Last year, the Michigan football program ranked fourth overall on Forbes Magazine's list of the 20 most valuable college football teams.

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Joe Paterno's Nittany Lions are ranked third in Forbes Magazine's annual list of the most valuable football programs. Rich Rodriguez's Wolverines are 11th.

Lon Horwedel | AnnArbor.com

This year, the Wolverines have fallen seven places to 11th overall. Forbes assessed the value of the team at $81 million and estimated the program's annual profit at $34 million.

The University of Texas topped the magazine's list with a value of $119 million. Of Big Ten schools, Michigan ranked third, behind Penn State (No. 3 overall) and Ohio State (No. 8 overall).

Here's the link to the full story on how Forbes calculated the rankings.

Here's the link to snapshot glances of the top 20 college football teams.