Umm....false.
The NIT was as prestigious and way more well known for a while. I believe it had better money bags as well. After a while they were on par with each other, but this is no myth.
Below is a listing comparing the two tournaments starting in 1939, when they both held events.
* - signifies the winner of the respective tournament
Ranking - signifies the ranking at the time of the field if available. Years up to 1948 are from the Premo Power rating (determined retrovactively) while years 1949 and later are from the Associated Press poll. Where teams are unranked in the AP but ranked in the UPI, their UPI ranking is also noted.
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1939 - NCAA Field
#4 Oregon *
#10 Ohio State
#14 Villanova
Texas
Oklahoma
Utah State
Brown
Wake Forest
1939 - NIT Field
#1 Long Island *
#2 Bradley
#3 Loyola (IL)
#5 St. Johns
#8 New Mexico A&M
#20 Roanoke
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1940 - NCAA Field
#1 Indiana *
#2 Southern Cal
#3 Colorado
#4 Duquesne
#8 Rice
#9 Kansas
#15 Western Kentucky
Springfield
1940 - NIT Field
#3 Colorado *
#4 Duquesne
#5 Oklahoma A&M
#10 DePaul
#11 Long Island
#14 St. Johns
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1941 - NCAA Field
#2 Wisconsin *
#3 Washington State
#7 Arkansas
#12 Dartmouth
Pittsburgh
North Carolina
Wyoming
Creighton
1941 - NIT Field
#1 Long Island *
#6 Ohio U
#8 Duquesne
#9 Westminster
#13 CCNY
#17 Seton Hall
Virginia
Rhode Island
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1942 - NCAA Field
#1 Stanford *
#3 Rice
#4 Colorado
#6 Dartmouth
#8 Penn State
#14 Kentucky
#15 Kansas
#17 Illinois
1942 - NIT Field
#2 Long Island
#5 West Virginia *
#7 Western Kentucky
#9 West Texas State
#13 Toledo
#18 Creighton
#19 CCNY
Rhode Island
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1943 - NCAA Field
#2 Wyoming *
#6 Georgetown
#7 DePaul
#9 Dartmouth
New York Univ
Texas
Washington
Oklahoma
1943 - NIT Field
#4 St. Johns *
#8 Creighton
#10 Western Kentucky
#11 Toledo
#13 Manhattan
#16 Washington & Jefferson
#19 Fordham
Rice
Red Cross Game: Wyoming (NCAA) 52, St. Johns (NIT) 47
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1944 - NCAA Field
#2 Utah *
#5 Dartmouth
#10 Ohio State
#12 Iowa State
Temple
Pepperdine
Missouri
Catholic
1944 - NIT Field
#2 Utah
#3 Kentucky
#4 DePaul
#6 St. Johns *
#7 Oklahoma A&M
#8 Bowling Green
#15 Muhlenberg
Canisius
Red Cross Game: Utah (NCAA) 44, St. John's (NIT) 36
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1945 - NCAA Field
#2 Oklahoma A&M *
#6 Ohio State
#8 Kentucky
#12 New York U
#16 Arkansas
Oregon
Tufts
Utah
1945 - NIT Field
#3 DePaul *
#10 Bowling Green
#11 St Johns
#14 Muhlenberg
#15 Rhode Island
#19 Tennessee
#20 Rensselaer Poly
West Virginia
Red Cross Game: Oklahoma A&M (NCAA) 52, DePaul (NIT) 44
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1946 - NCAA Field
#1 Oklahoma A&M *
#3 North Carolina
#7 Ohio State
#11 New York U
#16 Baylor
#18 California
Harvard
Colorado
1946 - NIT Field
#2 Kentucky *
#6 Rhode Island
#9 West Virginia
#10 Bowling Green
St. Johns
Arizona
Muhlenberg (PA)
Syracuse
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1947 - NCAA Field
#2 Holy Cross *
#3 Texas
#6 Oklahoma
#9 Navy
#10 Oregon State
#15 CCNY
#16 Wyoming
#19 Wisconsin
1947 - NIT Field
#1 Kentucky
#4 Duquesne
#5 Utah *
#11 N.C. State
#13 West Virginia
#17 Long Island
St. Johns
Bradley
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1948 - NCAA Field
#1 Kentucky *
#3 Holy Cross
#9 Michigan
#11 Baylor
#20 Columbia
Kansas State
Wyoming
Washington
1948 - NIT Field
#2 St. Louis *
#4 Western Kentucky
#5 N.C. State
#6 NYU
#7 DePaul
#13 Bowling Green
#17 Texas
LaSalle
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1949 - NCAA Field
#1 Kentucky *
#2 Oklahoma A&M
#4 Illinois
Yale
Villanova
Wyoming
Oregon State
Arkansas
1949 - NIT Field
#1 Kentucky
#3 St. Louis
#5 Western Kentucky
#7 Bradley
#8 San Francisco *
#10 Bowling Green
St. Johns
Manhatan
NYU
Loyola (IL)
CCNY
Utah
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