Imagine March Madness, street-ball, viral marketing and The Hunger Games all rolled into one — then add a big, fat pot of gold at the end.

That's essentially the premise behind The Basketball Tournament (called TBT for short), a single-elimination, five-on-five hoops tournament. Its 32 teams will be culled to one champion and that champion will be rewarded with a no-strings-attached wire transfer of $500,000.

It's open to anyone — collegians, pros, you, me — who can recruit enough votes for their team on the TBT website. Online voting is already well underway and runs until May 1. Then, most of the tournament runs from June 6 to 8, followed by a two-week break before the championship on June 28.

"The most appealing things about March Madness are the high stakes, the win-or-go-home format and how you can read the emotion of the players," tournament founder Jonathan Mugar tells Mashable. "We wanted to couple that with this idea that any elite or non-elite player could enter — that the format could be opened up so that absolutely anyone who wants to play can play."

It started with a text

Mugar is a 38-year-old former Division III basketball player who now works as a TV producer. One morning about three years ago, he woke up and texted his buddy Dan Friel a simple question: What do you think would happen if someone just threw a bunch of prize money together and put on a basketball tournament that was open to anybody in the world?

Fast forward to today, and that's exactly what the two pals are doing. Mugar has laid aside TV work. Friel is taking a leave of absence from his job as an Assistant United States Attorney in Louisiana prosecuting public corruption and fraud related to Hurricane Katrina.

Outside investors who — for now, at least — request to remain anonymous have ponied up the prize money. Now all that's left is to stage the actual tournament — and watch the online votes pile up and determine who gets to compete.

"The terrifying thing with an open tourney is you have no control over who's gonna enter and no control over who's gonna win," Mugar says.

These teams are legit

Image: Rich Pedroncelli/Associated Press

If you think it's just a bunch of social media nerds who have entered the voting fray so far, think again. More than 100 teams have entered (doing so is free), and more than 35 have already qualified for possible inclusion by gathering 100 registered fans on the TBT website. The top 24 vote-getters are automatically entered — regardless of actual ability — and then eight more will be picked by TBT officials based on a variety of factors to fill out the 32-team field.

But there are more twists here, too. Rosters don't have to be finalized until May 1, when voting ends. So some enterprising campaigner could hypothetically build a huge vote lead then auction off spots on his team just before the roster deadline. Teams are tasked with deciding among themselves how to divvy up the $500,000 winning prize, should they be victorious. Each player's "salary" is listed on his team page (rosters are maxed at 10 players and one "supporter").

Now, a moment to highlight some of the more interesting entrants that have qualified so far.

Cornell Sweet Sixteen: Remember that Cornell team that made an improbable March Madness run in 2010? They're baaack — this time in TBT. Many of the team's best players have reunited for another shot at glory spurred by smart, team-first basketball. Talk about old school.

St. Anthony: St. Anthony is a Catholic high school in Jersey City that has produced several NBA players and dozens of college stars over the past three decades under legendary coach Bob Hurley, Sr. But the school is also a bit strapped for cash. So this team, comprised of St. Anthony alumni, is entered as a non-profit participant with the idea of raising money for St. Anthony — and awareness of its plight. The full roster hasn't been revealed yet, but alum Terry Dehere, who played six years in the NBA, is already signed on as general manager.

Barstool Sports Philly: Barstool Sports is a popular sports blog that's entered a team of its own. They haven't filled out their full roster yet, either. But they appear off to a solid start with a 6'6" small forward and 6'8" power forward already on board. Given the site's popularity among young males, however, finding some ringers should be no problem at all.

Air Force Bomb Squad: This squad is made of guys who played in college at the Air Force Academy. All of them have or are currently serving as active-duty Air Force officers, and their page on the TBT site says the "tournament will be used to provide a much needed reunion between former teammates." They also say they'll donate a "significant portion" of their earnings to charity or the Air Force hoops program — provided, of course, that they win.

Then there's Showtime, a team made of up of basketball-mad former high school and small-college players that has surged to fourth-place in online fan voting. How? In part by hitting the streets of Virginia, where they're based, and handing out fliers imploring locals to help them make the tourney by voting online.

Where do we go from here?

