The new "high-tech league" will be launched by Tiger Woods and the other golf players.
Six, three-man teams will compete on a data-rich, virtual course in a stadium.
The 18-hole contests can be completed in two hours.
The league will be run by a technology-focused sports company.
The tournaments will be held on 15 Monday nights starting in January 2024, with the semi-finals and a final to follow.
The ongoing power struggle with the Saudi Arabia-backed LIV Golf series has resulted in several big names committing to play in it.
On the eve of the BMW Championship, Woods went to Delaware to lead a players-only meeting to discuss the threat of LIV Golf. The key figure was the golfer.
The announcement by the PGA Tour that it is increasing prize money at 12 events to match those of LIV Golf was followed by a host of other changes.
The launch of TGL will be seen as a boost to the tour's efforts to retain its stars.
Woods said that they all know what it's like to be in a football stadium or basketball arena where you can watch every play, every minute of action unfold right in front of you.
It isn't possible in traditional golf, and an aspect of TGL that will appeal to a new generation of fans is what sets it apart.
A high-tech, high-energy fan experience with fans sitting greenside will be offered by the league.
The first two players to commit to compete are Woods and McIlroy.
The appeal of team golf will be similar to sitting courtside at an NBA game.
TGL will broaden the appeal of golf to younger and more diverse fans, and serve as another avenue to introduce people to the game I love.
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