Cal is Pac-12's 5th most valuable football program, per study

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Cal capped a season of progress last month with its first bowl win since 2008. Now, it boasts a more lucrative honor: being in the top half of the Pac-12 in terms of value.

The Bears are worth $239,420,000, per a valuation by Ryan Brewer — an assistant professor of finance at Indiana University-Purdue University Columbus — that The Wall Street Journal recently detailed. Cal ranked fifth in the Pac-12, with Stanford’s valuation of $222,880,000 checking in at No. 6. Washington, Oregon and USC were No. 1, No. 2 and No. 3, respectively.

Brewer figured out what every FBS college team would be worth on the open market, if it was bought and sold like an NFL franchise, by examining revenues and expenses. He made cash-flow adjustments, risk assessments and growth projections for each.

Here is a breakdown of where each Pac-12 team was slotted nationally:

15. Washington, $444,130,000

PASADENA, CA - OCTOBER 22: Head coach Sonny Dykes of the California Golden Bears looks towards the field during the game against the UCLA Bruins at the Rose Bowl on October 22, 2015 in Pasadena, California. (Photo by Sean M. Haffey/Getty Images) less PASADENA, CA - OCTOBER 22: Head coach Sonny Dykes of the California Golden Bears looks towards the field during the game against the UCLA Bruins at the Rose Bowl on October 22, 2015 in Pasadena, California. ... more Photo: Sean M. Haffey / Getty Images Photo: Sean M. Haffey / Getty Images Image 1 of / 1 Caption Close Cal is Pac-12's 5th most valuable football program, per study 1 / 1 Back to Gallery

18. Oregon, $338,640,000

24. USC, $280,730,000

26. Arizona State, $262,540,000

29. Cal, $239,420,000

31. Stanford, $222,880,000

33. UCLA, $211,270,000

35. Oregon State, $203,270,000

37. Colorado, $192,380,000

38. Utah, $189,080,000

44. Arizona, $151,020,000

49. Washington State, $129,370,000

Ohio State topped the rankings for the second straight year, with a valuation of $946,610,000. Texas, Michigan, Notre Dame and Alabama rounded out the top five.

Connor Letourneau is a San Francisco Chronicle staff writer. E-mail: cletourneau@sfchronicle.com. Twitter: @Con_Chron