BYU, Utah Both Crack Top 75 in 2025 College Athletic Valuations - But One Holds the Edge
The rivalry between BYU and Utah doesn’t just play out on the football field - now it’s showing up in the financial rankings too. In CNBC’s newly released 2025 valuations of the top 75 college athletic programs, both schools made the cut, but it’s the Cougars who edged out the Utes - again.
BYU Surges Ahead
Brigham Young University came in at No. 57 on the list, with a program valuation of $500 million - a significant 40% jump from last year. That kind of leap isn’t just a number on a spreadsheet.
It reflects a program that’s gaining momentum, both on and off the field. BYU also posted $130 million in revenue, up 23% year-over-year, signaling strong growth in fan engagement, media rights, and donor support.
Utah Sees a Dip - But Big Moves Are Coming
Just three spots behind, the University of Utah landed at No. 60 with a valuation of $451 million. That’s a 4% dip from last year, and its $110 million in revenue marked a 13% decline. But while the numbers may have taken a step back, Utah’s future could look very different.
The school recently announced a groundbreaking move - it will become the first in the nation to accept private equity investment into its athletic department. Otro Capital is reportedly set to invest $500 million into Utah Athletics.
While the university hasn’t confirmed the exact figure, any influx of that magnitude could dramatically reshape the department’s valuation in the years ahead. It's a bold play in a rapidly evolving college sports landscape, and Utah could be positioning itself as a trailblazer.
Big 12 Presence
Both BYU and Utah are now part of the Big 12, a conference that had all 16 of its schools included in the top 75. The highest-ranked Big 12 program?
The University of Kansas, which came in at No. 39 with a $620 million valuation. Notably, neither BYU nor Utah is near the top tier nationally - but they’re part of a conference that’s gaining steam thanks to rising media rights deals and strategic expansion.
The Billion-Dollar Club
At the top of the mountain sits the University of Texas, which unseated Ohio State as the most valuable college athletic program in the country. Texas is now valued at a staggering $1.48 billion, up 16% from last year. The Longhorns generated $332 million in revenue in fiscal 2024 - more than any other school - with donor contributions alone accounting for $137 million, a 53% increase.
Ohio State slipped to No. 2 with a $1.35 billion valuation. While still elite, the Buckeyes saw a 9% revenue drop, down to $255 million, largely due to having two fewer home football games during the 2023-24 season.
Rounding out the top five:
- Texas A&M: $1.32 billion
- Georgia: $1.16 billion
- Michigan: $1.16 billion
In total, 13 programs now boast valuations north of $1 billion - a clear sign of just how massive the college sports industry has become.
The Big Picture: College Sports Are Booming
Altogether, the 75 programs on CNBC’s 2025 list are worth a combined $51.22 billion - a 13% jump from last year. Their total revenue?
A hefty $11.84 billion, up 8% year-over-year. And the biggest driver behind all this growth?
Media rights.
The Big 12, for example, began a new six-year media rights deal this season with Fox and ESPN, worth an average of $380 million annually - nearly double its previous agreement. And starting in 2026, ESPN will pay an average of $1.3 billion annually for the College Football Playoff, more than twice the amount of the current deal. Those numbers speak volumes about where college football is headed.
“College football is at the apex, right below the NFL,” said Patrick Crakes, a media rights analyst, who believes the playoff will eventually expand to 16 teams. Why? Simple - that’s where the money is.
How the Rankings Were Calculated
The CNBC rankings focus exclusively on NCAA Football Bowl Subdivision (FBS) programs, excluding military academies. Valuations were built using revenue data from the Department of Education’s Equity in Athletics Data Analysis and the Knight-Newhouse College Athletics Database for fiscal year 2024. CNBC also worked with AthleticDirectorU, which compiles extensive financial data on college athletics.
So, what does this all mean for fans in Utah? The rivalry between BYU and Utah is alive and well - and now it’s got financial bragging rights on the line, too.
For now, the Cougars have the edge. But with Utah’s bold private equity play on the horizon, the next chapter in this off-the-field battle could be just as compelling as anything we’ve seen between the lines.