When the NCAA announced that the yearly March Madness tournament would be canceled this season due to the public health concerns regarding COVID-19, we all understood the financial implications it would have on schools, conferences and the organization. Now, some of those figures are coming to light.

Kevin Brockway of CNHI Indiana reported that the potential for the B1G to earn upwards of $40 million has been lost with the cancellation of the tournament.

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Having a tremendous season on the basketball court, the league was projected to land 10 teams in the 68-team field — and potentially 11 squads if an underdog made a run at the title. But 10 projected bids means the B1G would’ve netted $16.9 million, with the NCAA paying $1.69 million to the conference for each team in the tournament.

Each win for a B1G team would’ve resulted in the conference receiving an additional $1.69 million, with a cap at five wins per team — essentially until the Final Four. Last year, the conference raked in $35.3 million for the NCAA Tournament.

Those figures don’t include potential lost revenue from the cancellation of the B1G Tournament, either. So the amount of cash the league missed out on this year is likely even greater.