Reportedly, a new college basketball tournament will offer significant financial compensation to athletes.

With the recent rule change allowing college athletes to earn money through their name, image, and likeness, a new college basketball tournament is reportedly being organized to give players the opportunity to cash in. CBS Sports reported that Las Vegas will host an eight-team Thanksgiving weekend tournament featuring programs from the NCAA’s top conferences. Each program will receive $1 million to distribute among players. Participating teams include Alabama, Houston, Notre Dame, Oregon, Rutgers, San Diego State, and Texas A&M.

Players in the tournament would need to engage in some off-court activities to earn sponsorship money, and the organizers of the Players Era Festival have assured universities that the event will follow NCAA rules. Some coaches have expressed their enthusiasm for the tournament and the opportunity it presents for players. While schools cannot directly pay players for their name, image, and likeness, many have formed collectives to raise funds for their players.

Additionally, the NCAA’s decision to allow players to transfer once without sitting out a season has led to an increasing number of player transfers. The rise in NIL deals for basketball and football players has reportedly reached into the millions, with players now often considering monetization when deciding where to play. The NCAA’s shift in allowing sponsorship deals marked a significant change for the organization, which had previously adhered to a strict amateurism model.