There’s a new No. 1 in college basketball—and it’s not a team in Phoenix for this weekend’s Final Four.

Kentucky is now the most valuable program in the country with a valuation of $342.6 million, according to an annual study by Ryan Brewer, an assistant professor of finance at Indiana University-Purdue University Columbus. That’s up $98.3 million over last year and enough to surpass Louisville, the Wildcats’ in-state rival and the most valuable program since Brewer began his analyses in 2011.

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.

Kentucky’s surge is a testament to the team’s sustained success under John Calipari, Brewer said. Although the program restored its national prominence not long after Calipari took over in 2009, it can take time for those wins to make their impact on a balance sheet. “The last few years, especially, have shown significant gains for Kentucky,” Brewer said.

North Carolina, which beat Kentucky in the Elite Eight, leads the pack among this year’s Final Four teams with a $143 million value, 10th highest in the country. The ACC and Big Ten dominate the field, each with four in the top 10.