North Carolina’s football program carries a valuation of $572 million despite its modest on-field history, according to a new market analysis by The Athletic’s Matt Baker.
The Tar Heels ranked 26th among Power Four programs in Baker’s hypothetical exercise that valued college football teams like professional franchises. UNC’s ranking was based on an average football revenue of $63.6 million over the last three reported years.
“We approached the hypothetical question with a methodology that was part art, part science,” Baker explained.
Baker used real professional sports transactions to gauge purchase prices relative to team revenue. NFL and NBA sales guided ratios for SEC and Big Ten programs, while MLB and NHL transactions served as benchmarks for ACC and Big 12 schools.
The analysis factored in prestige, championships, facility renovations, population trends and conference realignment scenarios for each Power Four program plus Notre Dame.
Football History vs. Brand Strength
North Carolina’s valuation outranks several programs with stronger football traditions.
The Tar Heels have never won a football national championship. Their last ACC title came in 1980.
But UNC’s brand strength stems largely from basketball success. The program has six national championships and a history of legendary players that extends far beyond the football field.
Baker sees significant long-term potential for UNC football, particularly given the program’s market position.
“If UNC seems high, it’s because it has more financial upside (beyond whatever happens during Bill Belichick’s tenure) than other teams in this ballpark,” Baker wrote. “North Carolina is already the ninth-largest state and growing more than all but Texas and Florida. That’s a good sign for the potential growth of a fan base.”
Media Attention Under Belichick
New head coach Bill Belichick is already generating national attention for the program.
A Hulu series featuring UNC football was reported last week by Front Office Sports. While unconfirmed, the project would elevate the Tar Heels’ national profile in an era where media visibility drives recruiting and relevance.
“The mere existence of a docuseries is good for any program. If the subject of it has control over the content, it truly does become an infomercial,” Pro Football Talk’s Mike Florio wrote.
Academic Advantages
UNC’s institutional standing could prove valuable in future conference realignment.
“Assuming academics matter in future college football iterations — probable but not a given — the leaders of Big Ten and SEC schools will both want to be associated with one of the nation’s top public schools,” Baker wrote.
North Carolina holds membership in the Association of American Universities (AAU). That group of elite research institutions carries particular weight with Big Ten expansion decisions.
AAU membership isn’t required for conference inclusion, but it signals academic and research strength. Nebraska remains the only Big Ten school without AAU status.
College football continues shifting toward a more professional model with NIL compensation, conference realignment, and revenue-sharing discussions. In that environment, programs like North Carolina with strong brands and growth potential may find themselves well-positioned despite modest on-field history.
