Schools That Make the Most Money Off College Basketball

College basketball is big business. Don't let anyone tell you otherwise.

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And it's not just the players who are raking in the dough with massive NIL Deals during March Madness and beyond. It's the schools that are also seeing dollar signs from their athletic investments-millions of dollar signs for lots of them.

While it might not be the NBA, major Division I college basketball programs have pulled in huge revenues over the last few years-not just with men's basketball, but women's basketball as well-with the numbers getting bigger every season. 

Here is a list of the 32 colleges that have amassed more than $18 million in revenue with basketball programs for both men and women's programs.

Mandatory Credit: Photo by AP/Shutterstock (8524896ab)Trent Forrest, Terance Mann, Phil Cofer, Braian Angola-Rodas Florida State guards Trent Forrest (3) and Terance Mann (14), and forward Phil Cofer (0) and guard Braian Angola-Rodas (11) celebrate after an NCAA college basketball game against Clemson in Tallahassee, Fla.

32. Florida State University

  • Revenue: $18,227,195
  • Men's basketball: $16,987,326
  • Women's basketball: $1,239,869

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Minnesota: University of Minnesota — Twin Cities

31. The University of Minnesota

  • Revenue: $18,310,456
  • Women's basketball: $643,259
  • Men's basketball: $17,667,197
University of Tennessee Knoxville

30. The University of Tennessee

  • Revenue: $18,476,072
  • Men's basketball: $16,069,180
  • Women's basketball: $2,406,892
Dayton, OH, USA / February 28, 2020: University of Dayton sign, with fresh winter snow on the ground.

29. The University of Dayton

  • Revenue: $18,497,393
  • Men's basketball: $16,878,904
  • Women's basketball: $1,618,489

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Mandatory Credit: Photo by Jos? Luis Villegas/AP/Shutterstock (13833654h)Guard Tyger Campbell (10) breaks for the basket in the first half of a second-round college basketball game against Northwestern in the NCAA Tournament, in Sacramento, CalifNCAA Northwestern UCLA Basketball, Sacramento, United States - 18 Mar 2023.

28. The University of California - Los Angeles (UCLA)

  • Revenue: $18,526,663
  • Men's basketball: $12,891,320
  • Women's basketball: $5,635,343
Lincoln, Nebraska, USA - July 9, 2013: Street side view of people at the campus of the University of Nebraska in downtown Lincoln.

27. The University of Nebraska - Lincoln

  • Revenue: $18,698,599
  • Men's basketball: $16,849,124
  • Women's basketball: $1,858,475
Mandatory Credit: Photo by Chris Carlson/AP/Shutterstock (13834180u)Xavier guard Desmond Claude and guard Souley Boum celebrate after their win against Pittsburgh in a second-round college basketball game in the NCAA Tournament, in Greensboro, N.

26. Xavier University

  • Revenue: $18,812,108
  • Men's basketball: $16,067,816
  • Women's basketball: $2,744,292

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Stanford, California, USA - March 17, 2019: Aerial view of Stanford University in Stanford California.

25. Stanford University

  • Revenue: $19,419,358
  • Men's basketball: $11,369,560
  • Women's basketball: $8,049,798
Mandatory Credit: Photo by Jessica Hill/AP/Shutterstock (13836211k)Baylor head coach Nicki Collen, center front, embraces Baylor's Sarah Andrews (24) who comes off the court in the second half of a second-round college basketball game against UConn in the NCAA Tournament, in Storrs, ConnNCAA Baylor UConn Basketball, Storrs, United States - 20 Mar 2023.

24. Baylor University

  • Revenue: $19,644,821
  • Men's basketball: $13,308,914
  • Women's basketball: $6,335,907
Mandatory Credit: Photo by Tony Gutierrez/AP/Shutterstock (12822285q)Head coach Raegan Pebley watches play against Baylor during an NCAA college basketball game in Fort Worth, TexasBaylor TCU Basketball, Fort Worth, United States - 19 Feb 2022.

23. Texas Christian University

  • Revenue: $19,775,379
  • Men's basketball: $12,670,472
  • Women's basketball: $7,104,907

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Mandatory Credit: Photo by Mark Humphrey/AP/Shutterstock (11800939d)Alabama's Jaden Shackelford plays against LSU during the championship game at the NCAA college basketball Southeastern Conference Tournament, in Nashville, TennAlabama Basketball, Nashville, United States - 14 Mar 2021.

