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Definition of Elite Eight
1. Proper noun. (basketball US informal) The eight teams participating in the regional finals of the NCAA Division I tournament, one of whom will become the national champion. ¹
2. Proper noun. (basketball US informal) The round of the NCAA Division I basketball tournament where all but 8teams have been eliminated. ¹
3. Proper noun. (basketball US informal) An appearance in the Elite Eight. ¹
¹ Source: wiktionary.com