Here is an an article from 2017 about how the NCAA distributes the profit from the tourney.
It might sound complicated, but it is very simple in terms of math.
A conference earns a "Unit" for each game it plays in the tourney. The unit counts for six years. It is a 'rolling system.' Add the most recent tourney appearances and delete the tourney appearances from six years ago. Each unit is now worth say a little more than 1.75M. Have to divide by six, though, as the units are paid over a 6 year period.
Take the MAC: 2013 - 1 unit, 2014 - 1 unit, 2015 - 1 unit, 2016 - 1 unit, 2017 - 1 unit and 2018 -TWO units (Thank you, Buffalo). Seven units divided by six or 7 /6th of a unit.
Say, UB wins their first game and then loses. For the 2020 tourney, we'd drop 2013 and add 2019. So that would be 8 /6th of a unit. Delete 2013 - 1 unit and add 2019 - 2 units.
https://herosports.com/ncaa-tournament/h...-fund-a7a7
If a unit is worth say $1.75M (maybe a little more) this year, then the MAC would receive 7 / 6 x 1.75M
Say next year a unit might be worth 2M (to keep things simple) the MAC would get 8 / 6 x 2M