Advanced Statistical Plus-Minus, while originally derived based on NBA statistics, should work well for NCAA basketball as well. Since NCAA men’s basketball statistics are readily available from http://www.sports-reference.com/cbb/ , I have adapted my spreadsheets to use that site as a data source to generate NCAA ASPM.
Since there really isn’t a level playing field in the NCAA, looking at VORP (value over replacement player) is not exactly a valid concept, nor meaningful. I would recommend rather focusing purely on the ASPM values and simply keeping playing time in mind.
The full Excel Spreadsheet, with macros for updating (the last 3 seasons–2010 had a different team rating source) is located here: ASPM NCAA Spreadsheet.
NOTE: this is NOT Adjusted Plus/Minus. This is an advanced form of Statistical Plus/Minus, and as such is based on box-score stats (and has the benefits and limitations thereof).