Virginia Tech’s college football program was ranked 30th by value, with a net worth of $171.5 million, according to an annual analysis.

Virginia’s college program was valued at $146.3 million in the study by Ryan Brewer, an assistant professor of finance at Indiana University-Purdue University Columbus.

Texas remained the most valuable college football program with a valuation of $761.7 million, despite losing 5% in 2011-12. It also generates the most revenue in college football.

The valuation priced 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.

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.