Keep in mind this is licensing and has zero to do with alcohol or gambling, so that has no impact on these numbers.
You could argue we should be much higher given the tie to the church, a large alumni base, pretty decent home crowds, solid away crowds etc. The list of teams below us is VERY weak and I am not impressed we beat out any of those names.
I believe we should be higher on the list and take little comfort beating Montana and the like. We have a good following, not UT/ND/Michigan but solid. We should be higher on the licensing list IMHO.
Would be interested to see overall numbers, everything included (licensing, game day ticket revenues, hotels, travel, food/alcohol, donations etc)