Each in-season tournament game would count toward regular-season standings; the two finalists would ultimately play 83 regular-season games. Winning players and coaches will earn additional prize money.
The NBA and NBPA have agreed to increase the upper limits on extensions from a 120% increase on a current deal to 140%, which could have a significant impact on the futures of stars like Celtics forward Jaylen Brown.
Under the current rules, Brown would be allowed to sign a four-year extension worth $165 million. With the extension rules increased to 140%, however, Brown -- who is set to earn $31.8 million in the 2023-24 season, the final year of his current contract -- would be able to reach his four-year maximum of $189 million, according to ESPN's Bobby Marks.
Similarly, Sacramento Kings All-Star center Domantas Sabonis could currently sign a four-year, $111 million extension -- one that jumps up to $121 million with the increase to 140%.
There is an increase in two-way contract slots, jumping from two to three per team. Two-way contracts were created in the 2017 collective bargaining agreement as a vehicle for teams to develop younger players. It has been seen as a success, as it's become a route to players earning long-term homes in the league, and in several cases becoming major contributors.
Some of the biggest success stories to emerge from the two-way pipeline include: Austin Reaves and Alex Caruso with the Los Angeles Lakers; Duncan Robinson and Max Strus with the Miami Heat; Anthony Lamb with the Warriors; Jose Alvarado with the New Orleans Pelicans; and Luguentz Dort with the Oklahoma City Thunder.
ESPN's Tim Bontemps and Bobby Marks contributed to this report.