College basketball is a big industry in the U.S. and Canada. To understand its significance one would have to retrace its history. Under the auspices of President Roosevelt, the Intercollegiate Athletic Association of the United States (IAAUS) was put together in 1906. In response to many serious sports injuries suffered by college players, the purpose of the IAAUS was to establish the rules and governance for amateur sports in the U. S.
Roosevelt consulted with the Army, Navy, and Ivy League colleges: Harvard, Yale, and, Princeton to find out the best ways to make college sports safer. In 1910 the IAAUS became the National Collegiate Athletic Association (NCAA).
When talking about college basketball, it typically refers to the Division 1, 11, and, 111 college level basketball that operate under the National Collegiate Athletic Association.
It should be noted that the IAAUS and the NCAA rules and governance applied only to men's sports for almost 70 years.