Written by:
Shuang Yang

Players are Left Out of March Madness Money

March Madness is one of the most exciting events of the sporting calendar, as 65 college teams from around the country battle it out for the title. In offices, schools, bars, and households everywhere, Americans fill out their brackets in hopes of winning their pools. From its humble roots, March Madness has evolved into a multi-billion dollar industry. Despite the big money involved in March Madness, there is one group that is left out: the players. As Los Angeles Times sports columnist Kurt Streeter notes:

[D]on't forget that Griffin, like every single player in the tournament, is a pawn.

Sure, many of these basketball studs get full-ride scholarships. But when you compare the price of a scholarship -- often a $20,000-to-$30,000 benefit -- to the hundreds of millions made from their sweat, where's the fairness? There is none.

In fact, college basketball is lucrative for just about everyone else involved:

The NCAA will end up reeling in $6 billion from CBS for the current TV deal, which ends in 2013. A $6-billion treasure trove, and that's to say nothing of the myriad corporate sponsorships. Not bad for an entity protected by non-profit, tax-exempt status because of its "educational mission."

While some players can't afford to go to the student union and buy an NCAA-approved replica jersey with their own number on it, coaches make out better and better every year. Florida's Billy Donovan makes $3.5 million. His team didn't make the tournament. Ohio State did. Their coach makes $2.5 million. UCLA, we know, made the dance. Ben Howland brings in roughly $2 million yearly.

Check out the LA Times to read more about the big business of college basketball and especially, March Madness.