INDIANAPOLIS, Ind. — The NCAA announced on Thursday that the cancellation of March Madness due to the coronavirus pandemic will cost the association nearly $375 million that would have been distributed to the 350 Division I schools across the nation.
The NCAA also announced on Thursday that it will distribute $225 million to the 350 Division I schools in June. While that may sound like a big number, that is only two-thirds of the $600 million that was scheduled to be passed out in installments beginning in April and ending in June.
Big 12 Conference commissioner Bob Bowlsby said that the 10-member schools would have received nearly $24 million from the distributions paid by the NCAA. Instead, Bowlsby said it would be roughly $10 million after it’s all said and done. He said last year the conference distributed nearly $35 million to each of it’s 10 schools.