Bob Donnan/USA TODAY Sports
Following the cancellation of last season's NCAA men's basketball tournament amid the COVID-19 pandemic, the NCAA experienced a $600 million annual decline in its total revenue for the 2020 fiscal year, according to USA Today.
USA Today obtained a copy of the league's new audited financial statement, which reportedly showed a revenue decrease of more than 50% compared to 2019.
The report also revealed "a $700 million decline in television and marketing rights revenue, nearly all of which came from the NCAA's multimedia and marketing rights contract with CBS and Turner.