1. Acronym for the National Invitation Tournament, a men's college basketball tournament held in New York City's Madison Square Garden every March at season's end.
2. As it is considered secondary to the more prestigious NCAA men's tourney, it is often thought of as the championship for 73rd place, as the NCAA selects the top 72 college teams in the country, leaving the NIT to choose from the next best 32 teams.
3. What most average American Joes are actually living to achieve in their rather ordinary, mundane lives, whether consciously aware of it or not.
2. As it is considered secondary to the more prestigious NCAA men's tourney, it is often thought of as the championship for 73rd place, as the NCAA selects the top 72 college teams in the country, leaving the NIT to choose from the next best 32 teams.
3. What most average American Joes are actually living to achieve in their rather ordinary, mundane lives, whether consciously aware of it or not.
Gus : y'know Zach, when you really get down to it, most of us muckety-mucks are struggling every day just to get that NIT bid of life.
Zach : what ? Y'mean we're all out here battling for a spot between 73rd and 105th place ?
Gus : Yep.
Zach : you could be right, partner.
Zach : what ? Y'mean we're all out here battling for a spot between 73rd and 105th place ?
Gus : Yep.
Zach : you could be right, partner.
by Virgin Suicides May 21, 2017
Get the NITmug. "Nerd it out" The act of working to the best of your ability, regardless of adversity. Working hard and having no regrets.
by engaged June 18, 2008
Get the NITmug. 
A racial slur, used to derogatorily describe Homo-Sexuals
by Johnathan889 November 1, 2010
Get the NITmug. by Cadet Wilson August 6, 2019
Get the NITmug. "Not In the Tournament" refers to the loser's tournament during March Madness for the teams that didn't qualify for the NCAA March Madness Tournament...NIT actually stands for National Invitation Tournament
The Florida Gators played Ohio State in the NCAA tournament in March 2007, in March 2008 the Gators are playing in the NIT tournament..
by sl.uf.nyc March 31, 2008
Get the NITmug. An acronym for NerdInTraining, referring to one who is only slightly nerdy, but who greatly increases his or her nerdiness through nerdy statements.
by j00b November 5, 2003
Get the NITmug.