The Wall Street Journal reports that the Athletics Program at the  University of Texas at Austin is the third most valuable program with a value of just under $1 billion.  The valuation by Ryan Brewer, an assistant professor of finance at Indiana University-Purdue University Columbus takes into account such factors as a program’s revenues and expenses and makes cash-flow adjustments, risk assessments and growth projections for each school to come up with an approximation of what price the teams might fetch if they could be bought and sold like professional teams.

Curiously, at the same time, the Associated Press reports that the UT program was $2.6 million in the red last year largely because of fewer concerts at the Erwin Center and because UT had to buy-out Head Football Coach Charlie Strong’s contract with Louisville.