New York, New York - The NBA on Tuesday launched a new trophy which will be awarded to the team that has the best regular-season record.

The Maurice Podoloff Trophy – named after the NBA's first commissioner – will be handed out for the first time this season.

According to the announcement, the trophy "features a crystal ball cut into 82 panels, sitting on a pedestal that combines the structures of the Eastern Conference posts and Western conference rings."

Podoloff's name used to be tied to the league's MVP award, though it had been dropped when Denver Nuggets star Nikola Jokić retained it last season.

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Had the new award been given out after the 82 games last year, it would have gone to the Phoenix Suns after their impressive 64-18 campaign, which might have been some consolation after they were beaten in the Western Conference semi-finals by the Dallas Mavericks.

The Boston Celtics currently lead the way in the NBA this season, with a record of 20-5 after finishing runners-up to the Golden State Warriors in last year's Finals.

The NBA also unveiled redesigned trophies for the Joe Dumars Trophy for sportsmanship, the Red Auerbach Trophy for coach of the year, the Twyman-Stokes Trophy for the league's best teammate and the NBA Executive of the Year Trophy, working with artist Victor Solomon.