March Madness - Fun Times and Economic Disaster?

From Forbes.com:

For the first time, most games in the 2006 National Collegiate Athletic Association tournament will be broadcast online for free. That's one reason why consulting firm Challenger, Gray & Christmas has estimated March Madness will cost $3.8 billion in lost productivity...

In 2005, Challenger, Gray said March Madness would cost $889 million. That number quadruped this year because a Gallup poll indicated that 41% of Americans--more than 58 million U.S. workers--are college basketball fans. Previously, the firm had estimated a much lower number of fans.

Nevertheless, the games will surely combine with the warming weather to distract employees from their spreadsheets. Workers have always spent time checking scores, chatting about the games and participating in office betting pools. But the free online broadcasts could take office time wasting to a whole new level.

By the way, as a University of Michigan alum, I wish the Michigan State Spartans and their awesome coach, Tom Izzo, the best of luck tonight.

Conversely, as a University of Michigan alum, I hope the Ohio State Buckeyes get their backsides kicked back to Columbus in the first round.