It has been a popular concept for decades among "fans", not as much here. And it brings in more money of course. I'm surprised it took this long, and that they let fourth graders onto the Comittee.
Basketball once had what, 24 teams? And the NIT was sort of a thing for lesser programs. Then 64 and that wasn't even enough.
Folks bet, that's a part of it all, and do these picking sheets all over. And folks watch, often at sports bars, of which we have a profusion serving a gillion beers and indifferent boring food. Our favorite Korean fried chicken place has now added two large TV. Sean, the owner, had told me that was something he didn't want to do back in the day. He didn't want to be a sports bar, and there is a huge one just next door to him (called "Taco Mac" oddly enough).
Tis all very American.