Indiana University-Purdue University Columbus finance professor Ryan Brewer is back with updated valuations for 115 of the college football teams in Division I-A. The study examines factors such as revenues and expenses, adjusting for cash-flow and risk factors, as well as a projection for future growth. The final valuation represents what a program would sell for if they were bought and sold like pro franchises.
Boston College's valuation jumped by more than $34.8 million in 2013 to $110.2 million. That value ranked 50th best in the country and 8th best in the ACC, ahead of North Carolina ($99.8M, 54th), Maryland ($96.0M, 56th), Syracuse ($91.4M, 58th), Louisville ($75.4M, 60th), Duke ($62.0M, 64th) and Pittsburgh ($59.6, 65th). Like last year, Wake Forest was excluded from the analysis of the major-conference college football programs (and Notre Dame and BYU).
Beyond this year's valuations, what I found more interesting was the year over year change in valuation.
Despite earning the conference's BCS bid and leading the conference with the highest valuation a year ago, Florida State falls to fourth in the ACC this year with a valuation of $159.0 million. That is down more than $100 million year over year. Not sure what led to Brewer devaluing the 'Noles to such a great extent, but there you go. Keep these figures handy for the next heated conversation you have with your Florida State co-workers about how the program carries the ACC and would be better off in the Big 12. You bottom feeder, BC, you.
Clemson leads the way this year with a valuation of $201.8 million, the only ACC program to eclipse the $200 million valuation mark. That figure is up nearly $22M YOY. Georgia Tech ($188.4M), Virginia Tech ($171.5M), Florida State and Miami ($157.7) round out the ACC's top five.
BC is one of four ACC programs with more than a $100M valuation, joining Virginia ($146.3M), N.C. State ($143.0) and North Carolina ($99.8M). The rest: Maryland ($96.0M), Syracuse ($91.4M), Louisville ($75.4M), Duke ($62.0M) and Pittsburgh ($59.6M). Not surprising to see the three Big East newcomers towards the bottom of this list as the ACC has outstripped the Big East in generating football revenue the past couple of years. Maryland's financial woes have been well documented and Duke is, well, Duke.
The Eagles football program was also among the conference's top five movers in terms of YOY valuation increases. Georgia Tech earned a valuation $80.2 million more than 2012, followed by Virginia (up $58.4M), Syracuse ($37.6M), Miami ($36.0M) and BC ($34.8M). Five ACC or to-be ACC programs with YOY decreases were Pittsburgh (-$2.3M), North Carolina (-$26.8M), Virginia Tech (-$41.4M), Louisville (-$44.6M) and Florida State ($108.0M).
From a BC perspective, I'm glad to see that there is still intrinsic value in the program even with the last few seasons of Spaz ball. This year, the gap between the conference's most valuable program and BC has dropped by $100M. Still, the program is at the bottom of the second tier of the conference and ahead of programs that, frankly, you'd expect them to be ahead of (and presumably Wake Forest).
For comparison's sake, BC has roughly 1/7th the value of the NFL's Jacksonville Jaguars.
Complete data set for 2012 and 2013 below.
|Program||2012 Natl' Rank||Conf Rank||Value||2013 Natl' Rank||Conf Rank||Value||Delta|