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During March Madness, 68 college basketball teams compete for a prize and over $220 million from the NCAA. The money is distributed in a complex way that even confuses people in college sports. Sportico will explain it all. Check, check. Every year during March Madness, 68 teams compete for the biggest prize in college basketball. They're also competing for more than $220 million, which the NCAA doles out depending on how teams perform. That money is distributed in a complex way which confuses even those who work in college sports. We are going to explain it all. From Sportico, this is one shining check.