ACC MarketWatch

This is a really unique look at $$'s and triangle hoops programs. You'd have to assume were it a real stock market, everyone would be shorting the pack.

The Most Valuable College Basketball Teams

Highway I-40, known as Tobacco Road, connects the universities of North Carolina, Duke and North Carolina State. These schools sit within a 25 mile radius of each other in a region where college basketball is religion. The passion that their students, alumni and sponsors have for college basketball translates into an abundance of riches for these universities, making their men's basketball programs extremely valuable, according to Forbes' first ranking of college hoops teams. Just how much are these "amateur" basketball teams worth?

The North Carolina Tar Heels basketball team is the most valuable in the country, worth $26 million. We base our valuations on what the basketball programs contribute to four important beneficiaries: their university (money generated by basketball that goes to the institution for academic purposes, including scholarship payments for basketball players); athletic department (the net profit generated by the basketball program retained by the department); conference (the distribution of tournament revenue); and local communities (incremental spending by visitors to the county during the regular season that's attributable to the program).

Last season the Tar Heels posted a $16.9 million profit and, thanks in part to a lucrative merchandising agreement with Nike (nyse: NKE - news - people ), contributed $800,000 to the university for academics. With Michael Jordan's jersey hanging from the Dean Smith Center's rafters and the basketball team a perennial contender for the national championship, basketball is the cornerstone of the university's athletic department. More on Duke and State