What does it mean for fans? Until now, the only way to override CBS programming choices on television was to subscribe to DirecTV (NYSE: DTV) and then pay more for the March Madness package. You could get around it by watching online or on mobile—I canceled the DirecTV package in favor of PCs when CBSSports.com removed the blackout restriction—but it’s not a great big-screen experience. Starting in 2011, every game will be televised nationally in its entirety with access to anyone who gets CBS and subscribes to multi-channel video. As for March Madness on Demand, Levy insists the plan is to upgrade it. “We’re trying to figure out how we upgrade that product and make it better versus having it vanish. It’s not going to vanish.” Will every game still be streamed live? Yes. Does it have a TV Everywhere component? It could.

SEE ALSO: New NCAA 14-Year, $10.8 Billion Deal With Turner & CBS Changes Terms For March Madness On Demand

More on MMOD, TV Everywhere and other aspects below:

—MMOD and Turner’s digital lab: Levy explains: “We recognize, both CBS and ourselves, that particularly sports fans want that dimensional viewing, that experience across multiple platforms so March Madness on Demand is still going to be there. We’re now looking how to make it better and how to be a truly better experience for the viewer.” That’s one place Turner’s digital expertise should come in handy. “We can take what works for the NBA, what works for NASCAR, what works for PGA, what hasn’t worked. You kind of have a lab … maybe it’s the quality of the production, the camera angles. There’s a slew of things we will work on over the next couple of months to make it a better experience for the consumer.” Turner has been working with social media, live web programming for NBA.TV with social network integration and more.

—‘All revenue, all in’: The force driving all of this is what Levy calls “all revenue, all in.” Everything associated with the tournament will be pooled into overall revenue. Says Levy, “Whether the revenue comes from TV, from CBSSports.com, from TBS.com or the revenue comes from anywhere—all of that revenue surrounding this tournament is going to be included in the partnership to be shared.” That doesn’t mean the revenue sharing is equal. It isn’t, according to a source familiar with the deal and confirmed by Levy. “There are caps for CBS and that is part of the structure. We can monetize; there’s more upside for us than with CBS, so it does take that into account. It’s all pooled. Nobody can take out pieces of it. It’s all rolled into one and divided afterward. It’s not like it gets divided before it gets in.” That includes the MMOD player, says Levy. “Wherever the player may show up, that player will then be redirected to NCAA.com and that revenue around that player, that reach is all included in the deal. This player could show up on a lot of Time Warner sites as well.”

—TV Everywhere: Time Warner CEO Jeff Bewkes has spent much of the last year evangelizing about TV Everywhere, giving multi-channel video subscribers access to the same programming they pay for on TV across devices so it’s not a huge surprise that the idea is part of the deal. What it means is another matter. As Levy points out, until now TV Everywhere has been about studio content and primetime programming, not live sports events. But, he said, “The agreement with the NCAA provides broad, multi-platform rights that were devised and developed with TV Everywhere in mind.  Ultimately, if it happens, we have these rights to do it. How we do it with our cable operators and how that negotiation happens, that’s between me and my distributor.”

—Pay strategy: MMOD has been a petri dish—subscription-only, tiered, free for some games; free for all, free online but paid iPhone app. The ad-supported models brought in just over $100 million in advertising revenues during the four seasons from 2007-2010; the mobile revenue, from what I can tell, is probably whatever is less than a drop in the bucket. When I asked Sean McManus, president of CBS Sports, about digital plans after the deal was announced, he said, “There’s going to be a major business on the web for the tournament but we have not talked about the details.”

Levy isn’t going much further. “I don’t want to talk about my business models.  I will tell you this, now, if you have a television you can see all the games in full national coverage of each and every game across four networks. How it ends up going down and being distributed across different platforms, that’s a business model we’ll discuss down the road.” He did say he “believes” there will continue to be a mix of free and paid.

Staffing: One key to the NBA-Turner venture was the hiring of an exec to head NBA Digital; SVP & GM Bryan Perez is based in at Turner’s Atlanta HQ but reports jointly to Levy and NBA Deputy Commissioner Adam Silver. Nothing like that is planned for this partnership. “It’s going to be a collaborative effort on production, scheduling, promotion, sales, and distribution,” Levy says. “You never know til you know but we’ve worked with CBS before on the Olympics, we continue to work them now on the PGA Championship and our sports production people are very familiar with each other. The new part of this is our sales organizations will now be selling all the properties across all the brands but I’ve got a feeling that can be settled in a couple of meetings. This benefits both. The more revenue that comes in, more benefits for all. That’s how the structure is.”