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Study Reveals The 5 "Richest" College Football Programs

Georgia Bulldogs cheerleaders performing during a game.

ATLANTA, GA - DECEMBER 02: Georgia Bulldogs cheerleaders on the field prior to the game against the Auburn Tigers in the SEC Championship at Mercedes-Benz Stadium on December 2, 2017 in Atlanta, Georgia. (Photo by Kevin C. Cox/Getty Images)

Who are truly the "richest" college football programs in the country?

A new study done by Penn Live, which combed through data from the Equity in Athletics Disclosure Act, has ranked every major program in college football based on its revenue.

The college football programs are ranked based on their revenue over the last full fiscal year (July 1, 2018 through June 30, 2019).

Most of the usual suspects are at the top of the list, though there are a couple of surprises inside the top five.

Here are the five "richest" college football programs:

1. Texas Longhorns ($156.1 million)

Tom Herman on the sideline during Texas' game against Iowa State

AMES, IA - NOVEMBER 16: Head coach Tom Herman of the Texas Longhorns coaches during pregame warm ups at Jack Trice Stadium on November 16, 2019 in Ames, Iowa. The Iowa State Cyclones won 23-21 over the Texas Longhorns. (Photo by David K Purdy/Getty Images)

2. Georgia Bulldogs ($123.1 million)

Georgia football coach Kirby Smart before the Sugar Bowl in New Orleans.

NEW ORLEANS, LOUISIANA - JANUARY 01: Head coach Kirby Smart of the Georgia Bulldogs walks onto the field prior to the Allstate Sugar Bowl against the Baylor Bears at Mercedes Benz Superdome on January 01, 2020 in New Orleans, Louisiana. (Photo by Sean Gardner/Getty Images)

3. Michigan Wolverines ($122.3 million)

Jim Harbaugh walks off the bus before Michigan's game vs. Ohio State.

ANN ARBOR, MICHIGAN - NOVEMBER 30: Head Football Coach Jim Harbaugh of the Michigan Wolverines arrives before a college football game against the Ohio State Buckeyes at Michigan Stadium on November 30, 2019 in Ann Arbor, MI. (Photo by Aaron J. Thornton/Getty Images)

4. Notre Dame Fighting Irish ($115.5 million)

A closeup of Notre Dame head coach Brian Kelly wearing a visor.

ARLINGTON, TEXAS - DECEMBER 29: Head coach Brian Kelly of the Notre Dame Fighting Irish takes the field with his team before the game against the Clemson Tigers during the College Football Playoff Semifinal Goodyear Cotton Bowl Classic at AT&T Stadium on December 29, 2018 in Arlington, Texas. (Photo by Kevin C. Cox/Getty Images)

5. Ohio State Buckeyes ($115.1 million)

Ohio State head coach Ryan Day on the sideline against Clemson.

GLENDALE, ARIZONA - DECEMBER 28: Head coach Ryan Day of the Ohio State Buckeyes reacts against the Clemson Tigers in the first half during the College Football Playoff Semifinal at the PlayStation Fiesta Bowl at State Farm Stadium on December 28, 2019 in Glendale, Arizona. (Photo by Christian Petersen/Getty Images)

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Georgia at No. 2 might be somewhat of a surprise for the average college football fan. Most probably would've predicted Ohio State or Notre Dame or Alabama to land behind Texas. The Bulldogs are a true force, though, and lists like this are why some would argue the UGA job is one of the two or three best in the country.

The list is also proof to Tom Herman likely being on somewhat of a hot seat. The richest college football program in the country needs to be better than what the Longhorns have under Herman. Maybe that will finally change in 2020.

You can read Penn Live's full rankings here.