The NCAA Tournament last year was filled with excitement and emotion, culminating in a thrilling Final Four and a national championship that was only decided at the very end.
However, this year’s March Madness feels like it lacks a classic “Cinderella” story.
Only one double-digit seed made it into the second weekend, and John Calipari and Arkansas didn’t quite fit the underdog mold. For the first time since 1975, all the teams in the Sweet 16 were powerhouse programs; this truly was a tournament dominated by the giants.
Concerns are growing that as more money flows into college basketball—thanks to transfer portals and NIL deals—the gap will widen between financially strong institutions and those struggling to keep up.
“It’s a bit concerning. We might be losing what made this whole thing special,” remarked Stanford coach Kyle Smith.
Smith noted this might be an anomaly, but there are indications this trend could be lasting.
The era when mid-major teams matured together, like Loyola’s 2018 team or the 2023 Florida Atlantic squad, seems to be fading.
Last year, the standout player of the Final Four was Walter Clayton Jr. from Florida, who played previously for Iona College. The Elite Eight included numerous star transfers from schools like Morehead State, Florida Atlantic, Ohio State, and New Mexico State.
One top player has chosen to leave, and it’s hard to argue against the economic reasoning behind that decision.
“Currently, there’s a structure in place that incentivizes being a lower-tier player at a Power Five school more than being a star at a mid-major,” shared Campbell University coach John Andjake.
According to reports, the starting salary for top-tier programs has reached $10 million—double what it was the previous year. Kentucky, for instance, is said to have a payroll exceeding $20 million.
This is something small schools simply can’t match.
“It’s absurd. They’re nearly competing with the NBA,” Hofstra coach Speedy Claxton commented. “I support players earning money to help their families, but the figures being tossed around are mind-boggling. I can’t imagine becoming a millionaire while still in college.”
So how chaotic is this system? An assistant coach noted that when recruiting high school players, he often hears both kids and parents express their hopes of playing at a higher level after their time at his school. Claxton wants to ensure that he keeps his talented players while also aiding colleagues by sharing information about them.
“I want to assist my players, but also my friends in the coaching community,” Claxton said.
Without any regulations, keeping star players at smaller schools has become challenging. Major program representatives frequently reach out to discuss lucrative offers, which can undermine loyalty among players.
“You’re getting an education, but let’s face it, it feels more like being a professional athlete with a class schedule,” remarked one assistant coach.
Some industry experts have suggested instituting transfer fees for players poached by larger schools, similar to soccer practices. Yet, one anonymous assistant coach doubted that any major conference would adopt such a system. Instead, he suggested allowing one free transfer, barring any coaching changes.
“That’s what really needs to change,” he argued. “This way, both mid-major schools can pick up talent, and mid-major stars can consider their options carefully.”
While some argue new revenue-sharing models could alter the landscape, it’s still hard to tell. Schools currently have the option of paying their athletes as much as $20.5 million. Yet, many teams ranked in the preseason AP top 25 still come from the dominant Power Five conferences.
“We really need to monitor how significant this gap becomes,” remarked Ed Kull, athletic director at St. John’s.
Travis Branham from 247Sports noted that the rise in player transfers has made it easier to recruit at the mid-major level. Seventeen players from the top 150 for 2026 have committed to schools outside the traditional powerhouses, and more commitments are still pending.
Branham suggested that mid-major leagues, particularly the Atlantic 10, could surprise with competitive salaries in the near future due to revenue sharing.
“The success of the Atlantic 10 will be surprising to many,” he added. “But for those familiar with the economics, it won’t raise any eyebrows.”
That said, it’s still too early to know for sure. We may have a clearer picture come March.
Claxton stresses that changes are imperative. If not, the beloved Cinderella stories of March Madness could become endangered or possibly vanish altogether.
“The upsets happened when we had seasoned players who had risen through the ranks of our program facing younger upper-major teams,” he said. “If that ever happens again, it’s unlikely those freshmen and sophomores will hang around for long.”
