Forbes: Louisville is most valuable college basketball team

Louisville is the NCAA Tournament favorite and the most valuable college basketball program. (Elsa/Getty Images)

The Louisville Cardinals men's basketball team is No. 1 this week in more ways than one. The top overall seed in the NCAA Tournament is No. 1 in money making as well.

According to Forbes Magazine, Louisville tops this year's list as the most valuable college basketball team with an estimated value of $38.5 million. The figures are based on revenues and expenses from the 2011-12 season.

Coming in second is Kansas ($32.9 million), followed by North Carolina ($32.8 million), Kentucky ($32.1 million) and Ohio State ($23.1 million) to round out the top five.

Duke took a slide this year, now ranked 11th with a value of $17.1 million, thanks partly to changes in the athletic department’s accounting practices. The Blue Devils also fell because they simply spend more than any other team. In fact, Duke is one of just six teams to break $25 million in basketball revenue, but it ranks 12th in terms of team profit.