Never mind for a moment which college-football team is No. 1 on the field. Is Texas losing its grip on being No. 1 at the bank?

According to an annual analysis of the values of college-football programs, Texas remains the most valuable team in the sport. But the gap is narrowing: The Longhorns—whose 2011-12 valuation is $761.7 million—now are only slightly ahead of Michigan ($731.9 million).

Ryan...