Washington has the most valuable football program in the Pac-12

Washington's football program may not be the Pac-12's best; however, it is the most valuable, according to a report published by the Wall Street Journal. 

The study was conducted by Ryan Brewer, an assistant professor of finance at Indiana University-Purdue University Columbus. Brewer's calculations are based on each program’s revenues and expenses and also uses growth projections to calculate what a college team would be worth on the open market, as if it were an NFL franchise. 

The Huskies ranked No. 15 overall in the study, coming in with an estimated value of $378.23 million. Oregon ranked second in the Pac-12 and No. 18 overall with a value of $338.64 million. 

Here's how the rest of the Pac-12 stacked up: 

No. 24 - USC ($277.33 million)

No. 26 - Arizona State ($262.54 million)

No. 29 - California ($239.42 million)

No. 31 - Stanford ($222.88 million)

No. 33 - UCLA ($211.27 million)

No. 35 - Oregon State ($203.27 million)

No. 37 - Colorado ($192.38 million)

No. 38 - Utah ($189.08 million)

No. 44 - Arizona ($151.02 million)

No. 49 - Washington State ($129.37 million)