College football is an inelastic business. That much is obvious.

Teams like Auburn, Texas and Washington can all have down years, yet they can still generate tens of millions of dollars in profit. Even though a team like Penn State, which finished the season with seven wins, still holds its spot among the nation’s blue bloods in terms of revenue.

Forbes released its annual list of college football’s most profitable programs. There might be a few surprises at the top that’ll surprise you, but given the apparel and TV deals, it’s not shocking to see that Texas and Notre Dame are leading the pack.

Interesting was the fact that Michigan State, which earned the No. 19 spot on this list, is generating the least amount of profit per victory of any school in the top 20. With the College Football Playoff still around the corner — and potentially a national title — that number could easily skyrocket.

As it sits, here are the most profitable programs in college football according to Forbes:

1. Texas – $152 million ($30.4 million per win in 2015)
2. Notre Dame – $127 million ($12.7 million)
3. Tennessee – $121 million ($12.6 million)
4. LSU – $111 million ($13.8 million)
5. Michigan – $105 million ($13.1 million)
6. Georgia – $102 million ($11.3 million)
7. Ohio State – $100 million ($9 million)
8 Alabama – $99 million ($8.25 million)
9. Oklahoma – $96 million ($8.7 million)
10. Auburn – $89 million ($14.8 million)
11. Penn State – $81 million ($11.5 million)
12. Arkansas – $80 million ($11.4 million)
13. Washington – $78 million ($13 million)
14. Oregon – $75 million ($9.3 million)
15. Florida – $72 million ($7.2 million)
16. Texas A&M – $71 million ($8.8 million)
17. Florida State – $70 million ($7 million)
18. South Carolina – $69 million ($23 million)
19. Michigan State – $67 million ($5.5 million)
20. USC – $66 million ($8.25 million)