Texas A&M has supplanted Texas as America's most valuable college football program.
Forbes magazine on Tuesday released its list of most valuable college football programs based on estimate averages for profits and revenue for the 2014, '15 and '16 seasons.
The Oregon Ducks were ranked 12th with revenues of $92 million and a profit of $54 million.
Texas had held the top spot, drawing $100 million in revenue in 2011 and $92 million in profit alone in 2014.
How Forbes crunched the numbers:
This is the first time Forbes has ranked college football teams since 2015, and this year we’ve taken a different approach to the endeavor. Our list of college football's most valuable teams ranks the nation's top programs by average annual revenue, rounded to the nearest million. Ties in revenue were broken using average profits, and any ties in both areas were broken by using single-season revenue for the 2016-17 fiscal year.
To determine team revenues and expenses, we relied on annual filings made by each school's athletic department to the NCAA and the Department of Education. Revenues and expenses allocated to football were also adjusted to account for differences in accounting practices among athletic departments. In order to prevent year-to-year aberrations from skewing things, our revenue and expense numbers are three-year averages across the 2014, 2015 and 2016 football seasons, which are the three most recent years for which data is available. Financial data for last season won't be reported to the NCAA until January.
A&M's rise was attributed to an increase in athletic department contributions, along with more ticket revenue and conference revenue from the Southeastern Conference.
Texas A&M brought in $148 million in revenue and made $107 million in profit, according to Forbes' estimates. Texas made $133 million in revenue and $87 million in profit, while Michigan was third at $127 million and $75 million.
Alabama and Ohio State round out the top five. USC is 18th and Washington 19th.