National Invitation Tournament

The National Invitation Tournament is a men's college basketball tournament operated by the National Collegiate Athletic Association. Played at regional sites and at Madison Square Garden in New York City each March and April, it was founded in 1938 and was originally the most prestigious post-season showcase for college basketball. Over time it became eclipsed by the NCAA Division I Men's Basketball Tournament – known today informally as "March Madness". The NIT has since been regarded more as a "consolation" tournament for teams that did not receive a berth in the NCAA tournament. A second, much more recent "NIT" tournament is played in November and known as the NIT Season Tip-Off. Formerly the "Preseason NIT", it was founded in 1985. Like the postseason NIT, its final rounds are played at Madison Square Garden. Both tournaments were operated by the Metropolitan Intercollegiate Basketball Association until 2005, when they were purchased by the NCAA, and the MIBA disbanded.

https://en.wikipedia.org/wiki/National_Invitation_Tournament

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