- Annual NCAA basketball tournaments feature 68-team brackets for men and women
- Selection Sunday locks in matchups, seeds, and regional placements
- Historic upsets shatter 92% of brackets by the Sweet 16 round
- Streaming platforms now drive 41% of tournament viewership
- Women's tournament viewership surged 58% since 2021 rule changes
March Madness captivates 60 million Americans annually with its blend of high-stakes college basketball and bracket chaos. The NCAA Tournament's unique structure begins with Selection Sunday, when a 12-member committee seeds teams based on performance metrics and regional balance. While 31 teams secure automatic bids through conference wins, 37 at-large spots fuel debates about bubbleteams.
Ohio resident Gregg Nigl made history in 2019 by correctly predicting the first 49 men's tournament games – a statistical anomaly with 1 in 2.4 trillion odds. This underlines why Warren Buffett's $1 billion perfect bracket challenge remains unclaimed. Modern brackets now see 70 million submissions annually, with office pools accounting for $4.6 billion in friendly wagers.
The women's tournament has emerged as a powerhouse since 2021 policy reforms improved practice facilities and marketing. Last year's final drew 9.9 million viewers – a 58% increase from 2020 – fueled by stars like Iowa's Caitlin Clark. Regional Cinderella stories like 2023's Florida Atlantic University (FAU) men's team, which reached the Final Four as a 9th seed, demonstrate how underfunded programs can leverage March Madness exposure to boost applications and donations.
This year's games will stream across Paramount+ and ESPN+, reflecting a 41% surge in digital viewership since 2019. Advertisers spent $1.28 billion on 2023 tournament slots, targeting the tournament's unique ability to engage both die-hard fans and casual viewers. As Selection Sunday approaches on March 16, remember: even Warren Buffett hasn't mastered the beautiful madness of March.