What do Duke, Arizona and Michigan all have in common when it comes to March Madness? They’re all contenders to be the No. 1 overall seed in this year’s NCAA Men’s Basketball Tournament.

In addition to the bragging rights of being declared the top-ranked team in the country, the No. 1 overall seed has the ability to choose its preferred region and first-/second-round site.

Of course, being the No. 1 overall seed doesn’t guarantee ultimate victory in the tournament. The last three No. 1 overall seeds to win the championship were UConn in 2024, Louisville in 2013 and Kentucky in 2012. Last year’s winner, the Florida Gators, were the No. 4 national seed.

Every round a team survives through, however, does earn more than $2 million for its conference paid out in annual increments over the next six years. The NCAA hasn’t released the value for this year’s unit, but it will be at or above last year’s $347,275 value. Presumably, the higher your seeding, the better your chance at earning those units for your conference.

Prior to this year’s tournament, teams received a unit for every game played through the Final Four, with no additional units for appearing in the championship game. However, in January, NCAA members voted to add an additional three units each to the men’s and women’s basketball distribution funds. That allows the championship contenders to each earn a unit, plus an additional unit with be awarded to the national champion team.

As is the case with the College Football Playoff, some schools will take home more than others thanks to conference revenue distribution policies. For example, the Big 12 and Big Ten didn’t give teams participating in the CFP any kind of bonus, instead dividing all revenue from the playoffs equally between members.

The SEC, however, gave a bonus for each round of the CFP and do the same for the men’s basketball tournament. Each SEC team receives one payment of $100,000 for appearing in the Preliminary, First, and/or Second Round, an additional one payment of $125,000 for appearing in the Regional Semifinals and/or Regional Finals, and an additional one payment of $300,000 for appearing in the Final Four.

Last year, the SEC had a record number of teams in the tournament, with 14 of its 16 teams in the bracket. Those teams went on to play 35 games leading up to the championship, earning 35 units worth approximately $70 million for the conference, the highest total in history.

Who will win both on and off the court this season? It won’t be long before it’s time to fill out those brackets and see how it all unfolds.