The NBA Saturday revealed plans for its inaugural in-season tournament that will begin Nov. 3.

The tournament will have a prize pool of roughly $18 million and will be capped by a championship game on Dec. 9.

“This is a concept that has been rumbling around the league office for about 15 years,” Silver said. “It’s not a new concept in sports. For those that follow particularly international soccer, it’s a long tradition of having in-season tournaments … so we thought, what a perfect opportunity for a global league like the NBA and it’s a perfect fit for our game.”

Games will be played mostly on Tuesdays and Fridays in November – except for Nov. 7, when the league will play no games to commemorate Election Day.

The Final Four will be played in Las Vegas.

“I’m excited about this midseason tournament,” Golden State Warriors coach Steve Kerr said. “I think it’s going to add an element of energy and excitement for the players and coaches and the fans. I think it’s a great idea.”

Teams were assigned to a five-team group and will play against each other; the six group winners will make the quarterfinals, as will the best two second-place teams from the groups.

All tournament games except the championship will count in the standings. It’s been known for some time that teams will be getting only an 80-game schedule when the 2023-24 slate its released by the NBA in the coming weeks.

Games 81 and 82 will be added in December.