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>The association has $250 million to $275 million in business-interruption insurance connected to the tournament, the ADs and administrators have been told, but it is unclear how quickly that money would come to the NCAA – or how much. These types of insurance claims can bog down in a variety of disputes, and catastrophic-event insurance markets are likely to be under stress because of the global pandemic.
The association depends on the basketball tournament for nearly all of its roughly $1.1 billion in normal annual revenue.
During a fiscal year ending Aug. 31, 2020, the NCAA had been scheduled to collect $827 million just from its long-term multimedia and marketing rights agreement with CBS and Turner, according to the association’s recently released audited financial statement. That statement attributed $170 million in non-CBS/Turner revenue for fiscal 2019 to “championships and NIT tournaments,” with a sizable portion of that likely coming from the men’s basketball tournament.
The NCAA’s 2020 Revenue Distribution Plan calls for the association to make payouts to Division I schools from April 15 through June 10. Just over $220 million in payments are scheduled for April 15, but those may be delayed.