Image: TBT

Rosters are locked and the top 24 teams in fandom voting are automatically entered in The Basketball Tournament on May 1. The final eight will be selected, Mugar says, based on talent level, fan outreach effort and backstory. (So a team like St. Anthony or Air Force Bomb Squad, presumably, would move to the front of the line if they didn't qualify on votes alone.)

Then it all goes down at Philadelphia University. Round 1 is June 6, the second and third rounds are June 7, then the semifinals are June 8. Win a game and advance; lose a game and go home.

During the more than two-week break between the semifinals and June 28 final, a fan vote will determine which finalist will host the championship game and how long the championship game's shot clock should be. With $500,000 on the line, it's also a good bet the final two teams will use that time to strategize and practice.

At this point, if you're anything like me, your main question is: How in the name of God do I watch this thing?

As of now, you can't. But Mugar says you should be able to. He and Friel and their anonymous partners are still in the process of finalizing TBT's longterm business and marketing plans; they'd ideally like to make it an annual thing. As for how you might be able to watch this June, Mugar says one option, in particular, would be most appropriate.

"I really love the idea of streaming the games," Mugar tells Mashable. "It just fits the idea of what we're trying to do so perfectly — make a basketball tournament that's truly open to all and then bring it to basketball's biggest fans, wherever they are."

Dunks

1. 1. Blake Griffin on Kendrick Perkins

   This dunk set the Internet aflame in January. The official NBA YouTube video already has more than 5 million views. The dunk prompted Perkins to call out LeBron James in the press for tweeting the epic slam.

2. 2. LeBron James on John Lucas

   The night before Griffin's monumental throw-down, James turned in a classic of his own. He cleared Bulls guard John Lucas to catch this backdoor alley-oop.

3. 3. Dwyane Wade on Anderson Verejao

   A couple years ago, before he and James joined forces on the Heat, Dwyane Wade completely overwhelmed James' then-teammate, Varejao. In the immortal words of commentator Reggie Miller, "Welcome to your Kodak moment, Anderson Verejao!"

4. 4. Baron Davis on Andrei Kirilenko

   This dunk will live forever in the hearts of Golden State Warriors fans. It came during the middle of the team's improbable "We Believe" playoff run in 2007. Davis' weird, belly-baring celebration, which earned him a technical foul, brings it up another notch.

5. 5. Shaquille O'Neal on basketball hoop designers

   This dunk isn't technically "on" anyone, but young Shaq pulling down an entire basketball support is epic enough to make any list. As the esteemed Bill Walton would say, "Throw it down, big man!"

6. 6. Tom Chambers on Mark Jackson

   Current Warriors coach Mark Jackson had a stellar playing career with several NBA teams, but he was on the receiving end of probably the greatest NBA dunk ever by a white guy.

7. 7. Scottie Pippen on Patrick Ewing

   Scottie Pippen obliterated Knicks center Patrick Ewing in this 1994 dunk, and this two-minute video tells the entire story.

8. 8. Michael Jordan on Patrick Ewing

   Pippen's Bulls teammate — some guy named Michael Jordan — also had a ruthless dunk over Ewing. He actually had a couple, but this one is the most savage of all.

9. 9. John Starks on the Chicago Bulls

   However, Knicks guard John Starks gave the high flying Bulls a taste of their own medicine in 1993 with this lefty flush. Lore has it that Starks caught Jordan on this one, but that's debatable, at best. Check the tape and decide for yourself.

10. 10. Allen Iverson on Marcus Camby

    Back in the '90s, when both still played for the teams that drafted them, tiny Allen Iverson was all like, "Marcus, this elevator goes to 10 and I'm dropping you off at 7."

11. 11. Kevin Johnson on Hakeem Olajuwon

    Johnson is currently the mayor of Sacramento, Calif., but back in 1994 the short point guard did this to Hakeem Olajuwon. How many politicians can include "dunked over a Hall of Fame center" on their resumes?

12. 12. Vince Carter on Frederic Weis

    We know Vince Carter's all-time classic isn't technically an NBA dunk, but it's so good we'll make an exception. Playing in the off-season for the U.S. at the 2000 Olympics, Carter cleared the 7-foot-2-inch Weis to throw it down.