While Kansas and Kentucky battle it out Monday night for the national championship, college basketball's real No. 1 will be sitting back on the sideline, counting its considerable cash.

The Louisville men's basketball team is far and away the most valuable program in the sport, according to a recent study. Despite not even being the most prestigious team in its own state—that would be Kentucky, which beat the Cardinals on Saturday for a spot in the national-title game—Louisville would be worth an estimated $211.5 million if...