In the revenue-sharing era, total NIL value — collective NIL, donor investment and football's share of revenue sharing — is the best public proxy for how much talent a program can buy and keep. Talent is exactly what power ratings try to measure. So four weeks into the season, the question for bettors is simple: is the money showing up on the field?
Below are the top 25 NIL budgets for 2026, next to where each team sits in our power ratings after Week 4. The Gap column is NIL rank minus our rank: green means the team is rating better than its budget, red means it's rating worse.
| NIL | Team | NIL Value | Our Rank | Gap |
|---|---|---|---|---|
| 1 |  Texas | $47.9M | #4 | ▼3 |
| 2 |  Ohio State | $41.3M | #3 | ▼1 |
| 3 |  Oregon | $40.6M | #6 | ▼3 |
| 4 |  LSU | $39.8M | #10 | ▼6 |
| 5 |  Miami | $38.5M | #5 | – |
| 6 |  Texas A&M | $36.4M | #19 | ▼13 |
| 7 |  Alabama | $34.7M | #7 | – |
| 8 |  Michigan | $33.6M | #24 | ▼16 |
| 9 |  Texas Tech | $32.1M | #13 | ▼4 |
| 10 |  Ole Miss | $31.8M | #11 | ▼1 |
| 11 |  Georgia | $31.2M | #1 | ▲10 |
| 12 |  Tennessee | $30.4M | #16 | ▼4 |
| 13 |  Penn State | $26.7M | #22 | ▼9 |
| 14 |  Auburn | $25.4M | #31 | ▼17 |
| 15 |  Florida | $24.7M | #9 | ▲6 |
| 16 |  Oklahoma | $24.3M | #17 | ▼1 |
| 17 |  Florida State | $22.8M | #54 | ▼37 |
| 18 |  USC | $22.1M | #14 | ▲4 |
| 19 |  BYU | $20.6M | #20 | ▼1 |
| 20 |  Washington | $19.8M | #40 | ▼20 |
| 21 |  Notre Dame | $18.9M | #2 | ▲19 |
| 22 |  Missouri | $18.2M | #30 | ▼8 |
| 23 |  TCU | $17.6M | #50 | ▼27 |
| 24 |  Wisconsin | $16.3M | #28 | ▼4 |
| 25 |  Kansas | $15.7M | #67 | ▼42 |
NIL values are preseason estimates (collective NIL, donor investment and football revenue-sharing allocation) from publicly reported figures and industry estimates as of May 2026; figures vary by source. Power Index ranks are among all 138 FBS teams after Week 4. Records through Week 4.
The biggest red flags on the board are the programs paying like contenders and rating like the middle of the pack. Florida State (17th in NIL, #54 in our ratings, 2–2), Kansas (25th, #67) and TCU (23rd, #50) are the extreme cases. Among the true heavyweights, Michigan (8th in NIL, #24, 2–2), Texas A&M (6th, #19, 2–2) and Auburn (14th, #31) are the names to watch — big budgets whose on-field strength hasn't caught up.
That gap matters because markets lean on reputation. When a big-money program is priced like its payroll instead of its play, the value tends to sit on the other side.
Notre Dame is still the cleanest example: 21st in NIL value at $18.9M and #2 in our ratings at 4–0. Georgia (11th in NIL, #1 overall) and Florida (15th, #9) are also getting more out of every dollar than the programs spending above them.
And some of the best teams in the country aren't on the NIL board at all. Indiana (#8), Utah (#12), Iowa (#15) and Nebraska (#18) are all 4–0 and inside our top 20 without a top-25 NIL budget. Development, continuity and coaching still win games — and the market is often slow to fully price it.
At the very top, budget and strength line up: Texas, Ohio State, Oregon, Miami and Alabama are all top-7 in both. When a team sits near the top of both lists the market has usually priced it correctly, so there's less edge to find. The value lives in the mismatches.
Texas ranks 1st in 2026 total NIL value at $47.9M and is #4 in our power ratings after Week 4 (4–0). Texas is rating a little below its spending so far, but within the normal range for four weeks of data.
Ohio State ranks 2nd in 2026 total NIL value at $41.3M and is #3 in our power ratings after Week 4 (3–1). Ohio State is rating a little below its spending so far, but within the normal range for four weeks of data.
Oregon ranks 3rd in 2026 total NIL value at $40.6M and is #6 in our power ratings after Week 4 (3–1). Oregon is rating a little below its spending so far, but within the normal range for four weeks of data.
LSU ranks 4th in 2026 total NIL value at $39.8M and is #10 in our power ratings after Week 4 (3–1). That's a meaningful gap: LSU is paying like a top-6 program but rating 6 spots lower — a team to watch for inflated lines.
Miami ranks 5th in 2026 total NIL value at $38.5M and is #5 in our power ratings after Week 4 (4–0). Budget and on-field strength line up almost exactly — the market usually prices teams like this correctly.
Texas A&M ranks 6th in 2026 total NIL value at $36.4M and is #19 in our power ratings after Week 4 (2–2). That's a meaningful gap: Texas A&M is paying like a top-8 program but rating 13 spots lower — a team to watch for inflated lines.
Alabama ranks 7th in 2026 total NIL value at $34.7M and is #7 in our power ratings after Week 4 (4–0). Budget and on-field strength line up almost exactly — the market usually prices teams like this correctly.
