CNBC Ranks California’s Top College Athletic Programs
USC Tops the List, Stanford and UCLA Follow
According to a recent ranking by CNBC, the University of Southern California (USC) was the top California school in a new list of the 75 most valuable college athletic programs in 2024.
The ranking, which tops the list with Ohio State University, estimated what the valuations of the top athletic programs would look like as private equity firms aim to enter college sports.
Methodology
To determine the valuations, CNBC’s Michael Ozanian spoke with sports bankers and people looking to invest into college athletic programs. Revenue multiples were used, adjusting up or down based on factors such as TV revenue, size of alumni and fan bases, value of Name Image Likeness (NIL) deals, and the program’s reliance on subsidies from students or the school.
The Results
Big Ten and SEC programs dominated the top 22 spots in the ranking, with TV deals being a significant contributor to their valuations.
Here’s where California schools landed in the rankings:
California School Rankings
* 12. USC: Valuation: $923M; Revenue: $212M
* 23. Stanford: $687M valuation; $180M revenue
* 54. UCLA: $472M valuation; $105M revenue
* 62. UC Berkeley: $386M valuation; $126M revenue
* 67. San Diego State University: $287M valuation; $104M revenue
An Analysis of the Rankings
According to Ozanian, USC was pulled out of the top 10 due to excessive subsidies, with over $5 million in subsidies from students or the school in 2024. Conversely, Stanford’s move to the ACC is expected to boost their revenue and valuation in the future.
Conclusion
The CNBC rankings offer insight into how programs would fare if private equity and venture capital enterprises were to buy into college athletic programs. The top 12 schools in the ranking were led by Big Ten and SEC programs, reflecting their lucrative TV deals. California schools such as USC, Stanford, UCLA, UC Berkeley, and San Diego State University fared well in the rankings, with USC leading the pack.
Frequently Asked Questions
Q: Why did USC drop out of the top 10 ranking?
A: According to Michael Ozanian, USC had excessive subsidies from students or the school in 2024, which affected their revenue multiple.
Q: Which conference performed best in the ranking?
A: The Big Ten and SEC conferences dominated the top 22 spots in the ranking, with TV deals being a significant contributor to their valuations.
Q: How did California schools perform in the ranking?
A: USC ranked 12th, Stanford ranked 23rd, UCLA ranked 54th, UC Berkeley ranked 62nd, and San Diego State University ranked 67th in the ranking.
