Most of the NCAA'srevenue comes from media and sponsorship contracts related to the men's basketball tournament, also known as March Madness, which remains a major event on the overall U.S. sports calendar. Additionally, the NCAA $270 million event-cancellation insurance policy for the basketball tournament which will be used to pay off the rest.
The NCAA addressed these concerns in a letter to member schools, saying "the committee recognizes that several issues need to be addressed related to providing an additional season of competition, including financial aid implications".
"We are living in unprecedented times not only for higher education but for the entire nation and around the globe as we face the Covid-19 public health crisis", said Michael Drake, Ohio State University president and chair of the NCAA board of governors.
On March 13, the NCAA Division I Council Coordination Committee "agreed that it will be appropriate to grant relief for the use of a season of competition for student-athletes who have participated in spring sports", according to a document circulated to member schools.
"The Association has prepared for a financial catastrophic event like the one we face now", Drake said.
The level of dependence on the NCAA's annual distribution will vary by conference and school. It was canceled March 19, a week before the first round was scheduled to begin. "It is too early to tell how much money each campus will receive, so it would be premature to comment on the specific ramifications for UCLA".
USC athletic director Mike Bohn, speaking Monday on the school's "Trojans Live" broadcast, said he was expecting a 70% reduction in the NCAA distribution. Whether or not the decision to outright cancel all sporting events just a day after the decision to host events with no fans was the right decision is a debate for another day, but we are now at the point where we have to discuss what this decision means for student-athletes in the long run.
The NCAA pulled in more than $1 billion in revenue previous year, including $867.5 million from the television and marketing rights for the Division I men's basketball tournament. "Division III will receive 3.18% of actual revenues, now projected to be $10.7 million for the division, which is a $22 million decrease from previous year".
IHeart, Fox Announce Concert For America
It will air on Fox in the original slot for the canceled 2020 iHeartRadio Music Awards - March 29 from 9-10 p.m. EST - and on iHeartMedia radio stations nationwide, as well as on the IHeartRadio app.