Calcutta’s or Auctions are another fun way to bet on the NCAA tournament. The general concept is that a group of people bid on each team in the field and get paid out a % of the total pot based on how far their teams advance. Typical payout distributions (along with detailed rules) are below if you want to run your own auction. There is a magic equilibrium of participants that is ideal - enough to build a sizable pot and represent the spectrum of views across the market but not too many to ensure everyone gets a chance to own a team and participate. Most auctions are fun alternatives to typical bracket-based pools but there are also large, more serious auctions where groups pool $ together to bid on and purchase teams and pots can get pretty big.