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WSJ: Texas Longhorns are state's most valuable basketball program

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'Horns valued at more than $77 million.

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Shaka Smart is working to build the Texas Longhorns into a powerhouse on the court, but they're already a force at the bank. According to an analysis from the Wall Street Journal, the 'Horns basketball program would be valued at $77.1 million if it could be bought and sold like a professional team. The figure was the largest of any program in the state.

Overall, Texas ranks No. 28. A large gap exists between the top 10 programs, who all weigh in at more than $200 million, and everyone else:

In fact, there's a $66 million drop off between No. 10 Duke and No. 11 UConn, and only 15 programs clear the $100 million mark.

The Big 12's highest-valued program is Kansas (No. 2 overall, $258.2 million), followed by Texas, then Kansas State (No. 29, $76.7 million), Iowa State (No. 33, $62.7 million), Oklahoma State (No. 38. $54 million), and Oklahoma (No. 39, $51.2 million).

Ryan Brewer, an assistant professor of finance at Indiana University-Purdue University Columbus, made the analysis. Brewer used each program's revenues and expenses along with cash-flow adjustments, risk assessments, and growth projections to determine an open-market value.