Revenue, huge fan base lead to high valuation.

Fans of the Georgia Bulldogs hope new head coach Kirby Smart gets the team back in the top 10 on the field, but the program is already top 10 in another category.

A ranking by Ryan Brewer, an assistant professor of finance at Indiana University-Purdue University Columbus, ranks the Dawgs as College football's No. 8 most-valuable team, as reported by the Wall Street Journal.

Obviously college programs can't actually bought and sold like professional teams, so Brewer used factors like revenues and expenses and made cash-flow adjustments, Growth Projections and risk assessments to estimate what the teams would be worth on the open market.

Here's the top 10 (value in millions):

1. Ohio State - $946.61
2. Texas - $885.05
3. Michigan - $811.30
4. Notre Dame - $723.59
5. Alabama - $694.87
6. Oklahoma - $674.34
7. Florida - $670.86
8. Georgia - $636.44
9. LSU - $612.30
10. Penn State - $481.39

The list doesn't directly correlate with on-field success, but most of the programs on that list are doing pretty well. Brewer must like Georgia's growth projections under Smart.