Key Takeaways:

• NCAA women’s teams will receive payments for participating in March Madness starting this year.
• A total of $15 million will be awarded, growing to $25 million by the 2028 season.
• This initiative aims to close the gender pay gap in college sports and recognizes the rising popularity of women’s basketball.

NASHVILLE, Tenn. — After years of disparity, women's basketball teams competing in the NCAA Tournament will now be compensated for their participation, similar to their male counterparts. This crucial change was finalized Wednesday at the NCAA convention with a unanimous vote. The approval marks a vital step in the NCAA's commitment to gender equity in sports, acknowledging the growing popularity of women's basketball and the support it has garnered.

The newfound financial structure will see participating teams receive "performance units," linking rewards directly to their success in the tournament. Each of the 32 conferences with automatic bids will earn units based on their teams’ performance, with conferences deciding how to distribute this revenue among their members. As it stands, the NCAA has earmarked $15 million to be distributed beginning in March, representing 26% of the women’s basketball media revenue for that year, gradually increasing to $25 million by the 2028 tournament season.

NCAA President Charlie Baker hailed the decision as a historic moment, stating, "We have made investing in women's sports a priority, and today's vote means our members have the opportunity to do even more on campus to promote and support female athletes" (source: CNN).

The shift comes on the heels of a record-breaking year for women's basketball, with viewership for the national championship game reaching 18.7 million, surpassing the men’s final by nearly three million viewers. This growing audience underscores the sport's investment potential and highlights a significant cultural shift within collegiate athletics.

Notable figures in the sport, including UConn guard Paige Bueckers, voiced their support, highlighting the importance of this revenue-sharing structure. "This is huge for women’s hoops and capitalizes on everything we’ve been doing to grow the sport and enhance women's visibility in athletics," Bueckers shared (source: CBS News). Similarly, South Carolina's coach Dawn Staley expressed her excitement, marking this initiative as a pivotal moment in ongoing efforts to elevate women's basketball.

As momentum builds within the sport, this landmark decision is viewed not only as a step towards economic fairness but also as a galvanizing force for female athletes aspiring to achieve collegiate success and recognition.

The NCAA women's tournament is set to commence on March 19, promising to be a significant event for fans and players alike.

For further information, visit the original articles from CNN, CBS News, and HuffPost.