Sweet Sixteen
Last 16 teams in a tournament
Example
I can't believe we haven't been to the Sweet Sixteen in over 10 years!
IKR? Terrible
Sweet Sixteen definition by Slang.net
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In March Madness, the "Sweet Sixteen" are the last sixteen teams left in the tournament. The Sweet Sixteen occurs the second weekend of the tournament, and you must win the first two games (the round of 64 and 32) to get to it.
The last 16 teams in the tournament are the final four teams in each of the West, East, Midwest, and South regions (4x4=16). The winner of each Sweet Sixteen game goes on to the Elite Eight, then the winner of each Elite Eight game advances to the Final Four, which occurs on the third weekend of the tournament.
Finally, if the team wins their Final Four game, they play the other Final Four winner in the championship game. Typically, only college basketball fans or people who have filled out a bracket will hear or use the term.