The debate over whether to pay college athletes is heating up once again this week, and while college athletes cannot currently profit off of their abilities or likenesses, the NCAA is cashing in big time. Today, the organization announced an eight year, $8.8 billion extension on NCAA Men's Basketball Tournament multimedia rights with CBS and Turner, which lasts through 2032.
">April 12, 2016
From the NCAA's release:
CBS Sports and Turner will continue to manage and collaborate on the NCAA’s corporate marketing program. Additionally, Turner will continue to manage March Madness Live and NCAA.com, along with major events surrounding NCAA championships, including the NCAA March Madness Fan Fest and Music Festival.
The extension covers an eight-year period for a total rights fee of $8.8 billion. 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. Further, the agreement ensures student-athletes across all three NCAA divisions will continue to be supported through a broad range of championship opportunities, access to funds for personal and educational needs, and through scholarships in Divisions I and II.
That's one wealthy marching band.