In a gimmick borrowed from European soccer leagues, the National Basketball Assn.

has reportedly set plans for a new In-Season Final Four Tournament.

ESPNreportsthe leagues schedule addition will be set for Dec. 7 and 9 inLas Vegas.

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The NBA is set to announce a new mid-season tournamentMatthew Stockman/Getty Images

The long-rumored tournament will likely be split into six different pools of five teams.

The pools will be created from teams in the same conference.

Player statistics will count for the regular season totals, except for the championship game.

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As incentive, players on the winning team will receive $500,000 each.

The two teams that reach the mid-season championship will play 83 games in the season.