INDIANAPOLIS (AP) — The NCAA generated nearly $1.3 billion in revenue for the 2022-23 fiscal year, more than half of which was distributed back to Division I members, according to financial statements released Thursday by the association.

NCAA revenues rose from about $1.14 billion in the previous fiscal year to $1.28 billion. As usual, the bulk of the NCAA’s revenue — $945 million — came from media rights and marketing deals tied to championship events.

The NCAA’s deal with CBS and Warner Bros. Discovery for rights to the men’s Division I basketball tournament accounts for about $900 million annually. That means the men’s tournament brought in about 69% of the NCAA’s revenue.

The value of the television deal increases yearly and the statements project an increase to more than $1 billion in 2025.

The NCAA’s expenses reached $1.17 billion, which includes $669 million distributed to the more than 363 Division I member schools and another $192 million to stage D-I championship events, the men’s basketball National Invitational Tournament and other related programs.

More than $100 million was also spent on Division II and III championships and programs, including some distributions back to D-II schools.

The NCAA has no direct involvement in the operation of the top tier of Division I football, known of the Bowl Subdivision, and the College Football Playoff that determines its champion and brings in about $470 million annually to the conferences that participate.

The NCAA is currently facing at least five antitrust lawsuits, which challenge rules regulating recruiting, athlete transfers and compensation for athletes.

House vs. NCAA was recently class certified and could put the association on the hook for a potential multibillion-dollar payout to former and current college athletes.