In a historic vote Wednesday at the NCAA convention in Nashville, the organization approved a plan to pay women's basketball teams for making the NCAA Tournament. Men's basketball teams have been reaping the benefits of the same revenue sharing plan for many years.

Now, so-called performance units that represent revenue will be given to women’s teams playing in the tournament. A team that reaches the Final Four could bring its conference roughly $1.26 million over the next three years.

For the first time, women’s basketball teams will earn NCAA Tournament performance pay, mirroring a system long in place for men’s teams.