CNNMoney just reported that college football made a $1.1 billion profit in 2010. You can read the article here.

Just a couple tidbits from the article:

Profit for the 68 teams that play in the six major conferences was up 11% from a year ago

On average, each team earned $15.8 million last year, or well over $1 million per game

Here are the most profitable teams in 2010:

Texas – $93,942,815 in revenue and reported $68,830,484 in profit

Georgia – $70,838,539 in revenue and reported $52,529,885 in profit

Penn State – $70,208,584 in revenue and reported $50,427,645 in profit

Michigan – $63,189,417 in revenue and reported $44,861,184 in profit

Florida – $68,715,750 in revenue and reported $44,258,193 in profit

Profit doesn’t always translate to victories on the field – see Texas.