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NCAA Men's Basketball Tournament Fast Facts

(CNN)Here's some background information about the NCAA Men's Basketball Tournament.

March 15-April 4, 2016 - The NCAA Men's Basketball Tournament takes place. Kansas, North Carolina, Oregon and Virginia are No. 1 seeds.
April 4, 2016 - The Villanova Wildcats win the tournament, defeating the North Carolina Tar Heels with a final score of 77-74.
    Selection Process:
    68 teams are invited to compete.
    - 31 teams receive automatic bids by winning their conference tournaments.
    - The Ivy League regular season champion receives an automatic bid.
    - 36 teams receive an at-large bid from the NCAA Selection Committee.
    The 10-member selection committee, comprised of athletic directors and conference commissioners, is responsible for selecting the 36 at-large teams, seeding (or ranking) all 68 teams and placing them in one of four regions within the bracket.
    The selection process is based on a number of factors including win-loss record, strength of schedule and Rating Percentage Index (RPI) data.
    Other Facts:
    The single-elimination tournament is nicknamed "March Madness" or "The Big Dance."
    The "First Four" are the four first-round games. Two games match number 16 seeds against each other, and the other two games feature the last four at-large teams selected into the tournament. The winners advance to the second round.
    Each of the four regions consists of 16 teams that are seeded number 1 to number 16. In the second round, teams are paired according to seed. The number 1 seed faces number 16, number 2 faces number 15, number 3 faces number 14, and so forth.
    The sixteen teams that advance beyond their second and third-round games are referred to as the "Sweet Sixteen." The remaining eight teams are called the "Elite Eight," and the last four teams are the "Final Four."
    An underdog or lower-seeded team that advances throughout the tournament is often referred to as a "Cinderella" team.
    UCLA has won the most NCAA Men's Basketball Tournaments - 11.
    Total TV ad spending during the tournament reached $1.188 billion in 2015.
    During the tournament in 2015, a record 80.7 million live video streams and 17.8 million hours of live video were watched through NCAA March Madness Live, which is managed by Turner Sports.
    Timeline:
    1939 -
    The first tournament is held, and eight teams compete. Oregon defeats Ohio State 46-33.
    1954 - The tournament final is broadcast live nationwide for the first time.
    1991 - CBS begins broadcasting all games live.
    1999 - CBS obtains an 11-year contract through 2013 worth $6 billion to broadcast the tournament.
    2005 - College Sports Television begins a two-year agreement with CBS Sportsline.com and the NCAA for exclusive video streaming rights on CSTV.com for out-of-market game coverage. CSTV pays CBS $3 million for the rights and expects to be profitable in the first year.
    April 22, 2010 - In addition to expanding the men's tournament basketball field to 68 teams from 65, the NCAA announces a 14-year, $10.8 billion television rights deal with CBS and Turner Sports. The deal, which goes into effect in 2011, marks the first time that each game will be televised nationally.