The value of the top 75 college sports programs.

• CNBC ranks the 75 most valuable college athletic programs.
• The rankings exclude military academies and are restricted to schools that participate in the NCAA Football Bowl Subdivision, or FBS, which typically draw top players.
• Each conference's massive media rights deals have contributed to the top of the list being dominated by SEC and Big Ten schools.

Private investors are seeking to invest in major college sports programs, which generate billions in revenue annually.

But how much is a college sports program worth?

CNBC aimed to respond to a question after interviewing individuals in the private equity sector who were interested in investing in college sports.

The 75 most valuable college athletic programs, as ranked by CNBC, exclude military academies and are limited to schools that participate in the NCAA Football Bowl Subdivision, or FBS, which attract top players.

The Buckeyes are the most valuable athletic program, worth an estimated $1.27 billion, with $280 million in revenue in 2023, the highest of any school. Other factors contributing to their ranking include an alumni base of over 600,000, a fan base of more than 11 million, boosters who donated nearly $60 million last year, and a football team that consistently attracts over 100,000 fans to its games.

The dominance of SEC and Big Ten schools at the top of the list can be attributed mainly to their substantial media rights deals.

The SEC, Big Ten, ACC, and Big 12 are worth $13.3 billion, $13.2 billion, $9.6 billion, and $6.7 billion, respectively, with an average of $832 million, $734 million, $562 million, and $420 million per school.

Jason Belzer, publisher of AthleticDirectorU, provides universities with advice on name, image and likeness deals and now offers the same services to athletic departments seeking private equity. AthleticDirectorU has a comprehensive database of college athletic program financials and information.

The revenue figures for the fiscal year 2023 were obtained from the Department of Education's Equity in Athletics Data Analysis and the Knight Commission on Intercollegiate Athletics. The list reflects the current enterprise value of each program, starting with a base revenue multiple of four for all institutions, and then adjusting the multiple for variables such as conference affiliation, estimated NIL spend, school subsidies, number of alumni, and other factors that can drive future revenue growth and profitability.

The rankings were determined by CNBC and Belzer, with the help of several experts in athletic program valuations, who requested anonymity to discuss program details.