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A single governing body, known as the National Collegiate Athletic Association (College), is charged with overseeing the 1,200 voluntary college and university members that comprise the association. Volunteers from the association's member schools manage the organization and make rules to ensure fairness among all intercollegiate athletics.

Among the 1,200 colleges and universities that make up the College, only 1,006 are considered active members. According to the College:

• An active member is a four-year college or university or a two-year, upper-level collegiate institution that has been accredited by the appropriate regional accrediting agency and duly elected to active membership under the provisions of the Association bylaws.
• Active members are allowed to compete in tournaments and other championship events.
• These 1,006 schools are divided into three categories and must follow rules specific to their division. Here are some of the factors that the College uses to delineate between the three divisions.

Division I - These schools must sponsor at least seven sports each for men and women, or six for men and eight for women, with two team sports for each gender. Men's and women's basketball teams must play all but two of their games against Division I teams, and men must play a third of their contests in their designated home arena. Schools have a minimum and maximum number of scholarships they can award. Of the three divisions, Division I is the most prominent and receives the most publicity.

Division II - These schools must sponsor at least four sports each for men and women, with two team sports for each gender. Men and women's basketball teams must play at least half of their games against Division I or Division II schools. There are no minimum home game requirements for this division.

Division III - These schools must sponsor at least five sports each for men and women, with two team sports for each gender. Unlike Divisions I and II, Division III schools do not offer athletic scholarships.

One of the College's duties is to organize the annual basketball tournament for men's and women's college basketball of each division. Each tournament is based on a single-elimination format and it's known as Final Four Tournament or March Madness Tournament.