If Boise State football team could be sold, what would it be worth? Here’s one analysis

Shaun Goodwin, Idaho Statesman

BOISE (Idaho Statesman) — For most people, sports franchises are simply the product on the field. But behind the team logos and fan tribalism, there’s generally an organization worth hundreds of millions or even billions of dollars.

According to Forbes’ 2024 list of the most valuable sports teams, the world’s top 12 franchises operate in the United States. Not surprisingly, eight of those are in the NFL, led by the Dallas Cowboys, with an evaluation of $10.1 billion.

Though they have become more like professional franchises in the era of NIL, the transfer portal and luxurious facilities, college programs don’t have valuations, per se. Teams operate as part of the university and under the governance of the NCAA.

But if college football teams could be bought and sold, how much would they be worth? What would be a good price? For instance, how much would Boise State’s renowned program fetch on an open market?

A recent analysis by Ryan Brewer, an associate professor of finance at Indiana University Columbus, examined multiple factors, such as top-line revenues and growth over an extended period, to predict the trajectory and sustainability of 131 NCAA Division I football programs.

The study was detailed in The Wall Street Journal. How much would Boise State be worth? The analysis found that Boise State would be the 69th most valuable college football program, with a price tag of $91 million. That made it the highest school on the list that’s a traditional member of a Group of 5 conference, outside of the SEC, Big Ten, ACC and Big 12.

Brewer considered factors such as the drivers of cash flow, current finances, television viewership and even trends in enrollment when making his predictions. According to the analysis, the Broncos’ adjusted revenue was $32.6 million, which is the revenue generated by the program over the past 12 months.

Boise State just concluded one of its best seasons ever, winning a second consecutive Mountain West title and qualifying for the College Football Playoff before losing to Penn State in the quarterfinal round in the Fiesta Bowl.

Although Boise State’s payout for qualifying for the CFP will not be finalized until later this year, Sportico reported that it will receive at least $8 million — $4 million for qualifying for the CFP and $4 million for reaching the quarterfinals.

Boise State received a bye as one of the four highest-ranked conference champions. According to the study, the program with the highest valuation in college football is newly crowned national champion Ohio State.

The Buckeyes, who beat Notre Dame 34-23 on Monday night to earn their first title since 2014, were valued at $1.96 billion. The Texas Longhorns ranked second with an estimated value of $1.9 billion, while Michigan rounded out the top three at $1.66 billion.

For comparison, a Forbes analysis showed the Cincinnati Bengals were the NFL team with the lowest valuation — at $4.1 billion. Brewer told The Journal that he wouldn’t be surprised if college programs sold for upward of $4 billion in a world where college teams could be on the market, because of “X-factors” such as specific head coaches or other unique assets.

Top 10 programs

The top of the college football list from the analysis did not really contain any surprises. It was filled with traditional powerhouses.

1. Ohio State ($1.96 billion)
2. Texas ($1.9 billion)
3. Michigan ($1.66 billion)
4. Georgia ($1.35 billion)
5. Notre Dame ($1.29 billion)
6. LSU ($1.06 billion) 7. Penn State ($1.03 billion)
8. Tennessee ($1.02 billion)
9. Texas A&M ($1 billion)
10. Oklahoma ($881 million)