The inaugural tournament occurred after the conclusion of the 2007–08 men's college basketball regular season.

After the post-COVID pandemic revival, the tournament has been staged at the Ocean Center in Daytona Beach, Florida.

Since the tournament's 2021 revival and adoption of the single-site format, the championship is also determined by a single game.

In 2023, the CBI introduced NIL funding of $40,000 to be distributed in the following manner: $25,000 to the champion, $10,000 to the runner-up, and $2,500 to each semifinalist.

In 2014, Indiana Hoosiers athletic director Fred Glass declined a CBI invitation.