NCAA Buys NIT: Amidst a trial with claims of an NCAA monopoly, the NCAA opted to purchase the NIT for over $56 million. The money, over $40 million of which is for the sale of the preseason and postseason NIT and another $16 million to end the antitrust litigation, will be paid over a 10-year period. The sale was announced at a news conference held at Madison Square Garden, which will remain the host of the semifinals and finals of both tournaments for at least the next five years. The trial had started on August 1 and figured to go through most of the month. [8/17/05]