The NCAA has reached an agreement with television broadcast station CBS and Turner Sports to broadcasting rights for an expanded 68-team basketball tournament.
The NCAA basketball committee voted on and unanimously passed the change to 68-teams around noon on Thursday.
The change will likely be approved by the NCAA Division I Board of Directors, later on April 29th.
The multi-billion dollar contract runs through 2024 and will cost the broadcasting companies at least more than the current $710 million per year.
Fox and ESPN were also both bidding on the television rights to the tournament, but were out-bid by roughly $40 million more per year.
Starting this upcoming season the tournament will change its look.
Four opening-round games will now be played instead of just one.
The postseason men's college basketball tournament will go from 65 team berths to 68 team berths, and it will be played in a shorter amount of time then the current tournament.
Turner Broadcasting owns the television stations TNT and TBS which would likely host the extra games.
CBS will release more details on the deal later today.
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