The 10th edition of The Basketball Tournament begins on Wednesday, July 19 and runs through Thursday, August 3. The 64-team single-elimination tournament is open to any and all teams who want to sign up and pay the entry fee, and they all compete for a grand prize of $1 million in a March Madness-style format.
In 2014, the event’s inaugural year, the prize money for the winning team amounted to $500,000. It moved up to $1 million in 2015, and was raised to $2 million between 2016 and 2019. Since 2020, it has moved back to $1 million.
It is a winner-take-all bracket, so losing teams don’t receive any money from the tournament. Rosters can rage from seven to 12 players, so the money can be divided up into various amounts. Teams must also have a general manager, and are allowed, but not required, to have a coach.