Report: IU basketball in discussions to join eight-team “Diamond Cup” in 2027-28 season

Photos from IU basketball's 86-69 win against Kansas State at Simon Skjodt Assembly Hall.

IU basketball is reportedly in discussions to join an eight-team event that could debut in 2027 titled the “Diamond Cup.”

Matt Norlander of CBSSports.com reported that IU, along with Arizona, Gonzaga, Kansas, Kentucky, Michigan, North Carolina and UConn, are in talks to join the new event.

While nothing has been signed yet, according to Norlander, an announcement could come as early as this summer.

Here are some of the details:

The details and format of the Diamond Cup have shifted from the original premise in the summer of 2025. The initial pitch was a four-game series for every team (16 games per season overall) on a three-year contract starting in 2027-28. That format includes three regular-season matchups and, to start, one October exhibition game that would nonetheless count toward the Diamond Cup’s pool-play results to determine a champion. The initial eight schools were lobbied in 2025 on the premise that they could make approximately $17 million over the course of the deal, sources said, provided the optimal media rights package could be sold.

That number has since changed, as has the format for Year 1. The 2027-28 season will likely be a two-game agreement, with open discussions on potentially moving to a four-game format (one preseason, three regular season) for 2028-29, sources said. Under a two-game arrangement in 2027, schools will purportedly receive $2.25 million apiece, sources said. The format for Years 2 and 3 are supposed to bump to $3.75 million per school.

If the event comes together, it would begin in the 2027-28 season with games taking place at multiple neutral sites, according to Norlander’s reporting.

The Diamond Cup would also offer marketing opportunities for participating players and equity to schools that agree to participate.

Given that IU is already scheduled to play Kansas and Kentucky next season and will also play Michigan in the Big Ten, it will be interesting to see how scheduling would work for the event if it comes to fruition.

See More: Schedule, Diamond Cup