The NCAA's men's Division I basketball tournament gets underway this weekend with 68 teams vying for the national championship trophy. Tony Weaver, an assistant professor in the Department of Sport and Event Management, explains how money generated by March Madness is divided among tournament teams - and why the real benefit to making the Big Dance isn't necessarily financial - in the latest in a series of videos in which Elon University faculty members share their research and classroom expertise.
The NCAA signed a $10.8 billion agreement with CBS and Turner Broadcasting last April where the media partners get exclusive rights to broadcast tournament games for each of the next 14 years. That boils down to more than $700 million each spring for the collegiate programs.
But the money doesn’t go straight to the schools. Instead, for each game a team plays in the tournament, the NCAA will direct $240,000 to the athletic conference the college represents. It’s up to the conference to divide the spoils of those appearances. As Weaver points out, it’s in each conference’s best interest to have their members remain in the tournament as long as possible because, for many schools, revenue earned can help decrease the growing financial deficit in most athletic departments.
So why compete in March Madness at all? Learn more about other benefits by watching Weaver’s recent interview with the Office of University Relations.
The office welcomes Elon University students and professors to nominate faculty for the video series. Email suggestions to Eric Townsend, director of the Elon University News Bureau, at etownsend4@elon.edu.