UNC, Duke Top WSJ List of 2025's Most Valuable Men's College Basketball Teams

UNC and Duke are listed first and second on a list of the most valuable NCAA men's college basketball teams.
The study was done by Ryan Brewer, an associate professor of finance at Indiana University Columbus. Andrew Beaton of the Wall Street Journal relayed the findings.
The schools are ranked by enterprise value. UNC is at $378 million, while Duke sits second at $370 million. Indiana ($279 million), Ohio State ($262 million) and Louisville ($260 million) round out the top five.
Per Harvard Business School, enterprise value "is calculated by combining a company's debt and equity and then subtracting the cash amount not used to fund business operations."
Duke's revenue was listed first overall at $47.6 million. UNC was first in cash flow ($23.2 million).
Beaton offered more context on Brewer's study. In essence, it's a regular study with an overriding question from the professor: "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. In a way, it’s not different than it would be if he were analyzing the value of any other business," Beaton added."
"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. 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."
Brewer also did a study for women's college basketball teams, with reigning national champion UConn topping the list at a $95 million enterprise value. The top five rounded out with South Carolina ($86 million), Baylor ($77 million), Stanford ($74 million) and BYU $60 million).
He also did a study of college football programs that was released in January, after Ohio State won the national championship. The Buckeyes were No. 1 at $1.95 billion. They were one of nine teams to cross the billion-dollar mark. Texas ($1.9 billion), Michigan ($1.66 billion), Georgia ($1.34 billion) and Notre Dame ($1.29 billion) rounded out the top five.