The NBA's in-season tournament, beginning in 2023-24, will feature three rounds in early December, sources told ESPN's Adrian Wojnarowski and Bobby Marks.
Players on the tournament-winning team will reportedly receive $500,000 each, while those on the runner-up will take home $200,000. Players who lose in the semifinal and quarterfinal will be awarded $100,000 and $50,000, respectively.
The eight participating teams will be determined from preliminary matchups in November, The Athletic's Shams Charania reported last September. The precise format is unknown, but it will reportedly be single elimination.
All contests would be part of the NBA's regular 82-game schedule, with one extra tilt for the tournament's final two clubs, Charania added.
NBA commissioner Adam Silver has previously spoken about the possibility of implementing an in-season tournament.
The WNBA has held its own midseason competition, the Commissioner's Cup, over its last two campaigns. Financial incentives were also provided for players.
