The Ohio State Buckeyes' winning ways have been very, very good for the bottom line in Columbus.

The Buckeyes are the most valuable team in college football, according to a report published Thursday by the Wall Street Journal.

The analysis by Ryan Brewer, an associate professor of finance at Indiana University-Purdue University Columbus, determined the Ohio State program would be worth $1.5 billion. The study looked at what college football programs "would be worth on the open market if sold like a professional sports franchise." Brewer notes that Ohio State, which also topped his 2015 study, has seen its value increase 59.6% since then.

Texas ranked second, at $1.24 billion, while third-place Oklahoma ($1 billion) also topped the billion-dollar mark.

Alabama ($930,000) and LSU ($910,927) rounded out the top five.