The Indiana University men's basketball program is actively negotiating to participate in a newly proposed eight-team neutral-site showcase called the Diamond Cup, which aims to debut during the 2027-28 season.
According to a report by CBS Sports journalist Matt Norlander on May 20, 2026, the Hoosiers are part of an elite prospective lineup that includes Arizona, Gonzaga, Kansas, Kentucky, Michigan, North Carolina, and UConn.
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While official contracts remain unsigned, organizers could make a formal announcement as early as this summer.
Revised Financial Terms
Financial terms and tournament formats have shifted significantly since planners first pitched the concept to athletic departments in summer 2025.
The original baseline featured a three-year contract guaranteeing each school a four-game slate per season—three regular-season matchups and one October exhibition game that counted toward pool-play standings.
Early projections in 2025 suggested participating programs could earn roughly $17 million over the three-year deal, contingent on securing an optimal media rights package.
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Revised plans now outline a scaled-back two-game agreement for the inaugural 2027-28 season, which will provide a payout of $2.25 million to each school.
Discussions remain open to transition the tournament into a four-game format for the 2028-29 and 2029-30 seasons, boosting individual payouts to $3.75 million annually.
The finalized event promises extensive marketing opportunities for student-athletes and equity stakes for participating universities.
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The potential scheduling structure raises logistical questions for Indiana, as the program maintains existing non-conference series against Kansas and Kentucky next season alongside its regular Big Ten obligations against Michigan.
