Nine NTFA clubs will compete in a shield competition beginning on July 18.
The NTFA called off its season proper earlier this month due to coronavirus but confirmed the opt-in competition on Thursday following three meetings with clubs.
Under-21 and women's shields will also take place this season, however, participating clubs across all three competitions are yet to be named by the NTFA.
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Deloraine coach and reigning Hec Smith medallist Lochy Dornauf, who has led the charge for an opt-in competition since the season was called off, said the concept had won a "resounding yes" from players and the NTFA by the second meeting.
"A lot of clubs took a very optimistic approach which was necessary to get up and going," he said.
"We needed to hypothesise that by the time the season started we'd have 500 crowd numbers up and running, which maybe a month ago was a bit far-fetched.
"But now in hindsight that optimistic approach has paid off because those cubs that are locked in have readied themselves, their players and committee in preparation for the get-go that we got today.
"This is the culmination of a lot of positive-minded individuals coming together for the greater good and that's inclusive of the NTFA.
"I can't commend them enough for the effort they've gone through to get this competition up and running."
Participating clubs will have the option of recruiting players from their non-participating counterparts, with recruits to return to their original club on October 31.
Players will also go without payment for the duration of the competition to ensure its financial viability.
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"Every club was really vocal on that because it helps us remove our highest annual expenditure," Dornauf said.
"It gives the players an opportunity to play football which is what they're after and it hasn't been met with any negative feedback whatsoever from the players.
"Obviously we revert back to the usual standings next year, but for this year it's just building such a good feel about this competition and we expect that to be reflected in the crowd numbers - currently it's 500 but who knows?"
The shield format is expected to see each club play one another once before a two-week finals series.
All three competitions will play shorter quarters and cut half-time breaks to 10 minutes and quarter-time breaks to five minutes.
More details will be announced in coming days.
- Senior: 22 players a team, Division One clubs can have four extra bench players. 25-min quarters, no time-on.
- Women's: 22 players a team, all must be 16 or older as of July 1. 15-min quarters, no time-on.
- Under-21s: 24 players a team, 16 must be younger than 21 as of July 1. 20-min quarters, no time-on.