CNBC Sport: This year's March Madness will test the health of Cinderella
By Alex Sherman
Published on March 19, 2026.
The upcoming March Madness tournament will test the health of the mid-major and non-Power Four (ACC, SEC, Big Ten, and Big 12) schools. Last year's March Madness saw a surge in dominance for teams favored to win, with only 13 underdog victories, the fewest since the field expanded to 64 teams in 1985. This is likely to be attributed to NIL (name, image and likeness) compensation and the transfer portal that allows college basketball players to cash in from schools. Former Syracuse men's basketball coach Jim Boeheim believes $10 million to pay players is the threshold to compete for a national championship. However, NIL collectives, which are legal, allow big-time donors to offset this gap. This could make it more difficult for mid-majors to make a run for an NCAA title. The success of Cinderella teams can be transformative for schools, with significant increases in donations, merchandise sales, enrollment, and school pride. Virginia Commonwealth University has been a March Madness darling, with at least one tournament victory every year but one from 2011 to 2016 including a Final Four bid as a No. 11 seed in 2011, and the Rams are back in the tournament this year as an 11-seed.
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