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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

Updated 19 mins ago - Sports

Simone Biles won't compete in individual vault or uneven bars Olympic finals

Photo: Loic Venance/AFP via Getty Images

Simone Biles will not compete in the individual vault or uneven bars finals at the Tokyo Olympics, USA Gymnastics announced Friday.

Why it matters: USA Gymnastics said Biles, who previously withdrew from the individual all-around and team finals to prioritize her mental health, will continue to be evaluated to determine if she'll compete in the balance beam or floor exercise events.

35 mins ago - Sports

American Katie Ledecky wins Olympic gold in women's 800m freestyle

Photo: François-Xavier Marit/AFP via Getty Images

American superstar swimmer Katie Ledecky grabbed her second gold medal of this year's Olympic Games, winning the women's 800-meter freestyle race Saturday in Tokyo.

Driving the news: Ledecky, who holds the world record in the 800m freestyle, is considered one of the best women swimmers of all time. Earlier this week, she snagged gold in the first-ever women's 1500m freestyle and took home silver medals in the 400m freestyle and the 4x2100m freestyle relay.

48 mins ago - Sports

Caeleb Dressel breaks world record in men's 100m butterfly, wins 3rd gold in Tokyo

Photo: Jean Catuffe/Getty Images

American swimmer Caeleb Dressel broke the world record in the men's 100-meter butterfly final in Tokyo on Saturday, picking up his third gold medal of this year's Games.

The big picture: Dressel finished with a time of 49.45 seconds. Hungary's Kristóf Milák won the silver, and Switzerland's Noe Ponti took the bronze.