New College Basketball Tournament Booms with Millions in Cash Prizes for Players as NCAA Shifts on Amateurism

The recent ruling that allows college athletes to profit from their name, image, and likeness has paved the way for a new college basketball tournament. According to CBS Sports, Las Vegas will host an eight-team Thanksgiving weekend tournament featuring programs from the NCAA’s top conferences. Each participating program will receive $1 million to distribute among its players. Schools such as Alabama, Houston, Notre Dame, Oregon, Rutgers, San Diego State, and Texas A&M are expected to participate in the tournament.

Players involved in the tournament would be required to engage in off-court activities to earn sponsorship money. The event organizers have assured universities that the tournament will operate within NCAA guidelines. One of the coaches from a participating school expressed enthusiasm for the opportunity, stating that it would be unwise not to participate if invited. While schools cannot directly pay their players for their name or image, many have established collectives to raise funds on behalf of the athletes.

The NCAA’s decision to allow players to engage in sponsorship opportunities in 2021 signified a major shift in the organization’s stance on amateurism. This change has led athletes to increasingly prioritize monetization when selecting schools. NIL deals specifically for basketball and football players have reportedly reached millions of dollars. With the rise in player transfers due to the ability for players to transfer once without sitting out a season, this new tournament provides another opportunity for athletes to earn money while also competing at a high level.