Illustration: Sarah Grillo/Axios

The NCAA men's basketball tournament makes up more than 75% of the organization's annual revenue, so ever since March Madness was canceled, college administrators have been bracing for an economic gut punch.

Driving the news: The NCAA delivered the blow yesterday, announcing that it will distribute just $225 million to Division I conferences and schools for 2020 — less than half of the $600 million that had originally been budgeted.

  • The NCAA said $50 million will come from its reserve fund, while a $270 million event cancellation insurance policy will help pay off the remaining distribution.

Between the lines: Lower divisions will also be taking a substantial hit, with D-II schools projected to receive $30 million less than last year (~$13.9 million), and D-III schools projected to receive $22 million less than last year (~$10.7 million).

Why it matters: This massive slashing of revenue distribution will affect athletic departments big and small, "likely starting with staffing reductions or salary freezes and eventually causing schools to reduce scholarships and potentially cut sports entirely," writes The Athletic's Nicole Auerbach (subscription).

The big picture: Many schools are already refunding student fees for the semester, and with spring (and potentially winter) athletes expected to be granted an extra year of eligibility, rosters and costs could balloon next year.

  • Add it all up and the impact that the coronavirus will have on college campuses is almost hard to fathom. A D-I basketball tournament was canceled and a D-III swimmer might feel the brunt of it.

The bottom line: The college sports world was already living in a new financial reality before yesterday's announcement, but now that they know the extent of the damage, "it feels more real," says NC State athletic director Boo Corrigan.

Go deeper: Coronavirus disrupts sporting events around the world

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Louisville officer: "Breonna Taylor would be alive" if we had served no-knock warrant

Breonna Taylor memorial in Louisville. Photo: Brandon Bell/Getty Images

Sgt. Jonathan Mattingly, the Louisville officer who led the botched police raid that caused the death of Breonna Taylor, said the No. 1 thing he wishes he had done differently is either served a "no-knock" warrant or given five to 10 seconds before entering the apartment: "Breonna Taylor would be alive, 100 percent."

Driving the news: Mattingly, who spoke to ABC News and Louisville's Courier Journal for his public interview, was shot in the leg in the initial moments of the March 13 raid. Mattingly did not face any charges after Kentucky Attorney General Daniel Cameron said he and another officer were "justified" in returning fire to protect themselves against Taylor's boyfriend.

U.S. vs. Google — the siege begins

Illustration: Sarah Grillo/Axios

The Justice Department fired the starter pistol on what's likely to be a years-long legal siege of Big Tech by the U.S. government when it filed a major antitrust suit Tuesday against Google.

The big picture: Once a generation, it seems, federal regulators decide to take on a dominant tech company. Two decades ago, Microsoft was the target; two decades before that, IBM.

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Why the stimulus delay isn't a crisis (yet)

Illustration: Aïda Amer/Axios

If the impasse between House Speaker Nancy Pelosi and the White House on a new stimulus deal is supposed to be a crisis, you wouldn't know it from the stock market, where prices continue to rise.

  • That's been in no small part because U.S. economic data has held up remarkably well in recent months thanks to the $2 trillion CARES Act and Americans' unusual ability to save during the crisis.