The NBA officially unveiled the rules and format for its newly formed In-Season Tournament on Saturday.

"New traditions take time. But, all throughout sports, we are seeing new innovations, and now is the time for this NBA in-season tournament," said Adam Silver while presenting the new format.

The group play portion of the tournament will run from November 3-28, with Tuesday and Friday games counting towards the standings (there will be no games on Election Night on November 7). 

The winner of each group, along with the highest-finishing team that didn't win a group, will advance to the knockout rounds. 

The quarterfinals will take place on December 4 and 5, with the semifinals taking place on December 7. The championship game will take place on Saturday, December 9. East and West teams will not play each other until the title game. 

The winner will then take home the NBA Cup, with players from the winning team receiving $500,000 each. 

The official groups for the tournament are below:

Group 1: Philadelphia 76ers, Cleveland Cavaliers, Atlanta Hawks, Indiana Pacers, Detroit Pistons

Group 2: Milwaukee Bucks, New York Knicks, Miami Heat, Washington Wizards, Charlotte Hornets

Group 3: Boston Celtics, Brooklyn Nets, Toronto Raptors, Chicago Bulls, Orlando Magic

Group 4: Memphis Grizzlies, Phoenix Suns, Los Angeles Lakers, Utah Jazz, Portland Trail Blazers

Group 5: Denver Nuggets, LA Clippers, New Orleans Pelicans, Dallas Mavericks, Houston Rockets

Group 6: Sacramento Kings, Golden State Warriors, Minnesota Timberwolves, Oklahoma City Thunder, San Antonio Spurs