NCAA tops $1 billion in revenue during 2016-17 school year

The NCAA pulled in more than $1 billion in revenue for the first time in history during the 2016-17 school year.

The $1.06 billion in revenue from September 2016 through August 2017 is reported in audited financials the organization released on Wednesday.

The majority of the revenue came from its usual source -- the NCAA men's basketball tournament. The NCAA pulled in $761 million from the 2017 NCAA tournament. That number is set to rise to $869 million this year.

The NCAA also generated $129.4 million in ticket revenue and $60 million in marketing rights for the 2017 fiscal year.

The NCAA's expenses were $956 million. The largest chunk of that spending went to dispersing $560.3 million back to its roughly 1,100 member institutions in 24 sports in all three divisions, as well as $200 million for a one-time payment the NCAA made to schools to fund additional programs.

Another $160.5 million went to the Division I performance fund, which awards conferences based on how many teams play in the NCAA tournament and how far they advance. Units are paid out over six years.

The NCAA also recorded a $209 million settlement related to those past athletes who argued the value of their scholarships was illegally capped. A $70 million concussion testing and diagnosis settlement also hangs in the balance. The organization noted that it is still negotiating with its insurance carriers.