CBS + Turner Broadcasting + NCAA = $$$$$$$

It's official, CBS and Turner Broadcasting are in bed for the NCAA men's basketball tournament.

Here's the skinny from a statement released by the NCAA:

Beginning with the 2011 championship, opening- , first- and second-round games will be shown nationally on CBS, TBS, TNT and truTV. CBS and Turner will split coverage of the regional semi-final games. CBS will provide coverage of the regional finals, as well as the Final Four including the National Championship Game through 2015. Beginning in 2016, coverage of the regional finals will be split by CBS and Turner with the Final Four and the National Championship game alternating every year between the CBS Television Network and Turner’s TBS.

Now here are the numbers. CBS and Turner Broadcasting have the rights to the NCAA men's basketball tournament for the next 14 years beginning in 2011 running through 2024 for more than 10.4 billion dollars.

“We’re excited this agreement continues our long-standing relationship with CBS, a partner company that has captured the unique spirit of the collegiate model of athletics, and brings a new partner in Turner Broadcasting to the Championship and NCAA basketball,” NCAA Interim President Jim Isch said in a statement.

CBS News & Sports President Sean McManus and David Levy, president of sales, distribution and sports, Turner Broadcasting System, Inc. commented to in their brand of corporate speak as to how great and profitable this new agreement is for their companies.

You can read the press release from the NCAA right here.

Those of us at the OSG HQ and satellite offices are still taking all this in. Stay tuned.