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The Sweet 16 is the third round of the NCAA Division I Basketball Tournament. It is also known as the tournament regional semifinals. The winning teams move on to play in the regional finals known as the Elite 8. The NCAA tournament is a single elimination tournament in the United States that features 68 college basketball teams. The tournament bracket is divided into 4 regions and teams must win to advance to subsequent rounds. The tournament is also known as “March Madness” because it takes place every March.