Great work by the Sports Business Journal on the deal that saw CBS and Turner win the rights to telecast the NCC Men’s Basketball Tournament.

We talked about this yesterday on the Sports Media Weekly Podcast, and now it’s official.  CBS and Turner Sports will collaborate on covering the NCAA Men’s College Basketball Tournament.  The 14-year deal coincides with the announcement that the tourney will expand to 68 teams beginning next year.

From CBS PR:

INDIANAPOLIS— The NCAA today announced a new 14-year television, internet and wireless rights agreement with CBS Sports and Turner Broadcasting System, Inc., to present the Division I Men’s Basketball Championship beginning in 2011 through 2024 for more than $10.8 billion. As part of the agreement, all games will be shown live across four national networks beginning in 2011 – a first for the 73-year old championship.

Additionally, CBS Sports and Turner Broadcasting have been licensed and will collaborate on the NCAA’s corporate marketing program.

Late Wednesday, the NCAA Division I Men’s Basketball Committee unanimously passed a recommendation to the Division I Board of Directors to increase tournament field size to 68 teams beginning with the 2011 Championship. The recommendation will be reviewed by the Division I Board of Directors at its April 29 meeting.

The new agreement sustains the long-term financial stability of the Association. As with the current contract, approximately 96 percent of the revenue generated from this new agreement will be used to benefit student-athletes through either programs, services or direct distribution to member conferences and schools. Further, the agreement ensures student-athletes across all three NCAA divisions will continue to be supported in a broad range of championship opportunities, access to funds for personal and educational needs, and through scholarships in Divisions I and II.

Beginning with the 2011 championship, opening- , first- and second-round games will be shown nationally on CBS, TBS, TNT and truTV. CBS and Turner will split coverage of the regional semi-final games. CBS will provide coverage of the regional finals, as well as the Final Four® including the National Championship Game through 2015. Beginning in 2016, coverage of the regional finals will be split by CBS and Turner with the Final Four and the National Championship game alternating every year between the CBS Television Network and Turner’s TBS.

CBS Sports has broadcast the NCAA Division I Men’s Basketball Championship since 1982. This year’s broadcast of the Championship game earned an average national household rating/share of 14.2/23, up 31% from a 10.8/18 last year, the highest rating in five years.