'The Basketball Tournament' lands TV deal with ESPN, prize money up to $1M

A winner-take-all basketball tournament worth $500,000 is a pretty good reason to get a team together. A winner-take-all basketball tournament with a $1-million prize that will get aired on ESPN leaves absolutely zero room for excuses not to suit up.

That's what "The Basketball Tournament" has become in year two, with the tournament issuing a press release Monday outlining the upcoming growth for the fledgling event.

Most notably, the prize money for the winning team has doubled, and the semi-finals and championship game will both air on ESPN. The tournament will also expand to include 96 teams, with games in five different cities, culminating in the final four on Aug. 1-2 in New York.

Tournament founder Jonathan Mugar trumpeted the tournament's early success and hopes for future growth in the release:

Last year we were able to prove the concept of a high stakes, democratic tournament, with an exceptionally skilled collection of players and an entertaining event. Our agreement with ESPN, along with our market expansion, further validates that we are on the track to grow even beyond what we had hoped for in year two.

Last year's 32-team tournament - flush with former NBA and NCAA talent - saw Tyrone Nash lead a team of Notre Dame alumni to the title in a game aired on ESPN3.

Entry into the tournament is free, with three-quarters of the field being determined based on an online fan vote and the remaining quarter being determined by the tournament organizers. The fans who voted for the winning team will also share $50,000 of the $1-million prize.