The Indiana Hoosiers have one of the most valuable men’s college basketball programs in the entire country, according to a new study conducted.

According to a recent study from the Wall Street Journal, Indiana ranks as the third most valuable college men’s basketball program. The study, which was conducted by Ryan Brewster, an associate professor at Indiana University Columbus, accounts for “revenues and cash flows while making financial projections about the team’s sustainability.” The rankings are projections of how each program could be valued if sold as professional teams.

According to Brewer, Indiana’s program has an enterprise value of $279 million, trailing only North Carolina at $378 million and Duke at $370 million.

Brewer’s data shows the IU program with a cash flow of $12.9 million and revenue of $34 million.

In a similar study of women’s college basketball programs, also conducted by Brewer, Indiana ranked 14th nationally with a value of $50 million.

Here’s how the WSJ came up with the data for those rankings:

“The numbers are the product of a regular study conducted by Brewer, who begins his research with a simple question: What would these teams be worth if they could be bought and sold like a pro sports team? He answers it by studying revenues and cash flows while making financial projections about the team’s sustainability. In a way, it’s not different than it would be if he were analyzing the value of any other business.”

In there last four seasons under former head coach Mike Woodson went 82-53 (41-39 in the Big Ten) including two NCAA Tournament appearances.

Darian DeVries was hired after taking over a program in dire need of a new makeover in Bloomington.