NEW YORK (CNNMoney.com) -- The NCAA has reached an agreement with CBS and Turner Broadcasting to show the men's college basketball tournament from 2011 to 2024 in a $10.8-billion-dollar deal.
Games will be shown live across four national networks -- CBS and Turner-owned TBS, TNT and truTV -- for the first time in the 73-year-old championship's history, the companies said in a statement released Thursday.
CBS (CBS, Fortune 500) Sports has broadcast the NCAA Division I Men's Basketball Championship since 1982.
Turner Broadcasting is owned by Time Warner (TWX, Fortune 500), the parent company of CNNMoney.com.
Starting in 2011, the opening -, first- and second-round games will be shown nationally on all four networks. CBS and Turner will split coverage of the regional semifinal games.
Through 2015, CBS will broadcast the regional finals, the Final Four and the championship game. Starting in 2016, those games will alternate every year between CBS and Turner's TBS.
The companies also said the NCAA Division I Men's Basketball Committee passed a recommendation late Wednesday to increase the tournament size to 68 teams, from 65, beginning in 2011.
Some news reports had speculated the field size would increase to as many as 96 teams. The Division I Board of Directors will review the committee's recommendation at its April 29 meeting. 
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