According to an annual study by Ryan Brewer, an assistant professor of finance at Indiana University-Purdue University Columbus, Ohio State is the most valuable football program once again but its estimated $946.61 million valuation is actually down from the $1.1 billion value from last year. 

MORE: Top 10 Buckeyes of all time | Gifts given out at the bowl games

Per the Wall Street Journal, Brewer analyzed each program’s revenues and expenses and made cash-flow adjustments, risk assessments and growth projections to calculate what a college team would be worth on the open market, if it could be bought and sold like a professional franchise.

Here’s the top 25 list. Notice that potential national champion Clemson is not on the list; the Tigers program is ranked 30th at $237.48 million.

Rank, program, value in millions

  1. Ohio State, $946.61 2. Texas, $885.05 3. Michigan, $811.3 4. Notre Dame, $723.59 5. Alabama, $694.87 6. Oklahoma, $674.34 7. Florida, $670.86 8. Georgia, $636.44 9. LSU, $612.3 10. Penn State, $481.39 11. Nebraska, $444.13 12. Iowa, $439.57 13. Tennessee, $401.98 14. South Carolina, $398.18 15. Washington, $378.23 16. Texas A&M, $359.14 17. Wisconsin, $352.67 18. Oregon, $338.64 19. Auburn, $319.32 20. Arkansas, $311.85 21. Florida State, $294.41 22. Oklahoma State, $293.72 23. Virginia Tech, $280.73 24. Southern California, $277.33 25. Kansas State, $270.15

Click here to see the full list.