I'd say the rights to equip a major European soccer club are actually a lot, lot more valuable than the rights to a US college program... even one like Ohio State or Texas.
I'm sure lots of FSU jerseys get sold, but that doesn't even come close to the number of Ronaldo or Messi jerseys that are sold around the world every year. Plus the amount of exposure of the outfitter's brand to a worldwide audience during domestic leagues or the Champions League is incredible.
College football is the second most popular sport in the US, but the fanbase is also incredibly fragmented and regional. A brand like Arsenal or Liverpool transcends country, nationality, and social class.