By any measure, No. 1 Alabama and No. 2 Clemson are the top two college football teams in the country—facing off in the national championship game for the third time in four years.

But there’s one title neither can claim: the most valuable college football program in the country.

That honor belongs to Texas, according to an annual study conducted by Ryan Brewer, an associate professor of finance at Indiana University-Purdue University Columbus. The Longhorns are worth $1.1 billion, according to Brewer’s analysis, which moved them into the top slot after Ohio State had held that role for the prior three years.

(See a list of the College Football Value Rankings.)

Brewer’s study calculates what a college team would be worth on the open market if it could be bought and sold like a professional sports franchise. Brewer analyzes each program’s revenues and expenses along with cash-flow adjustments, risk assessments and growth projections.