CALCUTTA AUCTION
Welcome to the Cleveland Central Catholic High School Calcutta Auction. The auction items are the teams (or the pairings of teams) in the 2023 NCAA Men’s Basketball Tournament. We are challenging you to select, bid on, and buy the teams that you believe will advance the farthest in this year’s tournament. This is a progressive game, so the further your team - or teams - advance, the more cash you will win. A payout will be commensurate with the total amount bid through the evening.
The winning bids from both the silent and live auctions generate a single pool of money which is then divided as follows: 40% to support the students of Cleveland Central Catholic and the remaining 60% to create a prize pool to be paid to the winning bidders of the teams advancing in the NCAA tournament according to the payout schedule listed below.
Hint: Plan ahead. Partner with your friends to create a larger pool of resources to win the bid for your favorite team(s). Don’t let anyone else get the team(s) you really want – form a betting group (or syndicate) with your most savvy basketball friends and pool your funds. That way you will increase your chances of competing for the most desirable team(s). Good luck to all the bidders!
Payout Formula (A team must advance to each of these rounds to qualify for a payout)
Round
|
#Teams
|
%Returned
|
Proportionate Pool Value
|
First 32
|
32
|
.50%
|
16%
|
Sweet 16
|
16
|
1.00%
|
16%
|
Elite 8
|
8
|
2.00%
|
16%
|
Final Four
|
4
|
4.00%
|
16%
|
Final Game
|
2
|
8.00%
|
16%
|
National Champion
|
1
|
16.00%
|
16%
|
|
|
|
96%
|
*In the event a team in the first round is forced to withdraw from the tournament and another team is substituted by the NCAA, and the bidder no longer wants that team/pairing of teams, they may contact the CCC staff and have their winning bid refunded.
The additional 4% of payouts will be awarded as follows:
1.00% - Team with the largest individual game loss margin in round 2 of NCAA Tournament (need to get dates of these games). Tie-breaker will be awarded to team with higher points scored in its losing game. If still a tie, then the teams with the tying high score will split the winnings.
1.00% - Team with the largest individual game loss margin on rounds 3 to 7 of the NCAA Tournament. Tie breaker to the team with higher points scored in the losing game. If still a tie, then the teams tying will split the winnings.
1.00% - Goes to the 14th through 16th seeded team that advances the farthest in the tournament. (Tie breaker would be the closest loss in the last round that all surviving teams were eliminated. If still a tie, then teams that tied with the closest loss will split the winnings.)
1.00% - Goes to the bidder with the lowest seeded team (16th seed being the lowest) to reach the Final Four. (In case of a tie, the tie breaker would go the team that advances to the National Championship game. If both teams advance, then the tie breaker would go to the Championship Game winner. If neither of the highest seeded teams advance past the Final Four games, then the tie breaker would go to the team with the closest point margin loss on the Final Four game.)
100% Total Payout
The Calcutta payouts will be made at the conclusion of the NCAA Tournament. All bids are final. The Cleveland Central Catholic Calcutta committee has final authority on winning bids and evening activities.
GOOD LUCK!