If the so-called business of college football really were a true, honest-to-Dow Jones “business” you might be surprised what the University of Hawaii football program could conceivably be worth.

Would you believe a cool $31 million?

Not that your neighborhood institution of higher learning’s football team is going on the market, you understand. Though its sale would certainly retire that pesky soon-to-be $10 million accumulated net deficit in the athletic department with enough left over to finally — and fully — fund that overdue Clarence T.C. Ching Athletic Complex.

If you could put a price tag on the Warriors — and it is an intriguing if artifical exercise — then 31 mil is what Ryan Brewer, an assistant professor of finance at Indiana University-Purdue University Columbus, figures would be a fair intrinsic valuation.

“What the $31 million number means is that is the value, as it stands, as a cash flow machine for the university,” Brewer said.

“Intrinsic value means if you are an investor and you are looking for a return on investment, not a booster or Hawaii (fan), but you are a person who wants to get a fair return given the amount of risk, I think that number is respective of the reasonably available economic data as of that date,” he added.

“Given the economic uncertainty in the world, given the state of college football right now and given the cash flow production of the University of Hawaii football program, that would not be an unreasonable amount to pay.”

But before anybody contemplates replacing that kapa “H” logo on the Warriors helmets with a huge green dollar sign, let’s put all this moneyball musing in perspective. In the marketplace of major college football, or what the NCAA terms the 120-strong “Football Bowl Subdivision,” UH ranks 79th by Brewer’s listing, which first appeared in the Wall Street Journal.

Texas ranks No. 1 at $805.1 million by Brewer’s calculations, meaning if this was the food service business, the Longhorns would be McDonalds and UH would be, well, a lunch wagon.

Of course, the Longhorns might outrank several NFL teams, too. Fortune magazine lists Jacksonville ($725 million), Oakland ($761 million), St. Louis ($775 million), Buffalo ($792 million) and Minnesota ($796 million) below the valuation Brewer places on Texas.

Among UH’s peer-type institutions, Fresno State ($50.4 million), San Diego State ($47.1 million) and Nevada-Las Vegas ($36.4 million) are those Brewer gave higher valuations to, while Colorado State ($28.2 million) and New Mexico ($21.1 million) were ranked lower. All will be in the Mountain West Conference with UH for 2012.

Program expenses, revenue, history, risk and projections were weighed.

Hawaii’s higher travel costs and the lack of income streams from its home stadium (concessions, parking, signage, etc.) are seen as negatives, while the absence of pro sports or major college competition in the state is viewed as a plus.

“The key, I think, for them is those sort of marketing activities that are going to result in a higher cash flow and higher revenues so that they can continue to fund the team,” Brewer said. “It is not easy (for UH). It is definitely not an easy trick.”

Harder still would be running the remaining 19 sports on campus for very long absent the money football brings in.

Reach Ferd Lewis at flewis@staradvertiser.com or 529-4820.