Forbes magazine puts LSU 4th in the nation in terms of what the team means to the University and the State.

LSU is the only school in the country ranked in the top 10 on both Forbes' list of "most valuable teams" and "best teams for money". Because of LSU football, there was nearly 60-million DOLLARS more spent in Baton Rouge last year.
The University of Texas Longhorns are number 1 on the list of College Football’s Most Valuable Teams, with a value of $129 million.
The football program at Texas posts a profit of more than 70 million a year.

Here's the top ten list and their value:
Texas 129 million
Notre Dame 112 million
Penn State 100 million
LSU 96 million
Michigan 94 million
Alabama 93 million
Georgia 90 million
Arkansas 89 million
Auburn 88 million
Oklahoma 87 million