We Americans love our sporting events. We anxiously await the arrival of the Super Bowl, the Olympics, All-Star games and playoffs like little kids on Christmas Eve.

Yet, the pinnacle of our obvious American obsession with sport comes during the month of March when the NCAA men’s basketball tournament takes center stage.

The 16-game tournament, that has been played since 1939 creates a frenzy of bracket-filling, office pools, friendly neighborhood bets and full on big money gambling.

What makes this tournament stand out from other sporting events is that it generates the largest productivity loss for American employers.

An estimated $1.2 billion is lost during the 16 days of games that capture our attention. Given that many games are held during the day, employees often cut out early to make their way to the closest local sports bar or to the security of the living room couch.

Given that the tournament is spread out over the course of an entire month, the distraction of sitting in front of the television takes it toll on the economic productivity of many major corporations. The Super Bowl comes in a close second with a loss of $800 million.

Sport has emerged in the forefront as one of the most popular forms of entertainment today. It dominates the major television networks on the weekend and has the ability to excite the masses at any given point throughout the year.

Sociologists have cited that the human fascination with sport is largely based on our human need to belong to a particular group or community. People want to be part of something that is bigger than themselves. Like religion and politics, sports provide us with a sense of community through representation.

With a constant presence on the airwaves, it’s almost hard to ignore.

“Whenever you turn on the TV it’s just there,” said DU senior Alex Comisar. “On any given day in March you can just turn on CBS and watch hours of college basketball.”

With one of the most lucrative contracts in sports history, CBS is dribbling all the way to the bank.

Since 1982, CBS has had the TV rights to the NCAA Tournament, and with a new 11-year, $6 billion contract signed in 2002, the network will own the rights until 2014.

Shifting into April, we find ourselves with time to reflect on Florida’s victory and begin to set our sights on the spring season and the onslaught of America’s other favorite pasttime, Major League baseball.

With the madness of March finally behind us, it’s time to toss our bracket sheets away and get back to work.