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The Wall Street Journal released its annual list of the most valuable FBS programs. Reigning champion Ohio State overtook Texas for the top spot this year. The Mountain West did not represent well, as the highest ranked school was Boise State at #66, making it the most valuable.
The schools were ranked by estimated program revenue and intrinsic value (what the program is worth). According to the article,
"Program revenues are estimated based on self-disclosed school-specific financial information. Methods for estimating Football Bowl Subdivision program revenues include applying a propriety system of procedures to adjust multi-sport revenue sources and facility-specific revenues not pertaining to any one sports program."
"Intrinsic values are estimated using fundamental analysis. Fundamentals considered include long-term on-field performance, stadium size, state-by-state growth rates, cash flow, revenues and NFL programs' financial information."
You can read the entire article here. What this basically says is that multiple seasons are taken into consideration, not just last year's results. Also, stadium size and facilities, state economic growth, and program revenue are taken into consideration.
The full list of MWC schools are listed below, in order of highest ranking to lowest.
| Rank | School | Est. Program revenue | Intrinsic Value |
| 66 | Boise State | $25,604,718 | $77,990,000 |
| 69 | San Jose State | $19,116,252 | $58,040,000 |
| 73 | Wyoming | $17,432,835 | $43,490,000 |
| 76 | Colorado State | $17,404,608 | $33,160,000 |
| 77 | Fresno State | $16,098,899 | $31,990,000 |
| 83 | San Diego State | $16,245,622 | $27,080,000 |
| 85 | Hawai'i | $14,150,211 | $23,040,000 |
| 95 | Utah State | $11,197,985 | $16,490,000 |
| 98 | UNLV | $10,671,905 | $15,430,000 |
| 101 | New Mexico | $10,132,935 | $14,130,000 |
| 109 | Nevada | 9,172,807 | $11,960,000 |
| N/A | Air Force | N/A | N/A |
(Air Force was not included in rankings)
The chart shows a clear difference in not only revenue but value between Mountain West schools. Boise State's value vs Nevada's value is close to $66 million. Nearly all MWC schools were in the bottom quarter of schools that were ranked. In the big picture, these rankings really mean nothing to the programs, as this season, for example, Boise State crushed UConn on the road, despite being ranked below them. These rankings won't change on field results and recruiting, so don't be too upset if (insert your team name) isn't ranked where you think they should be.
All stats, rankings and quotes via Wall Street Journal.