Las Vegas adds another March college basketball tournament

Las Vegas added more madness in March.

The newest addition to the men's college basketball postseason is "The Vegas 16," a tournament similar to the National Invitation Tournament.

Teams that miss the final cut for the NCAA Tournament will be sent to Las Vegas for a single-elimination competition at Cox Pavilion on the campus of UNLV.

The field for the March 26 to 30 tournament will be announced shortly after Selection Sunday on March 13.

Las Vegas, arguably the top destination during the college basketball frenzy in March, already hosts the Mountain West (Thomas & Mack Center), Pac-12 (MGM Grand) and West Coast Conference (Orleans Arena) tournaments.

"While the NCAA Tournament continues to rule Madness, there's been a real need to create an affordable, attractive event at a destination location for teams who have had a terrific season yet were unable to qualify (for the NCAA Tournament)," said Brooks Downing, president and CEO of bd Global, the Kentucky-based sports marketing firm that will run the event, via CBS Sports. "Our research indicates we will attract high-quality programs with this simplistic approach. This will be a premium event in one premium location."

Former UNLV and Arizona athletic director Jim Livengood is involved with the event.