Currently, the basketball-watching world's eyes are transfixed on the highly entertaining matchup between the Golden State Warriors and the Cleveland Cavaliers, and rightfully so. But for those who are not in the world's top league, there's something quite exciting to look forward to with this year's The Basketball Tournament.

Now in its second year, The Basketball Tournament is a single-elimination tourney with standard basketball rules. What isn't quite standard is the reward, with the winning team getting $1 million in cash.

As noted by CBSSports.com, last year The Basketball Tournament attracted 32 teams vying for the $500,000 grand prize, which was won by a team made up of Notre Dame alumni. Now, a slew of former NBA players are part of 97 teams vying for the big prize.

"to grow from 32 teams in 2014 to 97 teams in 2015 serves as a testament to the open tournament model. There are an extraordinary amount of sports fanatics that want to step into the role of team owner or GM, build their own franchises from scratch, and compete in an event that pays off with live game coverage on ESPN," TBT founder and CEO Jon Mugar said in a statement.

Jason Williams, Brian Scalabrine, hakim Warrick, Mardy Collins, Damien Wilkins, Dionte Christmas, Smush Parker, and Michael Sweetney are some of the former NBA players competing, along with NBA journeyman Nate Robinson, who last played for the Los Angeles Clippers. There are also current NBA players like San Antonio Spurs forward Matt Bonner, and Los Angeles Laker Nick Young, who will play the role of manager.

The field of 97 teams is divided into four regions, with four teams advancing from each region to form the Super 17. The our regional winners surviving the Super 17 will play in New York at the Rose Hill Gym for the semifinals.

The $1 million dollar championship game is slated on August 2, and will be live on ESPN.