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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

Go deeper

Netflix tops 200 million global subscribers

Illustration: Rebecca Zisser/Axios

Netflix said that it added another 8.5 million global subscribers last quarter, bringing its total number of paid subscribers globally to more than 200 million.

The big picture: Positive fourth quarter results show Netflix's resiliency, despite increased competition and pandemic-related production headwinds.

Janet Yellen plays down debt, tax hike concerns in confirmation hearing

Treasury Secretary nominee Janet Yellen at an event in December. (Photo: Alex Wong via Getty Images)

Janet Yellen, Biden's pick to lead the Treasury Department, pushed back against two key concerns from Republican senators at her confirmation hearing on Tuesday: the country's debt and the incoming administration's plans to eventually raise taxes.

Driving the news: Yellen — who's expected to win confirmation — said spending big now will prevent the U.S. from having to dig out of a deeper hole later. She also said the Biden administration's priority right now is coronavirus relief, not raising taxes.

Trump gives farewell address: "We did what we came here to do"

Photo: Mandel Ngan/AFP via Getty Images

President Trump gave a farewell video address on Tuesday, saying that his administration "did what we came here to do — and so much more."

Why it matters, via Axios' Alayna Treene: The address is very different from the Trump we've seen in his final weeks as president — one who has refused to accept his loss, who peddled conspiracy theories that fueled the attack on the Capitol, and who is boycotting his successor's inauguration.