Woods and McIlroy's new concept, under the name TGL, was launched on Wednesday, and it is a competition to be organized in cooperation with the PGA Tour.
The participants will be familiar faces to golf fans, but the format is completely new.
- It is based on traditional golf, but at the same time takes a big step into the future, says Mike McCarley, one of the co-founders of Woods and McIlroy's newly started company TMRW Sports, which is behind the venture, according to AFP.
In front of a live audience
It will be a partially virtual competition to be decided in a purpose-built arena, however, the exact location has not been decided.
The longer strokes will take place against a large screen, where the technology can calculate the "impact location".
The close game, and the putts on the green, will, however, take place on a built-up course and in front of a live audience.
The gameplay itself is also new.
In part, it is a team competition, where six teams with three PGA players in each play out over 18 holes in a two-hour format adapted for television.
In part, TGL will be played on Monday evenings, first through 15 group stage rounds and then with semifinals and finals.
The league starts in January and ends in April.
- I think it will be a really cool format.
Both Tiger and I are very enthusiastic, says Rory McIlroy according to AFP.
Serious car accident
The Northern Irishman also believes the competition model can see iconic players such as Tiger Woods extend their careers.
The 15-time major winner seriously injured his legs in a car accident last year and although he made a comeback earlier this year, regular golf competition is physically challenging for Woods.
- Who knows when we will see Tiger Woods play golf next?
We don't know what his plans look like, we don't know how his body will respond.
But in this way giving him the opportunity to continue to show off what he can do in prime time on television, without it putting too much strain on his body, it feels like a very good way to occupy his time, says McIlroy.