RALEIGH, N.C. (WNCN) – Florida may have just cut down the nets as national champions earlier this week, but the Gators still don’t own the distinction as the “most valuable” college basketball program.
That honor is bestowed to a pair of teams based out of the Triangle area.
According to a new report from The Wall Street Journal, the North Carolina and Duke men’s basketball programs hold the highest valuations in the sport, ranking at No. 1 and No. 2, respectively.
UNC is valued at $378 million, topping the list just ahead of its archrival Duke, which is estimated at $370 million. The two universities on Tobacco Road are the only teams nationwide that exceeded $300 million in total value.
Duke’s revenue listed first overall at $47.6 million, and UNC placed first in cash flow at $23.2 million.
Trailing behind the Tar Heels and Blue Devils at the No. 3 spot is Indiana at $279 million, with Ohio State and Louisville rounding out the top five. Florida popped up at No. 31 with $121 million, while Houston, the national runner-up, appeared at No. 58 on the list.
North Carolina State also made an appearance in the rankings, placing 25th with $140 million in enterprise value. The only other program in the state of North Carolina to crack the top 100 is the Wake Forest men’s team, which found itself at No. 67.
After learning of the valuation, UNC freshman Alan Solis said, “As we all know, one of the greatest basketball players of all time, Michael Jordan, is here. His legacy has shown into the future.”
UNC Professor of Sport Administration Nels Popp agrees history, from legendary coach Dean Smith to the men’s basketball team’s six national titles, plays a critical factor.
“It’s all about the money now,” Popp said. “It’s become more and more clear. Every athletic department is trying to find ways to make as much revenue as they can.”
According to Popp, factors such as high ticket sales at the Dean Dome and the Carolina Blue colors can contribute to the Tar Heels’ valuation.
“You can probably charge more for tickets,” Popp said. “You can charge more for donations and those kind of things because of that immense popularity and the strong brand and that huge alumni base. All those things kind of play into it. That probably gives UNC a few advantages over a school that doesn’t kind of have that history.
“We’re entering a new era,” he continued. “No one knows what college athletics is going to look like in the next 10, 15 years. But revenue is really driving the bus now.”
NCAA Men’s Basketball Most Valuable Teams
| Rank | Team | Cash Flow | Revenue | Enterprise Value |
| 1. | North Carolina Tar Heels | $23,156,000 | $38,000,000 | $378,000,000 |
| 2. | Duke Blue Devils | $14,194,000 | $47,600,000 | $370,000,000 |
| 3. | Indiana Hoosiers | $12,902,000 | $34,000,000 | $279,000,000 |
| 4. | Ohio State Buckeyes | $18,162,000 | $34,100,000 | $262,000,000 |
| 5. | Louisville Cardinals | $9,911,000 | $39,700,000 | $260,000,000 |
| 6. | Arizona Wildcats | $16,231,000 | $34,700,000 | $257,000,000 |
| 7. | Syracuse Orange | $16,422,000 | $34,400,000 | $256,000,000 |
| 8. | Illinois Fighting Illini | $14,262,000 | $33,200,000 | $232,000,000 |
| 9. | Kentucky Wildcats | $22,000 | $33,800,000 | $223,000,000 |
| 10. | Arkansas Razorbacks | $13,138,000 | $29,700,000 | $217,000,000 |
| 25. | North Carolina State Wolfpack | $6,715,000 | $20,500,000 | $140,000,000 |
| 67. | Wake Forest Demon Deacons | $93,000 | $13,500,000 | $72,000,000 |
Findings were also unveiled for women’s college basketball teams, as reigning national champion UConn led the way at an enterprise value of $95 million. Other schools in the top five included South Carolina ($86 million), Baylor ($77 million), Stanford ($74 million) and BYU ($60 million).
Wake Forest ($39 million) was the highest ranked among North Carolina schools on the women’s side at No. 20. Duke ($26 million) and UNC ($20 million) were the only remaining in-state universities to reach the top 100.
Ryan Brewer, an associate professor of finance at Indiana University Columbus, conducted the study. He embarked on his research with the goal of answering a straightforward question: What would these teams be worth if they could be bought and sold like a pro sports team?
“He answers it by studying revenues and cash flows while making financial projections about the team’s sustainability,” wrote Andrew Beaton, the reporter at The Wall Street Journal who authored the story published on Tuesday. “In a way, it’s not different than it would be if he were analyzing the value of any other business.”
NCAA Women’s Basketball Most Valuable Teams
| Rank | Team | Adjusted Annual Revenue | Enterprise Value |
| 1. | UConn Huskies | $12,200,000 | $95,000,000 |
| 2. | South Carolina Gamecocks | $13,200,000 | $86,000,000 |
| 3. | Baylor Bears | $11,900,000 | $77,000,000 |
| 4. | Stanford Cardinal | $11,400,000 | $74,000,000 |
| 5. | BYU Cougars | $10,600,000 | $60,000,000 |
| 6. | TCU Horned Frogs | $8,300,000 | $58,000,000 |
| 7. | Vanderbilt Commodores | $10,000,000 | $58,000,000 |
| 8. | Miami Hurricanes | $9,800,000 | $57,000,000 |
| 9. | USC Trojans | $8,800,000 | $57,000,000 |
| 10. | Louisville Cardinals | $9,400,000 | $55,000,000 |
| 20. | Wake Forest Demon Deacons | $6,600,000 | $39,000,000 |
| 43. | Duke Blue Devils | $5,600,000 | $26,000,000 |
| 63. | North Carolina Tar Heels | $4,100,000 | $20,000,000 |
“Brewer cautions that while he’s calculating what the financials say a team should be worth if it were put up for auction, the real price could dwarf that because sports franchises are rare assets,” Beaton added. “The Boston Celtics just sold for $6.1 billion, and a wealthy Duke alum might pay almost as much in the alternate universe where the Blue Devils actually were on the market.”
The report mentions a new financial paradigm slated to transform college sports forever in the form of revenue sharing, allowing athletes to earn money directly from schools.
“While players are currently able to earn money from sponsors and boosters, schools may be able to pay athletes directly starting next season,” Beaton wrote. “At power conference schools, the widespread expectation is that most of that money will go toward football players—and how much a school commits to its basketball program could swing its value.”
However, as Brewer states, the future still isn’t truly set.
“We really don’t know how this is going to work yet,” he said. “It’s all so dynamic right now.”