NCAA basketball tournament payoffs

I heard today on the radio that each team gets $250,000 for an opening round game. Is this figure correct? Do winning teams get more than losers? What are the payoffs for the remaining rounds?

The figure sounds right. And the more games you win, the more money the school makes. I don’t know the figures – the NCAA and the colleges don’t like to talke about them – but they can be very substantial. One reason why colleges want winning teams.

Here’s some (out of date) information about what the final four got:

OK, I should have typed payouts, not payoffs. Still, someone out there knows the answer.