Following the cancellation of last season's NCAA men's basketball tournament amid the COVID-19 pandemic, the NCAA experienced a $600 million annual decline in its total revenue for the 2020 fiscal year, according to USA Today.
USA Today obtained a copy of the league's new audited financial statement, which reportedly showed a revenue decrease of more than 50% compared to 2019.
The report also revealed "a $700 million decline in television and marketing rights revenue, nearly all of which came from the NCAA's multimedia and marketing rights contract with CBS and Turner. In the association's 2019 fiscal year, it reported nearly $868 million in such revenue."
While the NCAA was scheduled to receive $827 million from CBS and Turner for the 2020 tournament, it only collected $113.1 million.