I’m not sure that that’s actually correct, but in any event the analysis is not a whether a P5, or even a P2 tournament would make as much money as the existing NCAA tournament. The analysis is whether a P5, or even a P2 tournament would make more money than having those conferences participate in the existing NCAA structure. It would, by a large margin.
I’ve said this before, and it seems to be catching on here a bit, there is a notion that a P2 tournaments would definitionally only involve those teams. I guess that could happen, but not if they have any one who is reasonably intelligent setting the thing up. The way to do it is have a P2 sponsored tournament that invites other teams from D1 to participate. All they need to do is get a linear media deal to broadcast it and promise the teams that get the invite more money than they would currently get for participating in the NCAA tournament. Does that sound familiar, because it’s exactly how the NCAA nudged out the NIT as college basketball‘s premiere tournament. It really is just that easy.
This is low hanging fruit. It will happen, eventually, the question is not if, but when.