  Inspired by Fujita's algebro-geometric result that complex projective space
has maximal degree among all K-semistable complex Fano varieties, we conjecture
that the height of a K-semistable metrized arithmetic Fano variety X of
relative dimension n is maximal when X is the projective space over the
integers, endowed with the Fubini-Study metric. Our main result establishes the
conjecture for the canonical integral model of a toric Fano variety when n is
less than or equal to 6 (the extension to higher dimensions is conditioned on a
conjectural "gap hypothesis" for the degree). Translated into toric K\"ahler
geometry this result yields a sharp lower bound on a toric invariant introduced
by Donaldson, defined as the minimum of the toric Mabuchi functional. We
furthermore reformulate our conjecture as an optimal lower bound on Odaka's
modular height. In any dimension n it is shown how to control the height of the
canonical toric model X, with respect to the K\"ahler-Einstein metric, by the
degree of X. In a sequel to this paper our height conjecture is established for
any projective diagonal Fano hypersurface, by exploiting a more general
logarithmic setup.
