Sweet 16 Calcutta

[Phart]

Our office is doing a Sweet 16 Calcutta. All of the teams are auctioned off and the pot pays out as follows:

If your team gets to the...
Elite 8 - 5%
Final 4 - 10%
Championship and loses - 20%
Champion - 40%

So 8 teams will get 0, 4 teams will each get 5% of pot, 2 teams will each get 10%, 1 will get 20%, and 1 will get 40%.

I'm trying to get an idea of what value to place on each team. I realize you have to make an assumption on the total pot, but I think I can get a good idea of what it is based on last year. Anyone know how to calculate the values?

[Easy-Rider 66]

Not sure I understand the question, but maybe go by what Vegas posts as far as futures on each team to win the Championship. Use that future number as your model for what value to place on each team.

[Phart]

I'm thinking that it is a combination of the odds for the sweet 16 games, elite 8 games, final 4 futures, and championship future. Not sure how to piece it together.

When I add the total values of each team when using the future odds, I'm getting a total value that is much higher then the total pot.

[Easy-Rider 66]

Maybe someone with a math background can help you out. Not sure either.