Boise State ranks among most valuable college sports programs

CNBC recently released a list of the top 75 most valuable college sports programs, and Boise State made the cut. 

The Broncos are ranked 72nd nationally with a total value of $176 million. Boise State is the second most valuable Group of 5 program, trailing only Mountain West Conference rival San Diego State (67th, $287 million).

Football independents Washington State (61st, $329 million), Oregon State (66th, $326 million) and UConn (71st, $178 million) came in just ahead of the Broncos. Boise State ranks above the American Athletic Conference’s top three brands: No. 73 East Carolina ($153 million), No. 74 South Florida ($150 million) and No. 75 Memphis ($148 million). 

The new Pac-12 will have four of the top 75 most valuable college sports programs. Boise State, Colorado State, Fresno State, Gonzaga, San Diego State and Utah State are all joining the conference for the 2026-27 athletics season. 

CNBC created the rankings by speaking to investors in the private equity space. The rankings exclude service academies and schools that don’t compete in FBS football. 

According to CNBC, Ohio State is the most lucrative program with a valuation of $1.31 billion. Texas ($1.281 billion), Texas A&M ($1.264 billion) and Michigan ($1.062 billion) also cracked 10 figures. 

Outside of No. 6 Notre Dame ($969 million), the top 15 brands are full-time members of the Big Ten or SEC. Twenty of the top 22 are from the two superpower conferences. 

The SEC is the most valuable conference with a total value of $13.3 billion ($832 million per school on average). The Big Ten is a close second at $13.2 billion ($734 million average), followed by the ACC ($9.6 billion total, $562 million average) and Big 12 ($6.7 billion total, $420 million per school). 

Ohio State reported revenues of $280 million in 2023 to lead the way. Boise State had $61 million in revenue in 2023. The Broncos’ 2024 revenue projects to be much higher with a College Football Playoff appearance and record-breaking season from star running back Ashton Jeanty. 

Back in 2022, the Big Ten signed a seven-year, $8 billion TV deal with CBS, NBC and Fox that runs through the 2029-30 season. The deal is expected to distribute around $60 million to every Big Ten school this year with the exception of Oregon and Washington, who receive 50 percent shares in 2024-25.

Disney and the SEC are in the middle of a 10-year, $3 billion deal. The SEC distributed around $51 million in media revenue per school in 2023-24. 

The ACC ($44.8 million per school in 2023-24) and Big 12 ($31.7 million) also have lucrative TV deals. 

In September, Yahoo Sports reported that the Pac-12 is targeting a media deal that would distribute between $12 and $15 million annually per school. 

The Pac-12 must add at least one more football-playing member — Gonzaga does not field a football team — before 2026 to reach the NCAA’s eight-team minimum to qualify as an FBS conference.