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Um, They Pay Schools How Much To Play In The NCAA Tournament?!?!
TV money is for real. Just ask Wichita St, who has already earned $1,227,500 this tourney. The going rate? $245,500 per game. And that’s after the NCAA pays for their travel expenses. The Shockers are finding Cinderella’s glass slipper is made by Dulce & Gabana. Although they have to share their “winnings” with their conference, Wichita St. has seen a 400% uptick in web traffic and expects a serious influx of fundraising dollars as a side effect. Basically, the school just went viral.
But who makes the most money out of this whole thing? Simply put, coaches. As Bloomberg news reports, homeboy is getting PAID for this trip to Atlanta:
University of Louisville coach Rick Pitino would make $425,000 extra this year — on top of a $5.7 million pay package — by leading his favored Cardinals to the championship of the men’s national basketball tournament.
Honey, looks like we’re going on that vacation! And they pale in comparison to the corporate big dogs. Consider the National Collegiate Athletic Association. Last year alone they made bank. So much so, that it’s often hard for them to keep their status as a non-profit. How much? Try close to a billion dollars. That’s right. CBS/Turner sports shelled out $871.6 million for last year’s March Madness (which is just $200 million shy of the asking price of the freakin’ Olympics.) That’s more than $6 per estimated viewer (viewership is somewhere in the vicinity of 140 million people.) So where’s all that money go? Dope cars. Psych, it goes back into Division I to help out the kids.
While the amount of revenue is large, little of the money is retained by the NCAA national office. About 96 percent is distributed directly to the Division I membership or to support championships or programs that benefit student-athletes. The remaining 4 percent goes for central services, such as building operations and salaries not related to particular programs.
For 2012-13, NCAA revenue is projected at $797 million, with $702 million coming from the Association’s new rights agreement with CBS Sports and Turner Broadcasting.
You know who ain’t getting paid? The players. But, then again, that’s what the NBA draft and Enterprise rent-a-car are here for.
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