World Athletics President Sebastian Coe said on Friday the new Ultimate Championship team event officially unveiled by the sport's governing body would be a "gamechanger" for track and field.
The inaugural event will be held in Budapest on September 11-13, 2026, and will be staged every two years to fulfill World Athletics' ambition of having a global championship every year.
The federation said the event would provide "a spectacular conclusion to the summer athletics season, in the years where there is no World Athletics Championships".
The event boasts a "record-setting" prize pot of $10 million (9.6 million euros). World Athletics said it was "the largest ever offered in track and field" -– with champions set to receive $150 000.
Each session will last three hours and athletes will represent both themselves and their national teams, wearing national kit.
Coe, who held a press conference in the Hungarian capital, said: "This new global event will be a gamechanger for our sport and for our athletes.
"We want to bring our fans athletics like they have never seen it before – with the best of the best athletes in our sport competing head-to-head in a passion-fuelled, high octane, festival of sport, with sound, light and innovation."
World Athletics said the event would be "an accelerator for innovation" in the sport.
The announcement comes after four-time Olympic sprint champion Michael Johnson unveiled details of his four-meet Grand Slam Track series, which makes its debut next year with meetings in Kingston, Jamaica, Miami, Philadelphia and Los Angeles.
Johnson's series is widely seen as a challenge to the established Diamond League circuit of meets as the sport of athletics seeks to grab more limelight from other sports outside of the Olympics and world championships.
The Ultimate Championship will take place after the Diamond League finals.
Unlike the Ultimate Championship, Grand Slam Track does not feature field events.
In another difference, World Athletics already have a broadcast partner in place for their event – Tata Communications and Host Broadcast Services (HBS) – building on a five-year global host broadcasting services deal covering World Athletics Series events that was announced in June.
Grand Slam Track, meanwhile, is yet to announce a broadcasting deal, with Johnson insisting they are still trying to find the right partner.
In the Ultimate Championship in Budapest, almost 400 athletes will battle it out to become "ultimate champions", with clashes including the 100m, 800m, pole vault, high jump and a new 4x100m mixed relay.
World pole vault record holder and two-time Olympic champion Mondo Duplantis said the event would be "insane".
"The new Ultimate Championship in 2026 will be the ultimate high in a year when we do not have a World Championships or Olympic Games," the Swede said.
"Nothing beats competing in front of a live crowd. Anyone that knows me or has watched me compete knows this is where I thrive.
"Even with fewer events there will still be 26 individual events taking place over just three nights – the pace will be insane."