Louisville holds the top spot.

The Wall Street Journal reports.

How Much Is Your College-Basketball Team Worth?

It was a season that the Louisville men’s basketball team likely wants to forget, as the school self-imposed a postseason ban amid a recruiting scandal in which a former escort said she had sex with basketball players and recruits in exchange for money. When the team announced the ban, Louisville president James Ramsey declined to comment until the investigation was complete, but said it was “reasonable to conclude that violations had occurred in the men’s basketball program in the past.”

Despite the controversy, Louisville remains college basketball’s most valuable team. The bad news is their $301.3 million valuation is down $66.1 million from last year’s ranking, according to an annual study by Ryan Brewer, an assistant professor of finance at Indiana University-Purdue University Columbus.

Brewer analyzed each program’s revenues and expenses and made cash-flow adjustments, risk assessments and growth projections to calculate what a college team would be worth on the open market, if it could be bought and sold like a professional franchise.