Apparently the parties liked that deal so much, they didn't even get halfway through their initial deal before a huge multibillion dollar extension.
So, the NCAA now makes over a billion dollars per year from the TV rights to its basketball tournament starring unpaid basketball players. And that doesn't include the money it makes from other media rights and ticket sales.
How much TV money does March Madness make?
Now they'll be making a billion dollars from the TV rights to a tournament starring unpaid basketball players. That's pretty ridiculous, huh? However, the NCAA would like you to know that it is good and normal for an organization to make a billion dollars from the TV rights to a basketball tournament starring unpaid basketball players, because they are nice.
As with the current and previous contract, more than 90 percent of the revenue generated from this extension will be used to benefit college athletes through programs, services or direct distribution to member conferences and schools. But when you break down that phrasing, it doesn't really check out. For starters, they're arguing all money that's part of "direct distribution to member conferences and schools" is included in that "90 percent.
ESPN and the Indy Star have broken down exactly how the organization redistributes money to its members. By lumping this in under money "used to benefit college athletes," the NCAA is implying every penny that it gives to schools helps players. But we know that this is not the case. The NCAA is arguing that every penny spent by schools helps student athletes.
How can money paid to a coach or search firm benefit student athletes? I don't know how you could consider this money to benefit student-athletes, but it seems like the NCAA hopes you think it does. The NCAA also counts all the money it has going towards "programs" and "services" as beneficial towards college athletes.
To be fair, this is kinda true. This is the most reasonable thing the NCAA does, and it's far from perfect. You could argue it just underscores how bad it is that athletes don't get money unless they seriously need it. Anyway, the NCAA says 90 percent of its cash goes to benefiting student-athletes.
That's a freakin' awful argument. It's bad enough for the NCAA to hold a billion-dollar event without paying the people that make it happen. It's even worse when they try to make it seem like they're generous for doing it.
March Madness Stats & Fun Facts | WalletHub®
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How much does the NCAA make off of March Madness
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