22. The University of Alabama

  • Revenue: $20,064,670
  • Men's basketball: $19,047,972
  • Women's basketball: $1,016,698
Mandatory Credit: Photo by Gerry Broome/AP/Shutterstock (11795959h)Virginia forward Sam Hauser (10) and Virginia guard Trey Murphy III (25) celebrate a basket during the second half of an NCAA college basketball game in the quarterfinal round of the Atlantic Coast Conference tournament in Greensboro, N.

21. The University of Virginia

  • Revenue: $20,441,635
  • Men's basketball: $14,598,575
  • Women's basketball: $5,843,060
Mandatory Credit: Photo by David Zalubowski/AP/Shutterstock (13834533az)Gonzaga fans in the second half of a second-round college basketball game in the men's NCAA Tournament, in DenverNCAA TCU Gonzaga Basketball, Denver, United States - 19 Mar 2023.

20. Gonzaga University

  • Revenue: $21,218,754
  • Men's basketball: $17,060,871
  • Women's basketball: $4,157,883

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Nashville, Tennessee - October 9, 2017: Sign at the entrance to Vanderbilt University.

19. Vanderbilt University

  • Revenue: $21,578,177
  • Men's basketball: $13,587,388
  • Women's basketball: $7,990,789
Mandatory Credit: Photo by Michael Conroy/AP/Shutterstock (11796323i)Michigan State guard Rocket Watts (2), celebrates with forward Galin Smith (30) and guard Aidan McCool (20) in the first half of an NCAA college basketball game against Maryland at the Big Ten Conference tournament in IndianapolisB10 Michigan St Maryland Basketball, Indianapolis, United States - 11 Mar 2021.

18. The University of Michigan - Ann Arbor

  • Revenue: $21,755,023
  • Men's basketball: $21,141,253
  • Women's basketball: $613,770
Jerry Richardson Indoor Stadium South Carolina NCAA basketball

17. The University of South Carolina

  • Revenue: $22,141,925
  • Men's basketball: $12,604,227
  • Women's basketball: $9,537,698

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Mandatory Credit: Photo by Mary Altaffer/AP/Shutterstock (11795891h)Villanova guard Justin Moore (5) drives against Georgetown forward Chudier Bile (4) during the first half of an NCAA college basketball game in the quarterfinals of the Big East conference tournament, in New YorkBEast Georgetown Villanova Basketball, New York, United States - 11 Mar 2021.

16. Villanova University

  • Revenue: $24,005,010
  • Men's basketball: $20,513,366
  • Women's basketball: $3,491,644
Mandatory Credit: Photo by Michael Conroy/AP/Shutterstock (11800949c)Ohio State forward Justice Sueing (14) plays against Illinois in an NCAA college basketball championship game at the Big Ten Conference tournament in IndianapolisOhio St Men's Basketball, Indianapolis, United States - 14 Mar 2021.

15. Ohio State University

  • Revenue: $24,268,826
  • Men's basketball: $23,575,794
  • Women's basketball: $693,032
Bud Walton Arena Arkansas NCAA basketball

14. The University of Arkansas

  • Revenue: $24,495,637
  • Men's basketball: $24,094,372
  • Women's basketball: $401,265

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Mandatory Credit: Photo by Ted S Warren/AP/Shutterstock (9468722f)Arizona forward Deandre Ayton during the first half of a first-round game against Buffalo in the NCAA men's college basketball tournament, in Boise, IdahoNCAA Buffalo Arizona Basketball, Boise, USA - 15 Mar 2018.

13. The University of Arizona

  • Revenue: $25,054,541
  • Men's basketball: $23,287,417
  • Women's basketball: $1,767,124
West Lafayette, Indiana/USA March 30 2020: Purdue University in the time of COVID-19 Social Distancing & Self Quarantine.

12. Purdue University

  • Revenue: $25,919,482
  • Men's basketball: $18,911,360
  • Women's basketball: $7,008,122
Mandatory Credit: Photo by Jeff Roberson/AP/Shutterstock (13846600j)Texas guard Marcus Carr celebrates after scoring against Miami in the first half of an Elite 8 college basketball game in the Midwest Regional of the NCAA Tournament, in Kansas City, MoNCAA Miami Texas Basketball, Kansas City, United States - 26 Mar 2023.

11. The University of Texas -- Austin

  • Revenue: $26,180,959
  • Men's basketball: $23,637,212
  • Women's basketball: $2,543,747

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URBANA, IL/USA - JUNE 3, 2018: Campus athletic banner at University of Illinois at Urbana–Champaign.

