This is a very subjective question but if you're going by history, atmosphere, tradition then it really comes down to these places:
1. Allen Fieldhouse (Lawrence, KS -- Kansas Jayhawks)
2. The Palestra (Philadelphia, PA -- Penn Quakers)
3. Cameron Indoor Stadium (Durham, NC -- Duke Blue Devils)
4. Gallagher-Iba Arena (Stillwater, OK -- OK State Cowboys)
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University of Kentucky of course is the biggest. Comfortably seats 23,500 but packs in more on the bleacher seats. Has broken its own record for the largest capacity of fans 20 times. In addition it has a food court, shopping center, and reception halls attached. At the time Rupp Arena was built it, was bigger than every NBA stadium as well.