Forbes: Wolverines 2nd Most Valuable Team In College Football

ANN ARBOR (CBS Detroit) -- Forbes released its list of the most valuable teams in college football, and the University of Michigan Wolverines came in second with a value of $128 million.

At first are the Texas Longhorns, valued at $133 million. The Michigan State Spartans held the 19th slot, with $50 million in revenue, and a $64 million value overall.

Forbes said Michigan had a 28 percent hike over last year -- the biggest jump on the list -- "thanks to hosting an eighth home game, which generated over $6 million."

Teams were valued on a weighted scoring system that measured the value they created in four key areas, including: the team's value to the university;  value to its athletic department;  value to its conference; and value to the surrounding community -- including estimated spending by visitors on days of home games.

The  Wolverines generated $85 million, $62 million of which was profit, Forbes said.

Overall, the 20 most valuable teams are worth an average $86 million with team revenue of $65 million, Forbes said. Seven of the top 10 teams come from the SEC, led by fourth-ranked LSU, now worth $102 million.

One of the biggest drops in value had nothing to do with home games -- and it probably doesn't surprise anyone -- the Penn State Nittany Lions, which were ranked third last year, fell to No. 13. The team's value is now $79 million, down 21 percent from $100 million last year. Part of the problem: The team's expenses were up $30 million, a 55 percent increase over last year, due to Penn State's severance payments to former football staff and "contributions to child abuse initiatives," Forbes said.