This question has come up a bunch. How much can teams make in the NCAA compared to how much they make in the NIT. One and done in the NCAA will pay out A LOT more than going all the way in the NIT.

For NCAA games, teams make about $1,600,000 per game played (paid out over 6 years, so $266,000 a year). After all expenses are paid for the team that played, each conference figures out how to divide this money out to the rest of the conference.

the NIT is not as transparent, because games are played in home arenas until the last 4 teams.

SDSU, when they went on their run in the NIT a couple of years ago, the school says that they made $25,000 - $50,000 after it all AFTER they paid out travel, per diems, etc. and the SDSU AD believes that they finished with a small profit. Link at the end.

Here is a brief write up on the breakdown which I did a lot of copying with some minor edits (links at end): Essentially, the NIT collects all the revenue and then disburses it to all the NIT participants according to the number of games in which they played. Sources of revenue include:
All ticket sales
TV rights
Radio rights
Internet rights
Commission from gambling ring participants (no idea what that is)
The NIT then reimburses each traveling team for standard coach airfare, one bus + driver, and $120 per diem per person. As I read it, it looks like each player gets $120 per day for each day they are still participating in the competition. That hopefully is enough to cover meals. Hotel costs are the responsibility of the traveling institution.

Host institutions are responsible for myriad miscellaneous things, like liability insurance for the arena, 50 seats for the traveling institution, space for both teams' bands and cheerleaders, NIT banners hanging in strategic places, etc. We don't get any money for the players' food or lodging while hosting. We will receive money if we make it to New York, because all remaining teams are considered traveling institutions at that point. The per diem jumps up to $185, enough to buy at least one pizza per day in Manhattan.

No money for hosting directly. You only receive a cut of the net revenue in proportion to how many games we played. So in a year where a team makes the NIT and sells out their arena, they end up having to split the ticket money with the other team and their spring-break-caused empty arena. Of course, the hope is that the extra revenue from the media rights will make up the difference and everyone makes a profit. Also, since we are participating in at least 3 games, we'll get three times as much money as a host school which lost in the first round, like St. Mary's.


So, IN A NUTSHELL - Teams can make some money, but it aint much. The biggest bonus, is they will probably turn a profit if they win a few games.
http://www.ncaa.com/sites/default/files/files/2011_NIT_Team_Manual.pdf
http://www.cougcenter.com/2011/3/22/2066451/nit-finances
http://www.sandiegouniontribune.com/news/2009/mar/31/1s31azmoney23232-nit-more-lucrative-ncaas-year-not/