March Madness Tips Off With College Sports Under the Microscope

It’s hard to overstate the importance of March Madness to the NCAA.

The annual men’s basketball tournament, which kicks off in earnest Thursday, makes up roughly 80 percent of the association’s $1.1 billion in annual revenue. More than the college football playoffs, which the NCAA doesn’t own or operate, March Madness represents much of what college athletics aspires to be: An egalitarian, three-week event featuring future pro stars, where teams from schools with tiny budgets can shock those that are 20 times richer.

But this year, the NCAA faces more pressure than ever to reform its model. Legal challenges, ...