Miami Hurricanes economic impact of coronavirus shutdown

That comes out to $2.24 million divided evenly per school. That number would have been reduced significantly in a down year for the ACC. Only four teams were projected to receive NCAA Tournament bids according to

Joe Lunardi of ESPN

. Three of the four, Duke, Louisville and Florida State were favored to reach the Sweet 16.

James reiterated the impact to the Miami Hurricanes athletic department and the overall economic impact throughout the NCAA with the loss of their annual cash cow, the NCAA Tournament. Football provides more money to schools individually, but the tournament brings in more money to the NCAA.

"“I haven’t had those calls in specifics with the NCAA yet. Those are big picture calls. Obviously there’s a significance to the NCAA with cancellation of the men’s basketball tournament. I don’t think it’s a secret to anyone that it’s one of the most significant revenue providers for the [NCAA] and to not have that happen this year will have a significant impact on the amount of revenue that will be able to be distributed to not only Division I but Division II and III….I’m sure it’s close to a billion dollars. Everything is being evaluated and obviously we’re looking at a variety of scenarios and doing what we can do to plan for whatever comes next.”"

USA Today reported on Thursday that the NCAA has a $250-$275 million insurance policy. That will recoup about a quarter of the yearly income that the NCAA makes off the NCAA Tournament. An average public school will receive about two to five percent of its athletic budget from the NCAA Tournament per USA Today.

For a private school like Miami, that percentage is likely to be significantly higher. The Miami Hurricanes have fewer sports teams than most of the other ACC schools. Miami has seven men’s teams and nine women’s teams. Florida State for example as eight men’s teams and 10 women’s athletic teams.

Overall it will be tough to know completely how Miami will be impacted financially by the shutdown of collegiate sports and more specifically the NCAA Tournament. As a private institution, the University of Miami does not have to reveal its finances or how much they pay their coaches. The impact will definitely still be significant.