Michigan ranks 8th in 2026 total NIL value at $33.6M and is #24 in our power ratings after Week 4 (2–2). This is one of the biggest mismatches on the board: a top-25 budget with a rating 16 spots lower. Reputation-driven prices on Michigan deserve skepticism.
Texas Tech ranks 9th in 2026 total NIL value at $32.1M and is #13 in our power ratings after Week 4 (4–0). Texas Tech is rating a little below its spending so far, but within the normal range for four weeks of data.
Ole Miss ranks 10th in 2026 total NIL value at $31.8M and is #11 in our power ratings after Week 4 (3–1). Ole Miss is rating a little below its spending so far, but within the normal range for four weeks of data.
Georgia ranks 11th in 2026 total NIL value at $31.2M and is #1 in our power ratings after Week 4 (4–0). That's one of the best value-for-money profiles in the country — Georgia is rating 10 spots better than its budget.
Tennessee ranks 12th in 2026 total NIL value at $30.4M and is #16 in our power ratings after Week 4 (3–1). Tennessee is rating a little below its spending so far, but within the normal range for four weeks of data.
Penn State ranks 13th in 2026 total NIL value at $26.7M and is #22 in our power ratings after Week 4 (3–1). That's a meaningful gap: Penn State is paying like a top-15 program but rating 9 spots lower — a team to watch for inflated lines.
Auburn ranks 14th in 2026 total NIL value at $25.4M and is #31 in our power ratings after Week 4 (3–1). This is one of the biggest mismatches on the board: a top-25 budget with a rating 17 spots lower. Reputation-driven prices on Auburn deserve skepticism.
Florida ranks 15th in 2026 total NIL value at $24.7M and is #9 in our power ratings after Week 4 (4–0). That's one of the best value-for-money profiles in the country — Florida is rating 6 spots better than its budget.
Oklahoma ranks 16th in 2026 total NIL value at $24.3M and is #17 in our power ratings after Week 4 (2–2). Oklahoma is rating a little below its spending so far, but within the normal range for four weeks of data.
Florida State ranks 17th in 2026 total NIL value at $22.8M and is #54 in our power ratings after Week 4 (2–2). This is one of the biggest mismatches on the board: a top-25 budget with a rating 37 spots lower. Reputation-driven prices on Florida State deserve skepticism.
USC ranks 18th in 2026 total NIL value at $22.1M and is #14 in our power ratings after Week 4 (4–1). USC is rating slightly better than its spending, a sign the roster is producing at or above its price.
BYU ranks 19th in 2026 total NIL value at $20.6M and is #20 in our power ratings after Week 4 (3–0). BYU is rating a little below its spending so far, but within the normal range for four weeks of data.
Washington ranks 20th in 2026 total NIL value at $19.8M and is #40 in our power ratings after Week 4 (3–1). This is one of the biggest mismatches on the board: a top-25 budget with a rating 20 spots lower. Reputation-driven prices on Washington deserve skepticism.
Notre Dame ranks 21st in 2026 total NIL value at $18.9M and is #2 in our power ratings after Week 4 (4–0). That's one of the best value-for-money profiles in the country — Notre Dame is rating 19 spots better than its budget.
Missouri ranks 22nd in 2026 total NIL value at $18.2M and is #30 in our power ratings after Week 4 (3–1). That's a meaningful gap: Missouri is paying like a top-24 program but rating 8 spots lower — a team to watch for inflated lines.
TCU ranks 23rd in 2026 total NIL value at $17.6M and is #50 in our power ratings after Week 4 (2–2). This is one of the biggest mismatches on the board: a top-25 budget with a rating 27 spots lower. Reputation-driven prices on TCU deserve skepticism.
Wisconsin ranks 24th in 2026 total NIL value at $16.3M and is #28 in our power ratings after Week 4 (3–1). Wisconsin is rating a little below its spending so far, but within the normal range for four weeks of data.
Kansas ranks 25th in 2026 total NIL value at $15.7M and is #67 in our power ratings after Week 4 (1–2). This is one of the biggest mismatches on the board: a top-25 budget with a rating 42 spots lower. Reputation-driven prices on Kansas deserve skepticism.
Texas ranks first in 2026 total NIL value at an estimated $47.9M, followed by Ohio State ($41.3M), Oregon ($40.6M), LSU ($39.8M) and Miami ($38.5M).
Notre Dame ranks 21st in total NIL value at about $18.9M, yet it is #2 in the Power Index ratings after Week 4 — the biggest overachiever relative to its budget on the top-25 NIL board.
Only partly. The top of the NIL board (Texas, Ohio State, Oregon, Miami, Alabama) also sits near the top of our ratings, but big spenders like Florida State, Michigan and Texas A&M are rating well below their budgets, while Indiana, Utah, Iowa and Nebraska are top-20 teams without a top-25 NIL budget.
Total NIL value combines collective NIL, donor investment and the football share of revenue-sharing payments. Figures are preseason estimates from public reports and vary by source.
NIL values are preseason estimates; the Power Index rank and records next to them are updated during the season as our ratings update each week.
How we use it: NIL value is context, not a rating input. Our power ratings measure on-field strength and let results move the numbers each week. The dollars tell you where the talent should be; the ratings tell you where it actually is. See the full College Football Power Ratings Top 25, updated every week.
Analytics and information only; not betting advice. 21+. 1-800-GAMBLER.