Heading into this year’s NCAA March Madness tournament, the biggest question was whether NIL had ruined the “magic” of the bracket. In the past, the mid-major schools and underdog runs defined the tournament. However, the advent of NIL has only benefited the billionaire-backed programs; the surplus of funds has created unfathomably strong rosters, potentially eliminating a staple of March Madness.

So far, the tournament has not followed that script. While many of the top seeds coasted through the early rounds of the tournament, several big upsets have taken place. The Texas Longhorns, for example, advanced from a play-in game to reach the Sweet 16, which only 5.22% of brackets predicted.

At the same time, teams built through the transfer portal and NIL opportunities have made an impact. The Michigan Wolverines entered the tournament as a favorite, with a starting lineup composed entirely of players who were not on last year’s roster. Currently, the Wolverines have a spot in the Final Four, proving the effectiveness of NIL in existing million-dollar programs.

This system has also reshaped the paths  of underdog teams teams. The defending champion Florida Gators were eliminated in the second round by the Iowa Hawkeyes, who made an electric run to the Elite Eight for the first time since 1987. Iowa is led by 2025 tournament sweethearts Bennett Stirtz and coach Ben McCollum, the pair who guided Drake to a Sweet 16 appearance before making the jump to the Hawkeyes.

This year’s madness has led to a chaotic leaderboard in the Nueva Bracket Challenge, which rewards players for picking the correct teams. Points double every round, starting at 10 in the Round of 64, and picking the correct champion rewards players with 320 points. Sophomore Lily Z. ’28 has been atop the standings for the entire tournament with a bracket in the 99th percentile. Meanwhile, Sam C. ’27 seems destined to face a punishment after the Wisconsin Badgers crashed out of the first round, leaving his bracket busted on day one.

The Final Four is set for April 4, with the UConn Huskies facing the Illinois Fighting Illini and the Arizona Wildcats versus the Michigan Wolverines. Expect some high-scoring, hard-fought games, with a trip to the National Championship on the line.