The main story revolves around the annual tradition of "March Madness", the NCAA's biggest college tournament that generates billions in TV ad revenue. The narrator points out the contradiction between the massive earnings from the tournament and the fact that the athletes participating are not paid for their efforts. The narrator criticizes the NCAA's stance that student-athletes should not be paid because they are amateurs, despite the fact that they are not employees and are not given a salary. The narrator also brings up the issue of the NCAA's control over players, citing examples of rule enforcements being petty and heartless. The narrator suggests that the NCAA is exploiting the athletes for financial gain, and that the only compensation athletes get is the opportunity to get an education at top universities. The narrator also mentions the case of Ed O'Bannon, a former UCLA player, who sued the NCAA over their rules on compensating athletes and won, although the NCAA is currently appealing this decision. The narrator concludes by stating that the NCAA's refusal to pay athletes is fundamentally flawed, and that the NCAA should be honest about the business they are engaged in.
Here are the key facts extracted from the text:
1. March Madness is an annual college basketball tournament that brings in over a billion dollars in TV ad revenue.
2. The NCAA does not pay the student athletes who participate in the tournament, claiming they are amateurs and not employees.
3. The NCAA makes money off the players even after they graduate, by licensing their names and likenesses for video games and merchandise.
4. The student athletes often face challenges such as hunger, injury, academic fraud, and loss of scholarship.
5. Some coaches and school administrators make millions of dollars from endorsements, contracts, and lavish facilities.
6. Less than 2% of college basketball players go pro, and many do not receive a quality education or a degree.
7. A former player, Ed O'Bannon, sued the NCAA over their rules on compensating athletes and won, but the NCAA is appealing the decision.