Undefeated Kentucky is on the brink of one of the greatest seasons in college-basketball history—but the Wildcats aren’t even the most valuable team in their own state, according to an annual study.

Louisville, which lost to Michigan State in the Elite Eight, remains the most valuable men’s basketball program in the country, worth $367.4 million—more than $50 million more than second-place Arizona—according to a valuation by Ryan Brewer, an assistant professor of finance at Indiana University-Purdue University Columbus.

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