Turns out college football players are worth every penny of their athletic scholarships -- and much more.

A new analysis on the value of college football players suggests that those athletes are worth hundreds of thousands of dollars in revenue to their school every year. The valuations, which were put together by Business Insider, were determined by applying the NFL's revenue-sharing agreement with players to each college program's financial situation.

The NFL's collective bargaining agreement dictates that 47 percent of the league's revenues must be shared with players.

Business Insider then took the annual revenue of each college football program and isolated the 47 percent that would be allocated for football players, and divided that sum among 85 scholarship athletes.

The result? Many of the top football programs would owe each football player more than $300,000 in salary every year.

The highest earnings would be at Texas, where football players are worth, on average,$622,104 every year.

Second in line is Alabama, with player valuations of $525,241. Michigan was third, at $505,298.

Twelve other schools had player valuations higher than $315,000 annually. The average for all FBS schools was $149,569 -- well above the yearly tuition at any of those institutions.

Six programs have an average player valuation greater than the NFL's minimum salary for rookies. That means in a fair market, you'd almost certainly see some players opting for a higher college football salary than the one they'd get from the NFL.

The analysis doesn't take into consideration walk-on and non-scholarship athletes, but it offers a pretty interesting view of how colleges cash in on their football programs.

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