10. The University of Illinois

  • Revenue: $26,490,527
  • Men's basketball: $25,658,000
  • Women's basketball: $832,527
Mandatory Credit: Photo by Adam Hunger/AP/Shutterstock (13842731bu)Michigan State guard Jaden Akins yells at guard A.

9. Michigan State University

  • Revenue: $27,134,559
  • Men's basketball: $26,270,974
  • Women's basketball: $863,585
Mandatory Credit: Photo by Otto Kitsinger/AP/Shutterstock (9469538a)Kentucky guard Shai Gilgeous-Alexander (22) drives against Buffalo guard CJ Massinburg (5) during the first half of a second-round game in the NCAA men's college basketball tournament, in Boise, IdahoNCAA Buffalo Kentucky Basketball, Boise, USA - 17 Mar 2018.

8. The University of Kentucky

  • Revenue: $27,252,990
  • Men's basketball: $22,667,255
  • Women's basketball: $4,585,735

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Mandatory Credit: Photo by Jessica Hill/AP/Shutterstock (12820171n)Marquette coach Megan Duffy shouts to players during the first half of the team's NCAA college basketball game against Connecticut, in Hartford, ConnMarquette UConn Basketball, Hartford, United States - 23 Feb 2022.

7. Marquette University

  • Revenue: $27,751,972
  • Men's basketball: $23,422,126
  • Women's basketball: $4,329,846
Mandatory Credit: Photo by Gerry Broome/AP/Shutterstock (11794841c)Louisville forward Quinn Slazinski (11) looks to pass the ball during the second half of an NCAA college basketball game against Duke in the second round of the Atlantic Coast Conference tournament in Greensboro, N.

6. The University of Louisville

  • Revenue: $28,768,232
  • Men's basketball: $21,853,488
  • Women's basketball: $6,914,744
Mandatory Credit: Photo by Darron Cummings/AP/Shutterstock (10487961a)Indiana's Al Durham (1) dribbles during the first half of an NCAA college basketball game against Louisiana Tech, in Bloomington, IndLouisiana Tech Indiana Basketball, Bloomington, USA - 25 Nov 2019.

5. Indiana University - Bloomington

  • Revenue: $31,192,515
  • Men's basketball: $25,955,324
  • Women's basketball: $5,237,191

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Mandatory Credit: Photo by Jessica Hill/AP/Shutterstock (12632117u)Connecticut's Paige Bueckers dribbles around Notre Dame's Madelyn Westbeld (34) in the first half of an NCAA college basketball game, in Storrs, ConnNotre Dame UConn Basketball, Storrs, United States - 05 Dec 2021.

4. The University of Connecticut

  • Revenue: $32,574,770
  • Men's basketball: $24,055,088
  • Women's basketball: $8,519,682
Mandatory Credit: Photo by Gerry Broome/AP/Shutterstock (11797207b)North Carolina guard Leaky Black (1) passes the ball during the second half of an NCAA college basketball game against Virginia Tech in the quarterfinal round of the Atlantic Coast Conference tournament in Greensboro, N.

3. The University of North Carolina at Chapel Hill

  • Revenue: $33,193,398
  • Men's basketball: $31,965,031
  • Women's basketball: $1,228,367
14 February 2015: Syracuse Orange mascot Otto the Orange cheers during ncaa basketball game between Duke Blue Devils and Syracuse Orange at the Carrier Dome in Syracuse, NY.

2. Syracuse University

  • Revenue: $35,765,493
  • Men's basketball: $34,157,191
  • Women's basketball: $1,608,302

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Mandatory Credit: Photo by John Minchillo/AP/Shutterstock (12847477b)Duke head coach Mike Krzyzewski works the bench in the second half of an NCAA college basketball championship game against Virginia Tech of the Atlantic Coast Conference men's tournament, in New York.

1. Duke University

  • Revenue: $47,751,792
  • Men's basketball: $45,108,538
  • Women's basketball: $2,643,254

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George Malone contributed to the reporting for this article.

Methodology: For this piece GOBankingRates used the United States Department of Education's "Equity in Athletics Data Analysis" (EADA) dataset to find (1) total basketball revenues; (2) men's basketball revenues; and (3) women's basketball revenues for all NCAA Division I schools all in FY 20-2` data (the most recent available). Only the top 50 schools in terms of factor (1) were included in the final list. All data was collected on and up to date as of March 15, 2023.

This article originally appeared on GOBankingRates.com: Schools That Make the Most Money Off College Basketball

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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