The big money of college basketball has never been in the news as much as it has during this past season. So before Monday’s national championship between Michigan and Villanova, it’s time to settle a different but relevant question: What’s the most valuable program in the country?

For the second straight season, it’s Kentucky, according to an annual study by Ryan Brewer, an associate professor of finance at Indiana University-Purdue University Columbus. Kentucky is worth $246.6 million, but that’s 28% lower than a year ago—with valuations across the sport down 7.4%.

Brewer assesses what every college team would be worth on the open market if it could be bought and sold like a professional franchise. The study analyzes each program’s revenues and expenses with cash-flow adjustments, risk assessments and growth projections.

While Brewer found that cash flows were up 7.1% over last year, the overall values tumbled because of the headwinds facing the sport that haven’t shown up in balance sheets yet but have the potential to challenge the future of the sport. Those questions include broad ones about amateurism and more specific issues, such as the ones raised by the federal probe resulting in 10 arrests and which alleged a system of corruption, bribery and kickbacks.

“In particular for college basketball, the FBI investigation attacks the very heart of the industry,” Brewer said. “The reason for the drop in the valuation is that new risk.”