In the grand and glorious tradition of the College Bowl, 8 teams are met on a mental battlefield. Thirty-two students representing the best and the brightest business schools. In the end, only one team will take home $200,000 for their education. This is the Fast Money MBA Challenge.

Tonight, MIT's Sloan School of Management (Kevin, Angelique, Mary, and Marc) hope to ride the top seed all the way to the top. Meanwhile, McCombs School of Business is sending Ben, Christopher, Timothy, and Justin to show MIT that it's not smart to mess with Texas.

Our first quarterfinal match up: MIT Sloan vs. Texas McCombs. Prepare for battle!

This is a single elimination tournament. Winner stays, loser pays.

Round 1a: Capital Gains.

This is a 90-second speed round. Correct answers are worth 2500 Fast Money dollars (hereby abbreviated as $). Team with the most money at the end of this round will control the board.

At the end of the round, the portfolios... are tied. The sudden death tiebreaking question for F$2500 more... Which company makes Band-aid brand adhesives? Texas, Ben... "Johnson & Johnson." Correct!

Round 1b: Build the Bank

This part of the round is all about categories. Texas has control of the board, and $15,000 are at stake. MIT can steal any question not answered.

The categories are...

BABY BOOMERS
007
MADE IN CHINA
HEIR HEADS
DIGITAL REVOLUTION

Texas chooses 007.

$5000: What was the name of the Wall Street firm at which Michael Milken was employed when he became involved in the infamous junk bond scandals of the 1980s? "Drexel Burnham Lambert" is correct for $5000.

$10,000: In 1991 the Chairman and CEO of Salomon Brother resigned after the company was embroiled in a bond rigging scandal. What was his name? "John Goodfriend"... Right!

MIT Sloan takes Digital Revolution.

$5000: List these iPod products in order of their release dates; the products are Nano, Mini & Shuffle. "Mini, Shuffle, and Nano".... correct!

$10,000: In February 2007, which company made the top-selling video game console in the United States? "Nintendo"... That is... You play the Wii? She does... She's right. Score at the end of round 1...

Round 2a: Name That Ticker

Another speed round. After 90 seconds...

We had to deduct $5000 for an early buzzer on MIT Sloan's side.

Next part is...

Round 2b: Hostile Takeover

This is a categories round. However, only one player plays and can wager any or all of his or her portfolio. MIT Sloan sends Marc center stage.

The categories are...

BEEFY BUSINESS
ECONOMISTS
THE MAVERICK
COAL
BOTTOMS UP

ECONOMISTS for $12,500: Name the British economist who advocated interventionist government policy and famously said: "In the long run, we are all dead."

Marc guesses John Maynard Keyens... CORRECT!

Chris takes a seat for Texas...

THE MAVERICK for $5000: From whom did Mark Cuban purchase a majority stake in the Dallas Mavericks basketball team for over $280 million?

Chris doesn't know much of Texas sports being from California. Nothing... MIT to steal with... the Bass Brothers? No. It was H. Ross Perot. MIT leads by $35,000.

Kevin takes the seat for MIT.

BOTTOMS UP for $5000: With brands like Smirnoff and Guinness, this liquor company is the largest in the world.

Kevin... Nothing. Texas for the steal with... Diageo. Correct for $5000!

Timothy takes the seat next..

BEEFY BUSINESS for $10,000: Which company is the world's largest meat processor by market cap?

Timothy says Hormel... No joy. Goes to MIT Sloan. Tyson... is right.

Angelique takes the seat for MIT.

COAL for $5000: Which country has the largest known coal reserves?

Angelique... blanks. Texas... can't steal with Russia. Correct... USA! USA! Score at the end of round 2...

Final Round: Buy Some Research

Final round of questions is worth $100,000 a pop. It's still anyone's game. Each team gets a question, green or red, but for each piece of research Dylan gives, the value goes down $20,000. Longhorns.. Beavers... Let's get it on.

Starting with Texas. They trail by $35,000.

$100,000: Incorporated in 1977, what company IPO'd in 1980 and is expected to have revenues of over $20 billion in 2007?

They buy this for $20,000...

$80,000: The stock price of this company in January 2004was split adjusted less than 10 dollars; it is now substantially over 120.

They guess Apple... CORRECT for $80,000!

