In a groundbreaking move, over a dozen former men's college basketball players, including Mario Chalmers, Jason Terry, and Ryan Boatright, have filed a lawsuit against the NCAA, six conferences, and Turner Sports Interactive for the unauthorized use of their names, images, and likenesses in March Madness advertisements. The lawsuit alleges that the defendants have "systematically and intentionally" misappropriated the players' publicity rights while profiting immensely from their participation in the competition.

According to ESPN's Mark Schlabach, the lawsuit accuses the NCAA and other defendants of violating the federal Sherman Antitrust Act through unreasonable restraint of trade, group boycott, and refusal to deal. It further claims that the NCAA has exploited student-athletes for decades, leveraging its monopoly power to fix the price of their labor at zero and using them as unpaid endorsers for the organization.

The class-action lawsuit, filed on Monday in the U.S. District Court - Southern District of New York, includes the Big East, Pac-12, Big Ten, Big 12, SEC, and ACC conferences. Other prominent players joining the lawsuit include Alex Oriakhi, DeAndre Daniels, and Roscoe Smith, among others.

The lawsuit highlights the lack of compensation received by the players for the continued usage of their names, images, and likenesses in promoting and monetizing March Madness. Specifically, it mentions that the 2008 Kansas Jayhawks National Championship team, including players like Mario Chalmers and Sherron Collins, have received no payment for the ongoing display of their iconic moments during the tournament.

One such moment is Chalmers' legendary three-pointer against Memphis in the 2008 national championship game, which forced overtime and is famously known as "Mario's Miracle." Despite its recurring appearance in March Madness highlight montages, Chalmers and his teammates have not benefitted financially from their contribution.

This lawsuit follows a similar legal action taken last month by 10 members of the 1983 North Carolina State national championship team, who sued the NCAA and the Collegiate Licensing Company for the unauthorized use of their name, image, and likeness in promoting college basketball without their consent.

It is worth noting that the NCAA's board of governors had previously agreed to a settlement in the House v. NCAA case in May, which authorized a landmark settlement of three consolidated antitrust cases. Under this agreement, the NCAA will fund nearly 41% of the total damages ($1.1 billion), while the schools will bear the remaining 60% ($1.65 billion) over a 10-year period for compensation to former collegiate athletes.

As the legal battle intensifies, it remains to be seen how this lawsuit will shape the ongoing conversation about compensating college athletes for the use of their names, images, and likenesses.