TUSCLAOOSA | While the college football world waited, debated and theorized Tuesday night on whether or not Nick Saban would make the jump back into college football, no one on the University of Alabama campus was paying more attention than the people who add things up.

Not the scoreboard operators, rather the bean counters.

Even though the Crimson Tide football season ended last week with a 34-31 loss to Oklahoma State in the Independence Bowl, UA officials would consider Saban’s hiring to be the biggest victory of the year not only because of the potential wins on the field, but the possible financial windfall a name coach can help provide.

To give a taste of what’s at stake, consider that $34 million will be paid out from next week’s national championship game and divided between the schools and their conferences.

With nine SEC teams receiving bowl invitations, including two in the Bowl Championship Series, the conference is already on target to exceed last year’s record $116.1 million payout under its revenue-sharing plan.

As the Tuscaloosa News reported in Tuesday’s editions, Saban’s offer is for eight years and worth about $30 million, which would make him the highest-paid coach in college football.

But in addition to setting a new standard, in many ways it would just be keeping up with the competition.

More than 40 coaches in the country make at least $1 million a season, which is fast becoming an average salary in Division I football. Before the start of next season, it could reach 50.

Assuming Alabama exceeds what it was set to pay Mike Shula (who will receive a $4 million buyout), eight SEC programs will pay their coaches approximately $1.5 million or more next season.

Both Houston Nutt of Arkansas and Steve Spurrier of South Carolina recently received contract extensions through 2012 to stay financially in-line with their colleagues.

The four exceptions are Ole Miss, Mississippi State, Kentucky and Vanderbilt (although details of Bobby Johnson’s contract extension last year were never released), all under $1 million.

Forbes recently estimated Alabama football to be worth roughly $70 million, based on what the team contributes to the university’s athletic department for non-football sports, the university’s academic use and the incremental sales to the community.

That’s behind only Notre Dame ($91 million), Texas, Georgia, Michigan, Florida and Ohio State.

LSU, which is still playing with athletes Saban recruited and will face Notre Dame in the Sugar Bowl today, ranked tenth at $66 million.

In five years at LSU, Saban compiled a record of 48-16, won two SEC titles and a national championship. He was lured away by the Miami Dolphins and has three years remaining on his contract, paying him $4.5 million per year.

According to the U.S. Department of Education Office of Postsecondary Education, which did factor in debt service, Alabama’s athletic department had revenues of $62.3 million in 2005.

Minus the $49.8 million in expenses, it works out to $12.5 million made. That trailed only Georgia ($23.9 million), Michigan, Wisconsin and Texas.

Georgia’s financial success is primarily due to its large donation base which other schools are trying to match. Similar to Oklahoma, which pays football coach Bob Stoops $3.4 million a year, it recently adopted a priority ticket program and added more luxury seating, while at the same kept expenses down.

FYI, accoring to the Atlanta Journal-Constituion, Ohio State, with an enrollment near 38,000, had both the highest revenues ($89.7 million) and exepenses (89.6 million).

Alabama, which is one of the few Division I athletic programs to be financially self-supporting, recently completed its $120 million renovation of the athletic facilities -- the vast majority of which were paid for by donations.

University president Dr. Robert Witt has also established two bold goals that football could affect: an enrollment of 28,000 by 2013, and a $500 million endowment fund by June 2009.

Reach Christopher Walsh@christopher.walsh@tuscaloosanews.com or 205-722-0196.