CBS, the incumbent, is in the fourth year of a seven-year, $1.73 billion contract that expires after 2002.
The NCAA has elected to negotiate a new deal, beginning in 2003, that is expected to include marketing rights. The marketing rights to the tournament are currently held by Host Communications. CBS and Host are expected to present the NCAA with a combined offer.
Strong competition, however, can be expected from ESPN. ESPN spokesman Mike Soltys said: "We remain interested and feel the college basketball fan would be best served with an ESPN-ABC package."
ISL, which has positioned itself with Fox in the bidding process, could also acquire the rights. ISL previously declared that they are ready to offer $4 billion over 10 years to secure the rights for TV, the Internet, licensing, marketing and sponsorship.
CBS and Disney's ABC-ESPN, losers in the recent NASCAR deal, are vying to tie-up the rights to NCAA men's basketball, as formal presentations to the NCAA began this week.
