Louisville and Kentucky are ranked second and third respectively in the Top 25 preseason poll released on Friday.
The Cardinals, who lost to in-state rival and the eventual national champion Wildcats during last year's Final Four in New Orleans, received 20 first-place votes and 1,568 points overall.
Louisville returns much of last year's team, led by junior guard Russ Smith, senior guard Peyton Siva, junior center Gorgui Dieng and sophomore forward Chane Behanan.
Kentucky, which replaced six players - all picked in the NBA draft - from that title team with blue-chip recruits Nerlens Noel, Archie Goodwin, Alex Poythress and Willie Cauley-Stein, received 1,453 points and two first-place votes.
Indiana (1,592, 43 first-place votes) is the preseason No. 1.