Getty Images Adam Silver, Brendan Donahue, Strauss Zelnick

On Wednesday, the NBA 2K League drafted its first players. On Friday, it released its first schedule.

The inaugural NBA 2K League season will run from May to August, and it will consist of 12 weekly matchups, three tournaments and one two-week postseason.

Each team will play 14 regular-season games during the course of those 12 weekly matchups. The tournaments will will offer $1 million in cumulative prize money.

The tip-off tournament will feature pool play with four groups. The top two teams from each group will advance to a knockout round with a prize pool of $100,000.

Each of the next two tournaments will feature seeding based on standings at that point in the season, as teams in 16th and 17th place will engage in a play-in game. The prize pool for each of these tournaments will be $150,000.

Tournament results will not count toward playoff seeding but will be used for tiebreakers. The playoffs will feature the top seven teams in the standings, along with the winner of the third tournament. If that winner is one of the top seven teams, the eighth-place team will make the postseason. The playoffs will consist of a single-elimination final and then best-of-three series for the semifinals and finals. The postseason features a $600,000 prize pool with $300,000 going to the championship team.

Along with prize money, NBA 2K League first-round picks have a base salary of $35,000 and second- to sixth-round picks have a base salary of $32,000.

The NBA 2K League Finals will be August 25.

Meanwhile on Friday, the NBA 2K League showcased ten of its players for a special exhibition at PAX East in Boston. Next up, players will report to their new cities and begin preparing for the tip-off tournament, which starts May 1.

Information on venues and broadcast outlets for NBA 2K League competition will be released later.

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