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Should Hoyas Accept Bid for Postseason Tournament?

Georgetown's disappointing season ended yesterday with a loss to Villanova in the Quarterfinals of the Big East Tournament, dropping the Hoyas record to 15-18. Though the sub .500 record eliminates the Hoyas from consideration to receive an invite to the NIT, it is possible that Georgetown's phone could ring on Sunday with a bid to the CBI, the CIT or the new Vegas 16.

The CBI, or College Basketball Invitational, is a 16-team tournament that originated in 2008. Here are some basics, thanks to our blog friends at Northwestern who know a lot about failing to make the Dance:

Where did the CBI come from and what is it?