There are 68 teams in the tournament.
It used to be 64 (actually, there were times that it was less), however a new automatic bid from the Mountain West conference forced the NCAA to make it 65. It was expanded in the 2011 tornament to 68 teams to allow some "bubble teams" to qualify, who would not of in the 65 team system.
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The NCAA field was expanded to 64 teams in 1985. The prior season it was 53 teams, and it was 52 teams the season before that.