It is that time of the year again when college football fans across the nation celebrate their love for the sport and through this celebration kick-off the annual intercollegiate foot ball season.

This College Colors Day on Friday, Aug.31 nation's 173 million college sports fans will wear their school's colors and support their favorite college team.

The event held in partnership with NCAA football is an annual celebration dedicated to promoting the traditions and spirit that embody the college experience by encouraging fans across America to wear their favorite college or university apparel throughout the day.

Since its inception in 2005, the special day has grown rapidly and represents the spirit associated with college sports.

According to the press release, this year the event is 'bigger than ever' with more than 200 universities and 10,000 stores representing the nation's top retailers participating in events and promotions to provide every gear and item that the fans need to express their support toward their respective colleges.

The collegiate licensed merchandise generated nearly $4.6 billion in retail sales in 2011, with royalties from the merchandise going back to colleges to support scholarships and campus development programs. And this year, it is expected to cross last year's mark.

"There's no better feeling than the anticipation and excitement surrounding the start of a new football season and College Colors Day is a fun way to celebrate that," said Cory Moss, Senior Vice President and Managing Director for The Collegiate Licensing Company.

She also added: "College fans across the country are encouraged to wear their college gear to work, school, or play on Friday to show support for their favorite college or university."

The inaugural College Colors Day Spirit Cup which is awarded for the university with most fan support was won by Penn State for the year 2012. It reportedly received more than 44,801 votes, winning $10,000 for the school's general scholarship fund.

Texas A&M University finished second, followed by Missouri, West Virginia, and Alabama.

172 colleges and universities were represented in the competition that started Aug.1 and was scheduled to end Aug.31. The online voting ended Aug. 24 due to inauthentic activity on the Pledge Your Allegiance website, reports NewsTalk.