The NCAA has canceled its men's and women's basketball tournaments as part of a complete cancellation of all remaining spring and winter championships.

"This decision is based on the evolving COVID-19 public health threat, our ability to ensure the events do not contribute to spread of the pandemic, and the impracticality of hosting such events at any time during this academic year given ongoing decisions by other entities," the NCAA said in a statement Thursday.

The three-week tournament generates almost a billion dollars in revenue each year for the NCAA and its hundreds of member universities and colleges despite the fact that players are not compensated.