The players participating in LIV Golf's season-ending team championship will reportedly be competing for an eye-popping cash prize.

According to ESPN's Mark Schlabach, golfers will be playing for the richest purse in the history of the sport: $50 million. The team championship is scheduled to be played at Trump National Doral Miami from Oct. 27 to Oct. 30.

There will be 12 four-man teams competing for a $16 million first-place prize. Teams will be seeded one through 12, with the top four seeds receiving a bye into the quarterfinals and the other eight competing in the qualifying rounds. Seedings will be determined by a closest-to-the-pin shootout by the team captains, which will be held immediately after players are drafted.

Per Schlabach, a LIV Golf spokesperson said details of the team championship were still being finalized and would be released in the future. However, LIV Golf's rules and regulations were released by a U.S. District Court in California on Monday as part of its federal antitrust lawsuit against the PGA Tour.

Schlabach noted "team matches will consist of two individual match-play contests and one pairs match-play contest." Matches are worth one point and ties will be broken by a sudden-death playoff with the two captains selecting the players to compete.

The team that finishes in second place will split $10 million, while the third-place team receives $8 million and fourth takes home $4 million. Teams that finish fifth through eighth will earn $2 million each, and teams that are ninth through 12th receive $1 million each.

Tuesday's news does not sit will with players competing on the PGA Tour.

"It's very unsurprising that they would pick something so tacky and unoriginal to try and expand the game," a long-time PGA Tour player told Schlabach. "It's f--king lame is what it is. It's lame as s--t. It's XFL. It's AND1 Mixtape Tour. It's not competitive golf. It's a circus."

The player continued: "It's not competitive. The real competitive golfers, the guys who play on the PGA Tour and compete in majors, it's why they're just not interested in this nonsense."