(According to a USA Today article online located at usatoday.com)
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According to a USA Today article online located at usatoday.com:
As each team advances to the final quartet, viewers will expect the teams to celebrate with a time-honored tradition: cutting down the nets.
But not many fans will know where that tradition originated. Well, legendary high school and college coach Everett Case is given credit for starting the practice in 1947. In his first season as coach of North Carolina State, Case's team won the Southern Conference tournament. Case decided to celebrate by taking the nets as a souvenir. The practice caught on and now college teams punctuate tournament titles with some twine trimming.