The Indiana Business Journal did a study valuing college athletics programs like you would if you were interested in purchasing it as a business. The methodology isn't explained in this piece, but if I remember from finance class, business valuation is largely determined based on assets, liabilities, cash flow, and growth potential. It only includes public schools because private institutions don't have to publish their financial data. The SEC has six programs in the top 10, ten in the top 25, and all 11 are in the black. The top 32 overall schools are valued at more than $100 million, the top 70 are valued above $0, 21 are valued at $0 due to insufficient cash flow, and eight are valued in negative dollars due to reliance on university subsidies. (H/T: Mark Ennis of Big East Coast Bias)