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There’s a new No. 1 in college basketball—and it’s not a team in Phoenix for this weekend’s Final Four.

Kentucky is now the most valuable program in the country with a valuation of $342.6 million, according to an annual study by Ryan Brewer, an assistant professor of finance at Indiana University-Purdue University Columbus. That’s up $98.3 million over last year and enough to surpass Louisville, the Wildcats’ in-state rival and the…