Brent Yarina, BTN.com Senior Editor, January 11, 2016

Joe Camporeale-USA TODAY Sports
Joe Camporeale-USA TODAY Sports

They're the reigning national champs – at least for a few more hours – and they're college football's most valuable program for the second consecutive season, according to a recent wsj.com study.

The Ohio State Buckeyes lead the country with a value of $946.61 million, nearly $62 million more than second-place Texas, which has the nation's largest revenue at $128 million.

Rival Michigan places third ($811.30), while Penn State rounds out the top 10 ($481.39). Just missing the top 10 are No. 11 Nebraska ($443.13) and No. 12 Iowa ($439.57).

The annual study was conducted by Ryan Brewer, an assistant professor of finance at Indiana University-Purdue University Columbus. According to the wsj.com story, Brewer analyzed each program?s revenues and expenses and made cash-flow adjustments, risk assessments and growth projections to calculate what a college team would be worth on the open market, if it could be bought and sold like a professional franchise.

Here's the top 10, with dollar value in millions:

1. Ohio State ($946.61)

2. Texas ($885.05)

3. Michigan ($811.30)

4. Notre Dame ($723.59)

5. Alabama ($694.87)

6. Oklahoma ($674.34)

7. Florida ($670.86)

8. Georgia ($636.44)

9. LSU ($612.30)

10. Penn State ($481.39)

***

And here's the rest of the Big Ten:

11. Nebraska ($443.13)

12. Iowa ($439.57)

17. Wisconsin ($352.67)

28. Michigan State ($246.56)

36. Minnesota ($194.94)

45. Northwestern ($149.51)

46. Indiana ($142.96)

47. Purdue ($132.36)

54. Maryland ($100.02)

55. Illinois ($99.55)

67. Rutgers ($59.28)

See the full list at wsj.com.