The acronym COLL. BASKETBALL TOURNEY stands for College Basketball Tournament, which is an annual event in the United States. The National Invitation Tournament (NIT) is one of the most prestigious college basketball tournaments in the country and is a 3-letter acronym. The tournament is organized by the National Collegiate Athletic Association (NCAA) and features teams from Division I, II, and III. The tournament is held in March and April and the winner is crowned the national champion.