The NCAA men's and women's basketball committees officially approved March Madness expansion yesterday, increasing the number of teams from 68 to 76.

In their official release, the NCAA said the move would generate $131 million in revenue distributions to participating schools. The organization is changing previous policies to help open up new revenue streams.

"As part of the agreements the NCAA will open up new, previously restricted product categories for the NCAA Corporate Champions and Partners Program, including beer, wine, spirits, and hard seltzer, and allows for expanded in-game advertising opportunities during the linear and streaming coverage of the tournaments."

The new Opening Round will feature six games spread across the Tuesday and Wednesday following Selection Sunday. Dayton, the traditional host of the First Four, will host three games while the other three will be hosted by a city yet to be determined. An open bidding process for Opening Round games will start later this month.

NCAA senior Vice President Dan Gavitt said the 76-team format will be in place until at least 2032 and conceded the new format is unpopular with fans.

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While some tournaments are expanding, Player's Era is reducing it's field. The previously announced 32-team field is now 24, with another format change for 2026.

The updated tournament will be broadcast on ESPN platforms and features two tournaments, both held in Las Vegas. An eight-team field will be played the week before Thanksgiving. A separate 16-team field will be played during the week of Thanksgiving.

Via Ryan Hammer on X/Twitter

Matchups, schedule and broadcast information will be shared in the coming weeks.

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