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(CNN)There can be no March without the madness.
How it works:
Selection Sunday (March 15)
A 10-member panel determines seedings for the 68 teams that make the knockout tournament
First Four (March 17-18)
A format started in 2011, 8 teams compete to qualify in the main draw
Second round (March 19-20)
64 teams split into 4 regions: Midwest, West, South and East
#1 plays #16 in each group
Third round (March 21-22)
Down to 32 teams
Regional semifinals (March 26-27)
Known as the "Sweet Sixteen"
Regional finals (March 28-29)
The "Elite Eight"
National semifinals (April 4)
The "Final Four" is played at Lucas Oil Stadium in Indianapolis; minimum capacity 70,000
Championship Game (April 6)
One of the most-watched events in U.S. sport