Anything under 60,000 for MIT Sloan and Texas will upset at the last second.

$100,000: What person was born on August 15, 1964 in Dallas, TX and in 2006 was ranked as one of the world's most powerful women?

This buy this for $20,000...

$80,000: She attended the all-girls Ursuline Academy of Dallas selecting Math and Computers as her chosen path and graduated the valedictorian of her class.

They ... answer Condoleezza Rice...

MIT SLOAN IS.... going home. Correct answer: Melinda Gates. FINAL SCORE...

Hook'em horns! #8 Texas, Cinderella story, moves on to face the winner of this next match... It's the Battle of New York as uptown Columbia Business School (Gustavo, Jennifer, David, Daniel) vs. downtown NYU Stern School of Business (Brian, Louis, James, Kathleen). Lions vs. Bobcats.

Round 1a: Capital Gains.

After 90 seconds of questioning and answering...

NYU controls the board for...

Round 1b: Build the Bank.

The categories are...

BOX OFFICE
BLACK GOLD
THE BAMBLER
LAND OF THE RISING SUN
HEDGING YOUR BETS

NYU Stern goes with BOX OFFICE...

$5000: In what year did Star Wars Episode III debut? NYU goes with 1995.. So not right. Columbia tries 1983. Also not correct.. 2005 was the year.

$10,000: What is the highest-grossing NC-17 film of all time? They go with "Romeo + Juliet".. No. Columbia tries to steal with "Sex Lies & Videotape." Correct: "Showgirls".

Columbia has a chance to stage a comeback. They play BLACK GOLD.

$5000: What does OPEC stand for? Organization of Petroleum Exporting Compan... COUNTRIES! Judges... Kidding. That's right for $5000!

$10,000: What is the two-word industry term for the spread created by the simultaneous purchase of oil futures and the sale of gasoline and heating oil futures? They try crack spread... Right again! After the round...

Round 2a: Name That Ticker

NYU stages a run for the money, leading at the end of 90 seconds...

NYU controls the board for...

Round 2b: Hostile Takeover.

Louis plays for NYU Stern first. The categories..

THE GIFT OF GIVING
SWEET STOCKS
SHE'S THE BOSS
A-Z
COULD I HAVE A MINT

SWEET STOCKS for $10,000: Which company makes Ice Breakers, Kit Kat and Twizzlers among other brands?

Louis goes with Mars... Going to Columbia with Hershey's... Correct for NYU's $10,000. Good steal.

David plays for Columbia.

SHE'S THE BOSS for $10,000: Between 1999 and 2005 Carly Fiorina served as the president and CEO of which company?

David goes with HP... Correct for $10,000!

Next is James for NYU.

A-Z for $5000: Which NYSE company's ticker would come up last in an alphabetical listing?

James... ExxonMobil. Wrong. Columbia tries Yum!. Nope. It was Sealy (ZZ).

Gustavo is next for Columbia.

THE GIFT OF GIVING for $5000: in 2006 Warren Buffett announced that he would donalde a sum of money valued at more than $37 billion to what organization?

Gustavo is quick with Bill & Melinda Gates Foundation. He's right!

Brian plays for NYU... Final category.

COULD I HAVE A MINT for $5000: in what city was this nation's first mint located?

Brian goes with New York City... Columbia for the steal? "Philadelphia." Correct! Scores at the end of the round...

Still anyone's game as we go to the final question.

NYU plays the green question...

$100,000: What company was incorporated in New York in 1911 as the Computing-Tabulating-Recording Company

Time...

$80,000: in 1924 this company changed its name to reflect its international business, unlike most companies it prospered in the Depression era.

They have an answer already. NYU goes with IBM... CORRECT for $80,000!

Columbia trails by $50,000. Anything lower than $60,000 and it's over.

$100,000: This self-made success story was born on July 31 1965 in Gloucestershire, England. What is this person's name?

Research!

$80,000: in 2004 Forbes magazine estimated her fortune to be just over $1 billion.

Columbia has a guess of JK Rowling...

COLUMBIA.... IS CORRECT! Final score..

Columbia faces Texas in the semis, but when we return next week, two more top finance schools meet in the quarterfinal round on the Fast Money MBA Challenge. The road to NASDAQ passes through Chicago, UCLA, Dartmouth, and Yale next time.