The two tournaments, each consisting of eight teams, would take place in Portland, Ore. during a four-day period in November, 2017. Knight's 80th birthday is Feb. 24, 2018.

This event would have more collective star power than any of the previous tournaments played at Maui, New York, Orlando or the Bahamas. The 16 Nike-sponsored schools -- mostly elite programs -- include Michigan State, Kentucky, Duke and North Carolina.

Hollis said he has commitments from schools representing all of college basketball's power conferences. NCAA rules prohibit schools from the same conference playing in the same event, hence the two eight-team tournaments.

The other schools are Florida, Ohio State, Connecticut, Georgetown, Texas, Oklahoma, Stanford, Oregon, Xavier, Butler, Gonzaga and Portland.

"All of these great basketball programs have been supported by Phil Knight and Nike," Hollis said. "His support of the programs have created scholarships and resources for these departments to excel."