According to Don Walker of the Milwaukee Journal, the NCAA payouts go as follows;
According to conference officials, the NCAA payout goes like this: each school gets $300,000 for making the first round, $400,000 for the second round, $550,000 for the third round, $800,000 if a team makes the Elite Eight, and $1.1 million if a team makes the Final Four.
A total of nine Big East teams, including Marquette University, qualified for the NCAA men's basketball tournament. That means $2.7 million just for showing up.
If all teams play to their seed, the Big East will earn approximately $9.2 million (over $600,000 for each of the 15 teams).
I guess that shows why football is king, the Big East made more than that for just one guaranteed BCS bowl game - win or lose.