It's official, the NCAA men's and women's basketball tournaments are expanding to 76 teams moving forward after committee members voted to approve the transition on Thursday.
In what has become a focal point of dissension among college basketball fans over the past year, the increase of teams that will now make up the postseason field passed through multiple layers to its final stage.
"The expanded bracket format will not impact regular season or conference championship schedules," the NCAA said in its release.
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Some might be wondering why the NCAA is once again expanding the tournament. Look no further than the revenue it will create for schools across the country, which is tied into television contracts and sponsorship dollars that were too lucrative to turn down.
In the new agreement, the NCAA will also open new avenues for sponsorship agreements, which will include beer, wine, spirits and hard seltzer, just to name a few options.
Over the past month, NCAA officials met with media partners to hash out what the addition of 12 teams would create in terms of revenue for the postseason tournament, with Turner Sports being afforded additional games to broadcast each year.
In the new format, the First Four will now turn into the opening round, which will feature 24 teams participating in 12 games over a two-day period. Half of these matchups will take place in Dayton, Ohio, while the other games will be decided in a location to be announced.
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For these opening round games, there will be a mixture of at-large teams and automatic bid qualifiers. Each 16-seed, and half of the 15-seeded teams, will participate in these games, while the rest will be configured of 11, 12 and the potential for a 13-seeded team.
Those teams that win will move on to play in the actual opening round of the NCAA Tournament on Thursday and Friday.
Yes, I know this is a bit much, which has turned into a highly entertaining conversation across social media and within athletic departments in recent weeks.
UConn's Dan Hurley warns NCAA tournament expansion could make the regular season 'meaningless'
It's hard not to argue that college basketball is not simply just handing out further bids to increase the chances for a university to receive its participation ribbon.
But we are also seeing a substantial increase in expenditures on every college campus, which is another reason why expansion was pivotal for schools.
"The NCAA will be able to award more than $131 million in new revenue distributions to member schools participating in the basketball tournaments over the remaining six years of the NCAA's broadcast agreements," the organization announced.
Also, the NCAA will see an increase of $300 million in revenue from the media rights deal over the course of six years.
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"Expanding the Division I Men's and Women's Basketball Championships is the right decision for the student-athletes and programs that will now have access to the greatest events in college sports," said Board of Directors Chair Tim Sands, president at Virginia Tech.
Now, with the tournament preparing for an increased field, we can look ahead to the next television contract negotiations, where there will undoubtedly be conversations around expanding the number of teams once again.
