Texas remained the most valuable college football program with a net worth of $761.7 million, despite losing 5% in 2011-12, according to an annual analysis. It also generated the most revenue in college football.

The valuation prices the Longhorns higher than NFL's Jacksonville Jaguars, which was sold for about $760 million in 2011. However, Forbes last year valued the team at a much lower $133 million, up from $129 million the previous year.

Four other college programs in the state were valued in the study by Ryan Brewer, an assistant professor of finance at Indiana University-Purdue University Columbus. They are:

Texas A&M  $278.5 million
Texas Tech  $211.0 million
Texas Christian   $76.6 million
Baylor     $71.3 million

Brewer estimated the intrinsic valuations of 115 teams in the top-tier Football Bowl Subdivision. He used each team’s revenues and expenses, cash-flow adjustments, risk assessments and growth projections, among other things.