Here is a comprehensive summary of the Wikipedia article on the NCAA:

The National Collegiate Athletic Association (NCAA) is a nonprofit organization governing athletic programs for over 1,100 schools across the U.S. and Canada, supporting more than 500,000 student-athletes from its headquarters in Indianapolis. Founded in 1910 (following President Theodore Roosevelt's safety conferences), it adopted its current three-division system in August 1973, where Divisions I and II can offer athletic scholarships while Division III cannot, and later split top-tier football into the FBS and FCS in 2006. Financially, the NCAA generated $1.28 billion in revenue during the 2022–23 fiscal year, with 74% ($945 million) coming solely from the airing rights of its men's basketball tournament. However, its strict caps on player compensation have led economists to describe the organization as a cartel that benefits schools at the expense of athletes. This controversy peaked when the U.S. Supreme Court unanimously ruled in 2021 that these restrictions violated antitrust law, leading to a May 2024 settlement that allows member institutions to pay Division I athletes retroactively to 2016. Starting with a 1905 meeting of 62 colleges, the NCAA held its first national championship in track and field in 1921 and its basketball championship in 1939, evolving into the major force in college sports.