Here is all you need to know about the March Madness prize money, pool check out how much do the winners bag
March Madness, the exciting conclusion of the NCAA Tournament, is something that college basketball fans nationwide look forward to every spring.
Although collegiate athletes are not compensated for participating in the NCAA, a reform was made effective in 2022 that permits them to sign sponsorship deals in order to take use of their fame and pay for things like education and other expenditures not covered by scholarships.
March Madness 2024 winner and runner up prize money pool and players payout
IT'S NATIONAL CHAMPIONSHIP GAME DAY 🏆 #MarchMadness
📍 Phoenix, AZ
⏰ 9:20pm ET
📺 TBS pic.twitter.com/CFpOl7ChUq— NCAA March Madness (@MarchMadnessMBB) April 8, 2024
Division I schools’ average revenue per student as of February 2022 was $561, which helps to somewhat offset the cost of college expenses. Every year, millions of people watch March Madness, which generates billions of dollars in revenue.
But for their heroic efforts to advance to the final game, what precisely do the victorious and runner-up teams receive?
March Madness prize money
The March Madness Championship maintains great importance for players and conferences alike, even though it may not result in a conventional cash prize. Almost 90% of the $1.15 billion in income that the NCAA made in the 2021–2022 academic year came from the tournament.
CBS Sports and Turner Broadcasting, who telecast the tournament every year, inked a 14-year, $10.8 billion contract with the NCAA in 2010. It was extended in 2016 for an additional $8.8 billion, until 2032. Ninety percent of the earnings are paid to the colleges right away.
A Basketball Performance Fund, valued at $170 million in 2022, is distributed to the conferences from the 68 participating teams.
At the same time, the teams receive “units” for their participation, which is an additional payout for each game played over a consecutive six-year period. The rate at which these units rise annually is 3%.
Up to five units are available to a team that makes it to the finals; as of 2021, Sportico estimated that this amounted to $337,141. In turn, the NCAA donates a portion of the earnings to the Sports Scholarship Fund, which enables colleges to give athletes scholarships.
Lastly, support for other sports tournaments and administrative salaries make up the percentage of the NCAA’s expenses that are taken.