RICHMOND, Va. (RichmondBizSense.com) – As they take their shot at March Madness glory, University of Virginia and Virginia Commonwealth University have a lot more on the line than just school pride and new banner for the rafters.
A share of a nearly $200 million purse is up for grabs for VCU and UVA over the next three weekends during the NCAA tournament.
The deeper each team goes, the more money they have the chance to collect in that year and over time. And those checks can be more than six figures per win for the teams and even more for their conferences.
But the payouts from NCAA tournament appearances don’t look the same on the balance sheet for every school. VCU could net more than UVA for every game it plays. The difference lies in the methods each school’s conference uses to divvy up money the leagues takes in.
“I’ve been involved with four different conferences and it’s been done four different ways,” said VCU Executive Associate Athletic Director Jeff Cupps.