While it’s an extremely volatile time for the program, Penn State football is still one of the most valuable in the country. The annual Wall Street Journal valuation came out this weekend and has Penn State at 14th in the country, worth $377.6 million.

Conducted by Ryan Brewer, an assistant professor of finance at Indiana University-Purdue University Columbus, the valuation takes into account cash flow, revenue, risks, and a myriad of other factors in the business mix. Penn State is behind Michigan (3), Ohio State (4), Iowa (11), Nebraska (12), and Wisconsin (13) in the Big Ten. Texas comes it at #1 with a whopping $875 million value.

It’s been an interesting swing for Penn State over recent years. Penn State is up big from this time last year, which was $300.8 million (16) — a nearly 25 percent increase.

Still, the negative impact of the Sandusky situation and NCAA sanctions cannot be understated. In 2011, Penn State was ranked as the third most valuable program in the country by the same survey, worth $446.9 million — nearly $70 million more than right now.

We can only hope that a new, stable coach and more competent leadership coming in 2014 will help continue this upswing into next year.