OK, maybe I just missed this earlier, but has anybody else even heard of this thing? The story I found was from November.

"The College Basketball Invitational will be staged this March by The Gazelle Group, which is based in Princeton, N.J., and runs the 2K Sports College Hoop Classic that benefits Coaches vs. Cancer and the O'Reilly Auto Parts CBE Classic."

Apparently Virginia accepted a bid? So this is for the teams that couldn't make the NCAA Tourney, didn't get invited to the NIT even, so they go to this? Makes Bobby Knight's suggestion of just expanding the field to 128 look sensible. My dad heard the teams that participate have to guarantee a certain ticket revenue, and the sponsors get a pretty big portion--I couldn't find that anywhere.
More here, including schedule (2 out of 3 for the final) and TV (Fox, of course).