The long-rumored Phil Knight college basketball tournament is officially a reality.

Celebrating the Nike co-founder's 80th birthday, sixteen of the nation's top programs will travel to Portland for the event being called PK80. Between Nov. 23 - 26, Arkansas, Butler, Connecticut, Duke, Florida, Georgetown, Gonzaga, Michigan State, North Carolina, Ohio State, Oklahoma, Oregon, Portland, Portland State, Stanford and Texas will compete in the tournament, making up one of the most loaded in-season tournament fields in history.

Games played at the Moda Center and Veterans Memorial Coliseum will feature dueling eight-team brackets. Only one team per conference is allowed in each bracket. The tournament will air on ESPN.

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Phil Knight Invitational Nike Basketball Tournament
image via Robert Hanashiro for USA Today Sports