Analyzing the peer assessment category of the US News and World Report's America's Best Colleges rankings, we find that universities fielding a Football Bowl Subdivision (FBS) team are more highly rated by administrators and faculty at peer institutions. Universities are also more highly rated if their football team receives a greater number of votes in either the final Associated Press or Coaches’ Poll. Controlling for unobserved heterogeneity, our estimates suggest that a one standard deviation increase in votes from one season to the next is associated with a peer score increase that is about equal (in absolute value terms) to the mean year-over-year peer score decline witnessed by the institutions in our sample. Performance matters even if we only focus on FBS schools.