At Forbes, Peter Schwartz lists his "valuation" of the top 25 college basketball teams.
The leaders are no surprise: teams on tobacco road & its western extension into Kentucky (UK & UL). Top ranked North Carolina is listed as having a value of $26.0 million, with 2006 profit of $16.9 million. Just East on I-40, # 13 NC State's figures are $13.6 million and $7.9 million, respectively.
One can't separate the teams from the schools - i.e. there is no market for the teams - so this is purely a curio. Even so, the value estimates seem too low in terms of the value delivered to the school, and the method used to create them is not discussed.