The college basketball season is transitioning into one of its most exciting phases, as March Madness approaches. This annual sporting event captivates audiences across the United States, featuring both men's and women's National Collegiate Athletic Association (NCAA) tournaments.

At its core, March Madness symbolizes the intense surprises, shocking upsets, and unforgettable moments typical of postseason tournaments in college basketball. The journey begins with teams competing in their respective conference tournaments, which are critical for qualifying for the NCAA Tournament. A poor performance here could leave a team “on the bubble,” meaning they risk not making it to the NCAA Tournament.

The thrilling climax of March Madness concludes with the crowning of a champion, coinciding with the iconic playing of “One Shining Moment” both on television and in the hearts of fans.

Since its inception in 1939 with only eight men's teams, the NCAA Tournament has dramatically expanded to include a 68-team bracket today. The women's tournament joined the NCAA championship program in 1981 and follows a similar structure to that of the men's tournament. Often, both championship games are slated for the same weekend but hosted in different cities.

The process of forming the brackets involves a committee of 12 NCAA members responsible for selecting, seeding, and placing the teams into a bracket divided into four geographical regions: Midwest, East, South, and West. The aim of this selection process is to ensure a competitive balance across each region.

Selection Sunday, which takes place the Sunday prior to the tournament, is when the brackets are revealed and teams are seeded.

The term “March Madness” was coined by Henry V. Porter, a high school official from Illinois, in 1939. However, it wasn't until 1982 that the phrase became synonymous with college basketball, thanks to CBS broadcaster Brent Musburger. The tournament also features rounds that have garnered their own nicknames, such as the First Four, Sweet 16, Elite Eight, and Final Four.

One of the most thrilling aspects of March Madness is the phenomenon of bracket filling. Every year, countless individuals participate by creating their own brackets, aiming to accurately predict the outcomes of the tournament. This trend permeates workplaces and social circles, drawing in both casual fans and sports bettors alike who compete to achieve the best bracket. The unpredictability of the tournament adds to its allure, often leading lower-seeded teams to upset favorites, throwing predictions into disarray.

The construction of the bracket relies on the qualification of teams—31 out of the 68 teams gain entrance by winning their conference tournaments, while the remaining 37 are selected by the NCAA committee. The committee also undertakes the seeding processes, which involves analyzing various factors such as wins, losses, and strength of schedule. Each of the four regions hosts teams seeded from 1 to 16, where a top seed will face off against the bottom seed.

In 2011, the tournament expanded to 68 teams, which also introduced the First Four round. This round pits the four lowest-seeded automatic qualifiers against the four lowest-seeded at-large teams, with the winners moving on to the traditional bracket.

The chance of completing a perfect bracket is astronomically low — the closest anyone has come in the men's tournament was an Ohio man in 2019, who accurately predicted matchups up to the Sweet 16. For those who manage to achieve a perfect bracket, substantial rewards could await; for instance, Warren Buffett famously promised $1 billion to any Berkshire Hathaway employee who could accomplish the feat in 2014.

In terms of viewing options, fans can catch every game of both tournaments live. The men’s tournament will be aired on CBS, TBS, TNT, or TruTV, along with their digital platforms, including Paramount+. CBS will also broadcast the Final Four and the national championship game, while the women's tournament is available on ESPN's various networks and streaming services, with select games airing on ABC.

Selection Sunday is set for March 16, starting at 6 p.m. ET, marking the beginning of this exhilarating period in college basketball.