PORTLAND, Ore. (AP) — A 16-team tournament featuring some of college basketball's elite teams will be staged next year in Portland to honor Nike co-founder Phil Knight before his 80th birthday.

The PK80, or more formally the Phil Knight Invitational, will be played at Portland's Moda Center and Memorial Coliseum on November 23rd through 26th, 2017.

Participating teams include Arkansas, Butler, Connecticut, Duke, Florida, Georgetown, Gonzaga, Michigan State, North Carolina, Ohio State, Oklahoma, Oregon, Portland, Portland State, Stanford and Texas.

They will be divided into two groups of eight teams and each group will compete for a bracket title. All the games will be broadcast on ESPN.

Only two teams from each conference were allowed, and Knight holds degrees from Oregon and Stanford, so that did not allow room for Oregon State or Arizona.