16 billion. The athletic program brought in $242 million worth of revenue in 2024, helping usher in a 22% YOY value change. Last year, the program was also ranked No. 7 (+3).

Georgia jumped three spots after bringing in $242 million worth of revenue in 2024. This was massive in hauling in USC transfer receiver Zachariah Branch, who has been a massive contributor for the Bulldogs’ College Football Playoff team. Branch, who ranks No. 85 On3’s NIL Valuations, hauled in 73 catches for 744 yards and five scores this year.

Nov 26, 2025; Las Vegas, NV, USA; Michigan Wolverines forward Yaxel Lendeborg (23) reacts in the second half against the Gonzaga Bulldogs in the 2025 Players Era Festival championship game at MGM Grand Garden Arena. Mandatory Credit: Kirby Lee-Imagn Images

The University of Michigan comes in at No. 5 in the rankings, worth $1.16 billion. The athletic program brought in $239 million worth of revenue in 2024, helping usher in a 9% YOY value change. Last year, the program was ranked No. 4 (-1).

Although Michigan fell one spot from last year’s valuation, it still ranks second among Big Ten programs. Star forward Yaxel Lendeborg, who ranks No. 17 On3’s NIL Valuations ($2.3 million), has been a superstar for the Wolverines on the basketball court. Lendeborg is averaging 16.4 points and 7.2 rebounds for an undefeated squad under head coach Dusty May.

The University of Notre Dame comes in at No. 6 in the rankings, worth $1.13 billion. The athletic program brought in $235 million worth of revenue in 2024, helping usher in a 17% YOY value change. Last year, the program was ranked No. 6.

Feelings are still hurt around the Notre Dame football program after being snubbed from the College Football Playoff, but that’s nothing a little cash can’t fix. The ND athletics program hauled in $235 million worth of revenue last season, but it remained at No. 6. Heisman Trophy finalist running back Jeremiyah Love was Notre Dame‘s highest ranked player in On3’s NIL Valuations ($1.6 million).

The University of Tennessee comes in at No. 7 in the rankings, worth $1.12 billion. The athletic program brought in $234 million worth of revenue in 2024, helping usher in a 19% YOY value change. Last year, the program was ranked No. 9 (+2).

Tennessee‘s athletics program is evaluated at $1.12 billion, good for fourth most in the Southeastern Conference. Freshman forward Nate Ament is the highest earning player in the athletics program, ranking No. 64 in On3’s NIL Valuations.

Feb 19, 2025; Los Angeles, California, USA; Southern California Trojans guard JuJu Watkins (12) reacts in the second half against the Michigan State Spartans at the Galen Center. Mandatory Credit: Kirby Lee-Imagn Images

The University of Southern California comes in at No. 8 in the rankings, worth $1.10 billion. The athletic program brought in $242 million worth of revenue in 2024, helping usher in a 19% YOY value change. Last year, the program was ranked No. 12 (+4).

USC jumped four spots after a massive 2024 calendar year, which brought in $242 million worth of revenue. This ushered in a 19% YOY value change, one of the biggest of all the teams in the rankings. Quarterback Jayden Maiava was the program’s highest earning player, ranking No. 21 in On3’s NIL Valuations ($2.1 million)

The University of Alabama comes in at No. 9 in the rankings, worth $1.09 billion. The athletic program brought in $235 million worth of revenue in 2024, helping usher in a 11% YOY value change. Last year, the program was ranked No. 5 (-4).

In what could maybe be called the Nick Saban effect, Alabama dropped four spots in this year’s rankings. Quarterback Ty Simpson, who passed for 3,268 yards and 26 touchdowns this season, ranks No. 14 in On3’s NIL Valuations ($2.3 million).

The University of Nebraska comes in at No. 10 in the rankings, worth $1.06 billion. The athletic program brought in $221 million worth of revenue in 2024, helping usher in a 12% YOY value change. Last year, the program was ranked No. 8 (-2).

Finally, the Cornhuskers come in ranked No. 10 with a $1.06 billion valuation. Although it ushered in $221 million, they fell two spots to No. 8. Former quarterback Dylan Raiola, who just entered the Transfer Portal, was the program’s highest-earning player this season. He ranked No. 9 in On3’s NIL Valuations ($2.5 million).

Programs 11-25

Jun 22, 2025; Omaha, Neb, USA; LSU Tigers head coach Jay Johnson hoists the trophy after winning the College World Series at Charles Schwab Field. Mandatory Credit: Dylan Widger-Imagn Images

11. Penn State University ($1.06 billion)
12. Louisiana State University ($1.05 billion)
13. University of Oklahoma ($1.01 billion)
14. University of Florida ($975 million)
15. University of Kentucky ($910 million)
16. University of Oregon ($880 million)
17. University of Wisconsin ($875 million)
18. Clemson University ($860 million)
19. University of Iowa ($835 million)
20. University of Illinois ($815 million)
21. University of South Carolina ($812 million)
22. Auburn University ($810 million)
23. Stanford University ($805 million)
24. University of Arkansas ($800 million)
25. University of Washington ($795 million)