The Wall Street Journal and Indiana University Columbus associate finance professor Ryan Brewer recently conducted a study to determine the most valuable program in college football as this season has come to a close.

The goal of this was to see how much a college football program could be sold for as if it were a professional sports franchise.

“Brewer looks at top-line revenues, growth and drivers of cash flow and makes projections about the sustainability of the operation, just as he would with any other business,” the article states. “It isn’t a mere one-year snapshot, either—he combed through years of data for 131 major college football programs, from the heavyweights all the way down to Louisiana-Monroe. Then, after breaking down everything from television viewership to trends in enrollment, his spreadsheet finally spits out an answer.”

The Alabama Crimson Tide’s football season came to a disappointing conclusion with a loss to Michigan in the ReliaQuest Bowl. The Crimson Tide finished the year with fewer than 10 wins for the first time since 2007.

The final AP Poll was released on Tuesday after the Ohio State Buckeyes defeated Notre Dame in the National Championship. Alabama finished the season ranked No. 17 after losing the bowl game, its lowest final ranking since 2007.

Brewer placed Alabama at No. 11 among all college football programs with an adjusted revenue of $142,369,686, an adjusted cash flow of $34,487,409 and an enterprise value of $846,000,000.

1. Ohio State: $1.957 billion
2. Texas: $1.897 billion
3. Michigan: $1.655 billion
4. Georgia: $1.348 billion
5. Notre Dame: $1.293 billion
6. LSU: $1.060 billion
7. Penn State: $1.027 billion
8. Tennessee: $1.017 billion
9. Texas A&M: $1.001 billion
10. Oklahoma: $881 million
11. Alabama: $846 million
12. Auburn: $843 million
13. Nebraska: $838 million
14. Florida: $793 million
15. Wisconsin: $734 million
16. Washington $662 million
17. Kansas: $649 million
18. Iowa: $640 million
19. Arkansas: $616 million
20. Oregon: $608 million
21. Minnesota: $550 million
22. Virginia Tech: $476 million
23. Illinois: $453 million
24. Southern California: $452 million
25. Florida State: $446 million

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