What really defines a college football program’s success? Wins on the field or media fame? Deion Sanders’ Colorado makes that question hard to ignore. Despite a brutal 3–9 finish in 2025, the Buffs remain in the top 20 of most valuable programs. With Sanders, the highest-paid coach in the Big 12, Colorado proves that in today’s game, brand power and visibility can matter more than the record.

Dr. Ryan Brewer, an associate professor of finance at Indiana University Columbus, valued Texas at a staggering $2.2 billion in his latest college football valuations. The Longhorns are the only program in the country worth more than $2 billion, with the top two spots both belonging to Texas schools. That part isn’t surprising. What really makes you stop, though, is Colorado checking in at $870 million. Seeing the Buffs valued that high forces the obvious question: what’s driving that kind of number?

The answer is simple. The “Prime Effect” in Boulder is real. Since Deion Sanders arrived in 2023, Colorado’s finances have taken off. In fiscal year 2024, the athletic department posted a record $8.24 million profit, flipping nearly a $10 million loss from the year before. The overall money climbed to about $142 million, driven largely by football. Demand exploded immediately.

Every home game at Folsom Field sold out in 2023. It was for the first time in program history, and the trend continued through 2024 and 2025. Football ticket revenue jumped to $31.2 million, more than double the previous season’s $13 million. Even the spring game became a spectacle. It drew 47,277 fans, shattering the old attendance record. Merchandise and sponsorships surged, too.

Online team store sales boosted 1,220% year over year. Even the sponsorship revenue rose 42%, and game-day income from concessions and parking nearly doubled to $2.9 million. Prime’s media popularity did the rest. Sanders turned Colorado into a national brand, with appearances on College GameDay, Big Noon Kickoff, and even 60 Minutes. That exposure helped drive a record 68,000 applications for fall 2024 and pushed enrollment to an all-time high.

The move to the Big 12 only strengthened the outlook. With a $2.3 billion media deal locked in through 2031, Colorado is projected to earn roughly $31.7 million annually in conference revenue. Compared to a collapsing Pac-12, the decision looks even smarter. And the numbers back it up. According to The Wall Street Journal’s model, Colorado’s valuation still jumped 22% year over year, even after the 2025 collapse.

Why? Because the model cares more about revenue and marketability than pure wins and losses. Even when things went sideways late in 2025, fans kept showing up. Colorado still averaged around 50,000 fans per game. The evaluation window also includes the previous two seasons. The 2024 season was highlighted by a strong 9–4 run and an Alamo Bowl appearance. That season served as real proof of concept that the Prime-led turnaround could work. So even with the step back in 2025, the value was already locked in.

But for how long?

Colorado shouldn’t take anything for granted

There’s also a flip side to all of this. If Colorado keeps putting up poor records over the next few seasons, that valuation may drop. Right now, the business model leans heavily on Deion Sanders and the media storm that follows him everywhere. One national analyst even pegged Prime’s impact at a conservative $50 million, noting there’s no guarantee that bump lasts beyond his tenure, however or whenever it ends.

And then there’s the health factor. Sanders has dealt with serious medical issues for years. There is his hereditary condition that caused recurring blood clots, the amputation of two toes in 2021, and multiple follow-up surgeries. And more recently, the removal of his bladder due to cancer. He’s repeatedly said his health has “nothing to do” with his coaching and that stepping away isn’t on his mind. But at 58 years old, it’s still an unavoidable question mark.

If Coach Prime ever steps down, the Prime Effect goes with him. And even setting that aside, the financial picture isn’t spotless. Despite massive revenue, Colorado is projecting a $27 million deficit this fiscal year. The rising expenses, Sanders’ massive salary, staff costs, and NIL spending are piling up fast. If the losses continue, it becomes much harder to justify those costs or generate enough new revenue to cover the gap.

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